The SEC filing in 2006... it walks like a duck,In 2006 we entered into a joint venture agreement with The Weiss Family Trust and its representative, Sam Guttman, both of the New York City area (hereinafter “Guttman/Weiss”), with regard to Guttman /Weiss investing in the drilling of oil and gas wells being promoted by our company. Initially, two wells were drilled in Oklahoma with our company being the operator of the wells and being “carried” by Guttman/Weiss for a half interest in whatever ownership portion of the wells that Guttman/Weiss agreed to pay for. The two wells were drilled and did encounter oil and gas in what appeared to be commercial quantities but were not successfully completed as producing wells. These initial efforts were followed by the drilling of three other wells in Logan County, Oklahoma under the same terms – we were carried for a half interest in the ownership portion of the wells that Guttman/Weiss agreed to pay for – and the results of which were encouraging, but the wells were not completed as producing wells in commercial quantities.
Relations between our company and Guttman/Weiss deteriorated during this extended period of poor results. Ultimately, Guttman/Weiss had invested approximately $8 million in the wells and in the acquisition of additional oil and gas leases and claimed that we had applied some of the funds to purposes other than expenses on the wells and that we had violated several provisions of the Federal and State securities laws. We denied all allegations and alleged that Guttman/Weiss had not fully paid us for its and our interests in the wells.
We settled the controversy. Guttman/Weiss released us from all alleged liabilities and agreed to pay us approximately $100,000 to pay certain current liabilities. We also agreed to issue to Guttman/Weiss 140 million shares of our common stock in exchange for a half interest in Guttman/Weiss’s interest in the three wells that had been drilled in Logan County, and both parties agreed that our company could amend its Articles of Incorporation to increase its authorized capital to (i) 500 million shares of Common Stock, par value $0.001, and (ii) 100 million shares of Preferred Stock, par value $0.001, of which 10 million of the 100 million shares of Preferred Stock would be designated as Series A Voting, Convertible Preferred Stock and have as attributes (i) the right to cast 14 votes for each issued share, (ii) the right at any time to convert each share into 14 shares of Common Stock and (iii) the same rights as Common Stock in every other particular. Finally, the parties agreed that Superior’s directors should authorize the issuance of the 10 million shares of Series A Votin... etc.
So geopressure, you are telling people that you are in the industry and that the leases had 5 year primary terms, and are still in the companies name, based on your DD, and that they should buy this stock, is that correct ? ?
geopressure Friday, February 10, 2012 1:14:16 PM
Re: None Post # of 4595
I don't have any dates... It's not one or two big leases, but more likely hundreds of small leases that all have varying terms & all went i to effect on varying dates... So far as the options go, I don't know if the options can be extended, options are rare from my experience... I bought a bunch of textbooks on Petroleum Mineral Leasing & none of them mention options - I guess that it's just whatever SIOR's lawyer got the landowner's lawyer to agree to...
If your in the industry, why did you need to buy a " bunch of textbooks" ?
just curious ...
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