I get a little frustrated buy those who say.. Superior does not have the money! They can't drill any wells. That is untrue. Some posters here know my background and know who I am. I place accredited investors into drilling programs. Most of these programs are started from scratch, a similar position that Superior finds itself in. Let me walk you through a scenerio..
1) XYZ oil company forms a simple, seperate LLC.
2) Investors are then solicited to raise money to acquire (options) not leases, in a known hot play.
3) The LLC then markets the project to prospective JV partners and investors. Typically we go after a company that drills, completes and is capable of being the project operator. They may take a 75% WI. The other 25% is then sold off to accredited investors. The accredited investor group pays back the land costs to the LLC at a profit,(just like Repsol did with Sandridge) the options are converted to leases and XYZ retains 25% of 25% or a 6.25% royalty. That is how you start a oil company my friends..
Superior will develop as a company 2013 in my opinion.
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