Well, tried to go fishing, however the old engine died...So, we came back home.....Let me address a few things that some posted 1> Re: Gary or whoever he is and my involvement in SYD...First, I was a SYD investor, it would be too long and arduous a task to attempt to lay out the entire scenario here.....Suffice it to say, I lost $ on the deal, not the first time won't be the last....Those who continue to berate me about this stock, apparently, simply lost more than I did....I decided after holding for months, and reporting DD info. the best I could, and usually before any else I might add...the proposition was a losing one, my discontent began with SYD's AGM, where we were told "the fundamentals of the Co. hadn't changed"...This was also communicated to me by SYD PR man Manfred....As it turned out, this was not the case......Almost all of my DD info came to fruition, it just didn't equate into a higher stock price......I sold......eo/story.....
Second concerning the financing for NTAH....The main concern would be "floorless debentures"....This is, was, will not be the case.....After the press release in April, various groups, the same ones I believe who teamed to short this stock thru Canadian brokerages spread the rumor of the "floorless" idea....It was necessary for the Co. to clarify in a subsequent release, however, by then the damage had been done......As far as I know NO FINANCING has been DEFINITELY arranged, as such, the "speculation" here about all this stock movement being connected to that is nonsense...IF the financing WAS already in place, then the Co. would be obligated to inform the investors, BEFORE beginning to use it.......I'm going to repost from a Co. release, the EXTENT of the financing negotiations as they NOW exist...
There are two series of pay sands in the acreage block, namely the Miocene at about the 6,500 feet level and the Frio zone at
approximately the 12,500 feet level. The company's geological team has recommended that once the drilling program begins it
is expected hydrocarbons will be encountered in the Miocene. Nevtah will then test and if sufficient gas reserves are
encountered the Miocene will be completed before drilling will proceed into the Frio formation.
Nevtah President, Daniel Kesonen reports, ''the company is making great strides with the completion of the survey and
permitting of the well sites. A successful completion from the Miocene and Frio formations at Matagorda Island will launch the
company towards its objective of becoming a medium sized international oil & gas producer with reserves of up to 250 billion
cubic feet of gas (250 BCFG) from the Matagorda project.''
In addition to the company's April 14, 1998 news release regarding the proposed debenture financing, the company would like
to clarify the following items. Nevtah continues negotiations with several major European Institutions for convertible line of
credit. The company expects to complete an agreement that will include a ''draw down'' arrangement that will trigger
conversion under certain conditions and terms at the time funds are released. The company currently has access to sufficient
funds to undertake the Stripper Well Program and to continue the ongoing work program on the Matagorda Hawes Gas Field.
I should have some more info. on some recent developments soon......Peace |
