Ames, I suspect hat by now you have seen this PR on SVSE.
They sold the company out from underneath themselves! I didn't think that the Evi properties amounted to too much. Those California prospects were what gave the company some sparkle. Now what?
8/24/2006 8:03:09 PM ET
Silver Star Energy, Inc., Maysia Resources Corporation and Fidelis Energy, Inc. Announce Letter of Intent for Purchase and Sale of North Franklin Project
LOS ANGELES, CA, Aug 24, 2006 (MARKET WIRE via COMTEX News Network) --
Maysia Resources Corporation (OTCBB: MYAR) ("Maysia"), Silver Star Energy, Inc. (OTCBB: SVSE) ("Silver Star") and Fidelis Energy, Inc. (OTCBB: FDEI) ("Fidelis") are pleased to announce that they have executed a letter of intent for Maysia to purchase the interests in the "North Franklin Project" held by Silver Star and Fidelis. Silver Star has a 40% working interest and Fidelis has a 35% working interest in the North Franklin Project.
The North Franklin Project is located near Sacramento California. North Franklin currently has three (3) producing gas wells; the "Archer-Whitney #1," "Archer-Wildlands #1"and "Archer-F1" which, from the latest production numbers totaled 125.713 MMCF as announced in July at a daily rate of 4.0 MMCF to the 100% interest. A fourth well, the "Archer-Tsakopoulos #1" well was recently drilled and is awaiting completion and tie-in as the fourth producing gas well. The North Franklin Project has now, under lease, approximately 3,400 gross acres.
The project is situated along the "Eastside Winters Stratigraphic Trend" which has produced in excess of 450 Bcf gas. The North Franklin gas reservoir is contained in deep-water basin Winters Formation sands that are permeable, upper Cretaceous sandstones.
The consideration for the purchase will consist of a combination of cash and Maysia common shares. The cash consideration and number of Maysia shares to be issued will be determined by a valuation of the interests based upon a geological reserve report being prepared. The cash portion will be to satisfy the outstanding secured debt obligations of Silver Star and Fidelis, in order that their interests can be transferred free and clear of all charges and security interests. The balance of the purchase will be paid in Maysia shares, to be issued pro rata to Silver Star and Fidelis proportionate to their interests. The intention is that the Maysia shares will then be paid as a dividend to the Silver Star and Fidelis shareholders. The letter of intent and proposed purchase and sale is subject to the completion of due diligence reviews, board approvals, shareholder approval of Silver Star and Fidelis, Maysia securing financing for the cash portion of the purchase, the satisfaction/release of any security interests held in the North Franklin Project interests to be conveyed, and the execution of a definitive agreement and related formal documentation. Finally, it is anticipated that William Marshall, the current President of Fidelis, will be joining Maysia as an officer and director upon closing of the transaction.
Notice Regarding Forward-Looking Statements
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