I came across this company today and their LAK RANCH PROJECT.
I'm confused as to who owns this project.
Below is DEREK'S press release 9/29/99.
Also is a press release from POWER DIRECT.9/15/99
Who owns what?
Derek Resources Corporation
9/29/99 - Property Asset Agreement
DEREK RESOURCES CORPORATION ("DRS") RISING PHOENIX DEVELOPMENT GROUP LTD ("RISE-Z;RPHGF-L") - Derek, PetroSpec, Paul Trost and Rising Phoenix - Property-Asset Agreement The Vancouver Stock Exchange has accepted for filing a Letter Agreement dated May 3, 1999 between Derek and PetroSpec, Inc., Paul Trost and Rising Phoenix Development Group, Ltd. pursuant to which Derek has agreed to purchase from Petrospec and Paul Trost a portion of their retained royalties on Derek's Oil and Gas Lease located in Weston County, Wyoming. Consideration for the sale of a percentage of the overriding royalty is a total of 200,000 shares. Derek acquired the Oil and Gas leases under a Letter Agreement dated September 24, 1997 from Rising Phoenix Development Group, Ltd.
: BELLLINGHAM, Wash., Sep 15, 1999 (BUSINESS WIRE) -- Power Direct, Inc. (OTC BB:PWDR) is pleased to announce the acquisition of the assets of Rising Phoenix Development Group Ltd., having received sufficient votes from its shareholders in favor of this sale to PWDR. As previously reported in News Releases dated January 6th and January 7th, 1999, the transaction required PWDR to issue 3,800,000 shares under Regulation Rule 144 and US$75,000.00 as well as assume ownership and all financial commitments related to the LAK Ranch project, Rising Phoenix's main asset. |
