OIL Property Acquisition
Hello all: Here is the latest release:
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The Vancouver Stock Exchange has accepted for filing an agreement dated March 24, 1997, whereby the Company can acquire from the optionor, Inglewood Resources Inc., Inglewood's interests in respect
of two oil prospects in Newfoundland. The Company will acquire the
following:
- a 25% working interest in permit 93-103 (Sandy Lake West) by
completing 17 kilometres of seismic surveying and drilling a well to
3,500 feet, to be spudded by May 15, 1997, and a 25% working interest
in permits 93-104 (Connack) and 93-114 (Lornond) by conducting 17
kilometres of seismic surveying and drilling a well to a depth of
6,000 feet;
- a 10% working interest in Exploration Licence EL 1008, Block A,
convertible to a 2.2% gross overriding royalty; and a 45% working
interest in Block B, by spending $1,000,000 on exploration including
the drilling and evaluation of an 8,000-foot well on Block A by
September 30, 1997, and paying $879,000 for delay rentals, said
rentals are to be reimbursed as exploration expenditures are carried
out.
In addition the Company will pay to Inglewood Resources Inc., 56,481
common shares in LMX Resources Ltd. upon acceptance of the Agreement
by the Vancouver Stock Exchange and the payment by the Company of the
delay rentals of $879,000. In addition, the Company will pay 45,442
common shares in LMX Resources Ltd. to Inglewood Resources Inc. upon
expenditures above $879,000 and up to $2,000,000 by the Company, and
on any expenditures above $2,000,000, an amount equal to 5% of said
expenditures will be paid in common shares in LMX Resources Ltd. to
Inglewood Resources Inc., at a deemed price of $1.30 per share.
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I see by several posts that some have the jitters over the s--t kicking that everyone is taking over the BXM affair. Come on guys, you believed in LMX a month ago, what has changed???
I feel you all should be incredibly happy that LMX is getting into the the biggest oil play in NFLD history next to Hibernia (who knows, maybe even bigger).
I spoke to a Newfoundlander at a friends home this evening and he confirmed that there is a real big play with oil bubbling out of the ground (yes, just like the Jed Clampett) in several places in western Nfld. This guy has no stock or nor does he have a reason to give me a bum steer. He gave the info quite matter of factly (to his sisters question, not mine) as one who has been there (he was visiting in YK) and he knows what is going on. He only wishes he had $$$ to get in on it.....He is the brother of very good friends so I for one believe him!
As I mentioned in a previous post, I believe LMX is making an excellent move by getting along side all the big Texas oil folk... you don't really think they are in Nfld for the weather do you??!!
I believe in LMX and my wife and I just picked up 10,000 additional shares so for one I am putting my money where my mouth is in case you are wondering.
My intention is not to bragg, but to confirm that I sincerely believe in this investment potential.
Chances are 50/50 LMX'll strike oil when they drill....however, you really can't imagine LMX taking this on without doing their own due diligence can you... and you can just bet there is a lot they can't officially say because of the "RULES" which must be followed when companies "officially" say things.
Rich, I understand you are going to be posting maps and related info on the website. I hope these show the other players in the area and provide a bit of detail as getting info from the internet is difficult to say the least.
If folks are interested, here's a Gov't site of interest... I will post more as I locate them:
Gives info from the Gov't perspective.....
gov.nf.ca
I found a map (not much of one thought) of the western NFLD area in the news release section:
gov.nf.ca
From what I understand the Vineland (sp?) property is in Port au Port Bay but so far I haven't been able to track it or much more info down.
Hopefull you can post more on the website Rich.
Thanks for listening to my ramblings. |
