Shareholder Update
December 15, 1999
Funds Release from the Registry of the Court
Emergence from Chapter 11 Status
Form 10 SB Filing
Change of Auditors
Ongoing Operations
By court order dated November 30, 1999, the United States District Court, Ft. Worth, Texas,
the funds which had been held pending final settlement of claims related to Civil Action No.
4-97CV-1018, have now been released to the jurisdiction of Trinity Energy Resources, Inc.
These funds total $4.021 million and are in the process of being disbursed to the satisfaction of
outstanding debt of the corporation, creditors who had been impaired prior to Chapter 11 filing
and various professionals representing either side of the case as it proceeded through the system.
Upon satisfaction of the above, the Company will have emerged entirely from bankruptcy so
that it may become a viable business entity engaged in multiple energy related opportunities in
Texas, Colorado, Wyoming and selected international venues, such as the Republic of Chad. We
thank all shareholders who have endured the arduous processes of reestablishing this now
credible enterprise and Trinity is pledged to enter into a course which will carefully manage
those resources which we now possess.
As we approached the previously announced and self-imposed deadline of December 14, 1999
(earlier stated November 13, 1999), for filing Form 10 SB on the EDGAR system, we mutually
agreed with our auditing firm, Samson Robbins & Associates, PLLC, to terminate the audit
process under their auspices. They cited insufficient data concerning a third party contract.
We have engaged another accounting firm, Malone & Bailey, PLLC, located in Houston, Texas,
who believe they can complete the audit on a timely basis.
Given our close proximity to the end of 1999, we have elected to provide a full two years of
financial data, with an audit date of December 31, 1999. The preliminary targeted submittal
date for an updated Form 10 SB is set for January 31, 2000. We would then be hopeful that
SEC reviews could be readily accomplished, such that our earlier stated objective of reaching
Bulletin Board trading status may still be met by March 31, 2000.
Meanwhile, ongoing operations, both domestically and internationally, are moving in a positive
direction in virtually all respects. Negotiations continue with regard to our intent to farmout a
significant portion of our position in the Chad "Permit H". The substantial extent of this
concession presents us with challenges and opportunities which we are addressing diligently and
seeking to maximize benefits to shareholders. As appropriate opportunities present themselves
elsewhere, we will be evaluating potential involvement in various attractive geologic provinces
and other market situations where we can bring our experience to bear.
Domestically, we are advancing to enhance daily production volumes across all economically
viable oil and gas fields. By the end of the first quarter 2000 we expect to be reporting
significant progress in this regard. Given that we will now have additional capital, we will be
pursuing appropriate new additions to our basic producing portfolio, as well as positioning
ourselves to take advantage of new exploratory ventures. Relatively stable worldwide oil prices
have caused certain "shelved" plays to come to the fore and we expect drilling activity will
parallel the oil price function.
In summary, the landscape has changed significantly since our last communication following the
Annual Meeting. We believe we are now poised to make the type of progress we have been
anticipating for many months and are anxious to aggressively pursue the multiple objectives
indicated above.
We truly hope this update finds you and yours in a position to enjoy the Holiday Season and
that your travels are safe, wherever they happen to lead. |
