KOB.TO - East Lost Hills & GSJB joint venture Message Board

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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture

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To: Bearcatbob who wrote (2490)	5/15/1999 5:00:00 PM
From: grayhairs	Read Replies (1) of 15703

Hi Bob, I do not know with absolute certainty who is receiving the proceeds of sale. But, I speculate that the proceeds are going to the JV. I do not know why they would go to the insurance company. The insurance company do not own the mineral rights, so why should they receive the proceeds of sale?? The insurance coverage was to control and replace the blowing well and to remedy the damages of same. The fact that hydrocarbons are being conserved and sold so as to minimize further damages would not, IMHOO, give the insurance company any right to the sales proceeds, BWDIK. I believe that the proceeds of sale will be going to the JV. At the same time, I doubt that the JV is paying the "current well operating costs" !!!!! :-) :-) :-) I am certainly no expert in this area of blow out insurance, Bob. I was fortunate enough to have completed my career in the patch without ever having an insurance claim under such coverage. Perhaps someone else can clarify the situation with respect to who is receiving the proceeds. Does it say anywhere on the EJ site ?? Later, grayhairs

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