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Gold/Mining/Energy : AOW, Arrowhead Mineral Corp -- Ignore unavailable to you. Want to Upgrade?

To: lostmymoney who wrote (90)	8/31/1999 5:04:00 PM
From: Traveling Man	Respond to of 193

Mike, They just fired the guy. No, I do not know anything. I'll see if I can find out anything. TM

To: lostmymoney who wrote (90)	9/1/1999 5:27:00 PM
From: Traveling Man	Respond to of 193

Mike, This appears to me to be a clear cut case of the party that had negotiated with AOW's past President wanting something they are not entitled to. I don't have much concern with this one. Seems like lots of people now a days want something for nothing. TM August 30, 1999 Company faces lawsuit A lawsuit has been filed in the state of Wyoming in an attempt to bind Arrowhead Minerals Corp. and its subsidiaries to an alleged agreement involving all of its oil and gas properties that was negotiated by its former President. The alleged agreement was expressly conditioned on the approval of the Board and the approval of the Vancouver Stock Exchange, neither of which approvals has been received. The Board rejected the proposed agreement on the basis of poor commercial terms and for other good business reasons. An injunction hearing date has been set for September 17, 1999. Management is of the opinion that the suit is without merit and the Company intends to vigorously defend its position. On behalf of the Board,

To: lostmymoney who wrote (90)	9/4/1999 10:53:00 AM
From: LowtherAcademy	Read Replies (2) \| Respond to of 193

Mike, I've been told by Allan Laird: Here is the reason that Mr. Jarvis and Mr. Hislop met as board members and fired Allan Laird: From Allan ( full documentation is available. This is all public record and filed in the Sublette county courthouse.) Here is a summary of the Farm out with Panonian. AOW puts up about $500,000 to get the Gemini earning well started. Partners pay the rest to ensure that AOW does not fail to earn the land. AOW is then carried completely-- no capital required-- for a ten well drilling program over the next two years. AOW would pay nothing to receive 25% interest. For the first ten earning wells, and the next 110 potential locations on AOW land, AOW would receive a cash payment of $100,000 per well before each well is spudded. During the field development,the cash payments could potentially total 120 x $100,000 = $12.0 million dollars. After the carry on the first ten wells. AOW would continue to receive the $100,000 per well, but would only have to pay " one-eight to earn one quarter". With this built-in promote or carry, AOW would likely require no additional capital and instead would receive a net cash payment at the time each new well was drilled, with an ever-increasing cash-flow from the Warbonnet, Gemini and the next ten earning wells. Finally, to ensure that AOW can fulfill its obligation on the first Gemini well, Partners agree to pay $230, 000 for the Madera property. Yes, this is the same property that Mr. Jarvis wants to sell Mr. Hislop for $200,000.