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Gold/Mining/Energy : DEREK RESOURCES (DRS,V) - HUGE PROVEN OIL RESOURCE -- Ignore unavailable to you. Want to Upgrade?

To: len seabrook who wrote (96)	10/14/1999 9:46:00 AM
From: Davey Stuart	Read Replies (1) \| Respond to of 114

DRS has an option on 75% of LAK RANCH from Rising Phoenix. Todate DRS has fulfilled all the requirements to keep the property. They have up to Dec/2000 to spent about $2 million (I think) and then all requirements are finished. With the news of Batemans coming to the table to spend aprox. $5 million, DRS will easily complete all requirements about a year earlier than they have to. The question is: Will POWER DIRECT be able to fund their portion of the LAK PROJECT? I don't know the exact formula but if POWER DIRECT doesn't come up with some cash, DRS could possibly end up with 100% of LAK RANCH. Hope this helps.