Field report from Pete Lippincott#17.
Pete states that he has handed over LC#17 to Sam Spears who is the operator on this project, as he does not believe the project will be economically viable at any time, considering how much work and money has been put into the project so far , and the technical challenges that are and have been throughout.
However, we would like to have this confirmed by Sam, when you think about the poor communication that has been from Pete's side regarding this project over a long period of time.
We are having an online meeting this week with Sam, as soon as we know more it will be posted on the site.
Below is a copy of email received from Pete on 12 July 2023, this is the latest we have. There is no reason to write or call us until we have had the meeting with Sam, which we will keep everyone updated on via the website, as we have no more news to report.
Mads & Kim,
This is what needs to be done on above mentioned leases.
First of all, do not contact Lago Vista Operations administrator, Morgan Ryan, due to he has no connections with Energy Resources. Morgan will report to me all field operations that take or will take place and I will pass this on to you. We are not his only operations client. I do not want to lose his services by an outside entity who has no direct need to be informed by Lago Vista, LLC.
Secondly, Lago Vista will send me a LOE statement monthly and I will deduct your pro-rata share from any revenue or send an invoice that will need to be paid immediately by wire transfer. This will be a complete turn-around from the past when the previous operator was in charge of field operations.
The Lippincott17, Cox-McKeever lease is considered a total loss due to non profitability
due to expenses and not enough oil production. If you want to try and lease Lippincott17 back, contact Sam Spears. Investors can take a 100% write off on the lease.
Transfer of Lippincott17 investor WI to Estis Lease:
I will transfer 50% of all WI in the 17 project at a cost of $1,500.00USD based on 1% interest. One half percent is only $750.00. This means 50% of the original WI is a loss and the other will be transferred to the Estis lease at a cost of $1,500.00 per one percent. I will need to know the amount of WI to be transferred and have funds in house by August 15, 2023. After the deadline date of August 15, 2023 passes, all remaining WI will revert back to me.
However, you are welcome to write directly to Pete Lippincott on his direct mail if you have any questions about the content of his message to us.
We will return as soon as possible with more news