Important status update for everyone in the St.martin project, as well as Lippincott#17
To all co-owners in these 2 projects, herewith comes an update.
St. Martin: As everyone is aware, since 2022 we have been running a case against the supplier who destroyed our well, everyone was asked in 2023 to decide whether they would participate in a lawsuit against this company and pay the part of the costs be in relation to one's ownership.
All those who said yes are involved in this case and will receive a share in any compensation, those who did not choose to participate do not have this option and are thus only involved in the well itself as it is now, which is closed and can no longer produce as it is now and here, thus the well will be lost.
If you have any questions, please contact Stacey Frederic at Shelf Energy LLC directly via email.
Lippincott#17: As everyone is well aware, this project has taken a very long time, and Pete Lippincott (Houston Energy Resources LLC) who was the project developer has spent more time on the project with very little progress, in the end Pete has thrown in the towel and stated that he could not get the wells into production and be economical with all the expenses that have been and would come. Pete then handed over all the wells to Sam Spears who is reg. operator (SOLA OPERATING) on the entire field, has during 2023 and here at the start of 2024 tried to obtain a new agreement with all the landowners, but without success as they would not enter into a new agreement based on the bad experiences with Pete Lippincott.
So that project is closed as we no longer have access to the lease/field, and that according to Pete L the wells were not economical to produce.
We got this report from Sam this morning, what happend and what he had to deal with as operator of the wells.
8-2-24:
I am apologize for the delay for you to receive this report.
As you know, the Lippincott 17wells, were at a standstill for some different reasons.
One was we could not get cooperation from the oil purchaser. We tried 3 different companies. Also, the landowners wanted all the flow lines moved and run along beside the roads. That was a pretty good undertaking. We had some electrical problems, the wires had to be repaired. We finally had to put in new overhead wires. The mineral/land owners then wanted someone else to operate it. This began a fight we couldn't win.
If you want more detailed information about these conditions and documentation, you must contact respectively.
Pete Lippincott at email: pete.lippincott@icloud.com
Sam Spear at Email: solaoperating75@gmail.com
EnerGyne cannot provide more information about the project or the costs, as we have not been operators but only co-administrators and referred the customers to the project's project developer Pete Lippincott.
When we possibly have more information, this will get out to everyone via the website or newsletter.
Thank you, EnerGyne Resources