Alaska Operations Update - Winx-1 Well, page-21

News of this has been mentioned in a previous post however it still remains unresolved until the likely appeal is thrown out, hopefully.

January 4, 2019 | Posted in : News

Judge tosses lawsuit questioning constitutionality of tax credit bonds
Elwood Brehmer, Alaska Journal of Commerce, January 3, 2019

The small oil companies and banks holding more than $800 million in refundable tax credits scored a victory Wednesday when an Alaska Superior Court judge threw out a lawsuit challenging the state’s plan to sell bonds to pay off those credits. Judge Jude Pate granted the State of Alaska’s motion to dismiss the suit filed by former University of Alaska regent Eric Forrer arguing against the constitutionality of the bond scheme contained in House Bill 331 that the Legislature approved last spring.

Our Take: Though AKHEADLAMP appreciates this decision, the likely appeal will delay payments that are owed and continue to create an environment of instability. Instability is the enemy of investment “When the earned credits weren’t paid off in full in the fiscal years 2016-18 state budgets, as had previously been done, the banks holding them mostly stopped lending into the Alaska oil sector.” Enough said.