Well lldsrud, the only deals Albers will be making are with his own companies. He is using both OXX and MOG as vehicles to fund his other projects. The only reason MOG purchased Rankin Trend was so that Albers would be able to use the Artemis euphoria as a value driver for MOG to assist with the funding of Cornea and Braveheart. Both MOG and OXX have some major company making projects on their hands. In the event they succeed, I can see some major farming in to his Bonaparte Basin permits. He has been trying to attract major farm-in partners for the Bonaparte acreage held by Aus. Oil and Gas Corp. and Goldsborough Energy. From what I understand no luck yet. The permits in the Vulcan Sub-Basin are attracting interest, recently Aus. Oil and Gas Corp. sold their 7.5% interest in AC/P33 which held the Oliver field. Made a cool US$4,125,000 after the sale to PTT Australiasia. These funds have been used to fund their share of drilling costs for both Cornea and Braveheart.
Here is Albers at work... (from Aus. Oil and Gas Corp Sep 2009)
Funding for Vulcan Sub-basin Interests The Company is considering how it might meet future funding requirements for the remaining Vulcan Sub-basin interests following the sale of AC/P33. Discussions amongst the joint venture participants has focused on the concept of each of the participants, other than the operator Auralandia, selling their interest in each of the remaining Vulcan Sub-basin permits AC/P35 and AC/P39 to Auralandia or another jointly sponsored company in return for an appropriate pro rate issue of shares. Auralandia has signified that it is open to proposals which would see it as the corporate vehicle for unifying interests in this manner. The Company is investigating this concept, and may participate, pending further investigations and finalization in an appropriate commercial arrangement. Capital would thus be required by the entity for further drilling, but would relieve the Company of any direct cost commitment to the remaining Vulcan Sub-basin permits (AC/P35 and AC/P39).
Success with MOG = $$$$ = Farm-ins
MOG Price at posting:
21.5¢ Sentiment: LT Buy Disclosure: Held
