Irvine Energy Share Discussion Threads

[flyingswan] 30/5/2011 15:30

Thanks Xena for such an interesting post. The tax losses may be enough to bring back IVE?

I am amazed that this BB get so many posts even after such a long time, since it last traded.

Good Luck all long time holders!

[spartan666] 30/5/2011 15:14

After that Excellent post from Xena, I wonder if Milliecusto will take things further with Xena? ;-)

[wow400] 30/5/2011 15:09

I think FG said he'd had enough of the 'investing' game & retired!

[drrichard] 30/5/2011 14:39

Hi Dorset

We meet again! Keeping well? Cannot get in the garden (even if I wanted to), awaiting (sort of) Andy Murray on court and surfing ADVFN. Did you get burned here as well?

[dorset64] 30/5/2011 14:26

Anyone heard of fat greek since the demise of IVE? I remember him being totally & 100% in and therefore hope that he has recovered from this scam and earned money back elsewhere.

[ranald] 30/5/2011 14:22

Xena, Thank you for sharing that.

[come on] 30/5/2011 00:51

not bad potentially fat greek you still check this board at all

[flyfisher09] 29/5/2011 22:04

WOW, thats the best speculation I've heard for a while!

[xenawarriorprincess] 29/5/2011 18:56

So much speculation - so few facts.

Perhaps if people (or their avatars - if they're not all one and the same) did a bit of research then people might get a better idea of what was (or is) maybe going on.

Rob Bensh has resigned - oh really? Well it's not registered at Companies House, and until it has been I don't believe it. In certain foreign jurisdictions not registering such a resignation is a criminal offence.

Medved5 - quite a while ago you suggested that there was a Ukrainian angle to what is going on. How very perceptive. Now you say that something is just not as it seems. What it seems to me is that your perceptive powers are waning.

Joe - you say the acreage was given to Metro and GasRock - well slightly accurate but not wholly accurate.

The latest annual accounts for December 2009 (dated 6th January 2011) show that Irvine's Kansas assets were given to Metro and the Oklahoma assets given to a third party nominated by GasRock, in settlement of all claims they each had against Irvine and its subsidiaries.

This settlement was reached on 12 February 2010 and confirmed by a Court hearing on 6th April 2010. This concluded all claims in the US against Irvine and its subsidiaries and the subsidiaries were then dissolved.

Irvine has never disclosed, anywhere, to whom its Oklahoma assets went - they have always been just a "3rd party" nominated by GasRock.

Why so secret? I hate secrets.

Much of the Oklahoma acreage was jointly owned by Metro, Irvine and K2 Energy as a junior partner.

K2 Energy doesn't like secrets either. In their RNS to the ASX of 17th February 2010 they helpfully tell us that as a result of a settlement reached by the then operator Metro and GasRock a new operator "Trey Resources LLC" has been appointed and that "GTK Resources LLC" has acquired legal ownership of the jointly owned properties with K2.



So it's pretty safe to conclude that "GTK Resources LLC" was the 3rd Party nominated by GasRock and that's who now has all that was once Irvine's interest in the Oklahoma assets.

So far, so opaque.

And don't try Googling GTK Resources LLC because nothing, apart from K2 Energy comes up. Very secretive this lot. Why so secret? I don't like secrets.

Anyway - whilst reading the next bit remember - Rob Bensh is Chairman of Irvine appointed on 17th July 2009.

On 18th November 2009 Kulczyk Oil Ventures signed an agreement with Gastek LLC, a private Californian company to acquire 70% of Kub Gas, a Ukrainian company total price $45M with a $1.35M deposit being paid - so well done Medved5 with that Ukrainian angle. So Gastek retained 30% or so of Kub Gas (although there were various share swaps) and this deal enabled Kulczyk to list on the Warsaw Stock Exchange, and they intend listing on Aim this year.



So far, so uninteresting.

But at the bottom of the article it states

"KUB-Gas was advised on this transaction by oil and gas advisory firm BenshCo led by Robert Bensh."

Oooooh! Do I sniff a link here.

The Kulczyk Oil/Gastek/KubGas deal was completed on 11th June 2010.



And on 17th June 2010 K2 Energy did a share swap with Trey Resources rationalising their interests in the Oklahoma fields.

So Rob Bensh seems to be the common factor here.

What's the betting that the money from the $45M Gastek deal was (at least partly) recycled to fund the GTK Resources LLC deal to buy Irvine's Oklahoma assets.

See the link in the names here - GasTeK LLC = GTK Resources LLC - chances of that being a coincidence must be in the thousands if not tens of thousands to one - the mathematically minded can work it out.

So the timeline -

17th July 2009 - Rob Bensh appointed Chairman of Irvine

18th November 2009 - Gastek (a Californian company) reaches a deal to sell 70% of Ukrainian Kub Gas for $45M - $1.35m deposit paid - Kub Gas is advised by Rob Bensh

12th February 2010 Irvine/GasRock/Metro reach settlement - Irvine's Oklahoma assets to be transferred to unknown 3rd party - we now know is GTK Resources LLC

30th March 2010 - Doug Manner resigns knowing that Irvine is about to have the settlement confirmed

6th April 2010 - Irvine deal confirmed by Court settlement

11th June 2010 - Kulczyk/Gastek/Kubgas deal concluded - Gastek, a Californian company has $45M sloshing around

17th June 2010 - K2 concludes shares swap with Trey Resources

We were never told when the Irvine/Metro/GasRock/GTK deal was concluded but my betting would be around 17th June 2010.

And in August 2010 Medved5 became very perceptive

"paulie1 - 13 Aug'10 - 07:40 - 19029 of 19248
IVE in ukraine lol yeh

Medved5 - 13 Aug'10 - 09:34 - 19030 of 19248
Would be nice if he could get a Ukraine company to utilise the IVE position , something that would grow positively even if we only had a small piece of the cake. What RB has to take into consideration and everyone else here is that the investors in IVE were strong punters in the main and supported IVE to the end. These type of investors are what you need to keep happy in this sector."


So, to conclude, GTK Resources LLC have Irvine's Oklahoma acreage (and presumably that of GasRock), and GTK is owned by Gastek, a Californian company, which owns not only Oklahoma but also 30% of Ukrainian Kub Gas, advisor Rob Bensh.

What's the betting Gastek might want to list on Aim using Irvine and its tax losses (losses incurred in the US) as a vehicle to list?

Just a bit of speculation on a Sunday afternoon.

All IMHO, DYOR etc.

Xena

[benson384] 28/5/2011 14:35

I woud guess that they not sure all the liabilities and caught cases are all resolved.
I.e. if a large asset was put into Irvine would more claims come in as resut,now there a "business" there.
That coud essily be resolved by legal disclaimers to all creditors.
Any other views welcome ?

[joe8472] 28/5/2011 14:33

i didn't ask, but when irvine have had some approaches from other companies they have always refused to agree to whatever the deal is.

I spoke to ross about 2 weeks ago, and he said that there is a number of american oil and gas companies enquiring about irvine, but they would only work if they can utilise the uk tax loses, and been american based they can't, something to that effect anyway, i didn't write any of it down.

He said irvine would either have to recapitalise and cva or be wound up, but the tax losses are substantial to any enquiring company. Robert Bensch did resign aswell.

[flyfisher09] 28/5/2011 13:57

On what grounds are the refusing joe?

[joe8472] 28/5/2011 12:04

There are a couple of us oil and gas companies looking at our listing but our nomad is refusing to agree

[paulie18] 28/5/2011 00:57

so any whispers?

[joe8472] 26/5/2011 20:09

The acreage was given to metro and gasrock, ive has nothing

[medved5] 26/5/2011 19:26

Would be interesting to see where exactly all of the assets of IVE were distributed to, who holds them now and who has shares within the companies now holding the assets. IVE held immense acreage - something really is not as it seems I feel.

[medved5] 17/5/2011 08:51

[e-mail]

[medved5] 17/5/2011 08:31

As I have previously posted Ross Warner is the guy behind things at IVE. He is the guy who is probably trying hardest to get some value for shareholders but will not be rushed into any quick fix that will not last.

[medved5] 16/5/2011 18:07

RB seems to want to drop on a good thing where he can - the market is sore with people like him who swoop around like vultures looking for good meat just before the carcass goes bare. Hyena comes to mind - no real hunting capabilities but preys on the quarry of others and leaves just the bones. THEN WALKS AWAY. Look ay his profile and positions held - dead meat

[milliecusto] 13/5/2011 18:05

xena,thinks me in love with u....lol

[joe8472] 11/5/2011 19:53

I never get a response from the email address on the website.

[paulie18] 11/5/2011 19:20

hey i be happy with 0.5p a share lol

[paulie18] 11/5/2011 19:19

perhaps a group email to see if we get a response so we know

[spartan666] 11/5/2011 18:15

Thanks for the clear insight on this Xena....

Think we should all lay off the speculation and erratic possibilities that we think "might" ensue, or actions that need to be taken on the basis of probabilities which are seemingly incorrect....Yeah I'm a holder myself and want to " offset my loss " like everyone else but its not doing us any good trying to be mystic meg without " firm " evidence..... Just my opinion....

[xenawarriorprincess] 10/5/2011 19:12

Tommo,

On this occasion you are forgiven for your laxity, not to be confused with laxative - but you really must keep up with events.

I may have been in a bit of a bolshie mood last night - consider yourself lucky that I can only get to you via cyber space - but I'm finding the markets (and some people) really frustrating at the moment.

I'm sure at some point you will be able to offset the loss.

All the best,

Xena