Silvermere Eng Share Discussion Threads

[grannyboy] 16/4/2013 08:20

By the sounds of it Dominion are slowing down the production or some other activity?..

But Its been kept quiet by AM..That looks to be the reason for all the delays thats been occuring..OMO!!..

[cliveas] 16/4/2013 07:38

Is this dispute common knowledge or new info?

are we losing our rights to the well or is this just sabre rattling?

Anyone contacting AM cos I will!

Any info on this greatly appreciated!

[showmethemoney123] 15/4/2013 23:26

B R A N S C O M B P C
CORPUS CHRISTI AUSTIN SAN ANTONIO HOUSTON
802 N. Carancahua Suite 1900 | Corpus Christi, Texas 78401 | 361-886-3800 Fax [phone] | www.branscombpc.com
Branscomb | PC is a member of the International Society of Primerus Law Firms.
H. Scott Taylor Board Certified – Oil, Gas and Mineral Law Texas Board of Legal Specialization E-mail: [e-mail]
Direct Line: [phone]
April 15, 2013
Via USPS Express Mail International and Electronic Mail
Silvermere Energy PLC
Attn: Andy Morrison, Chief Executive
42 Brook Street
London, England
W1 K 5 DB
Via Certified Mail and Electronic Mail
Black Cat Exploration & Production, LLC
Attn: Tony Mason
3206 Revere Street, Suite 410
Houston, Texas 77098
Via Certified Mail and Facsimile
(713-739-8403)

Mustang Oil & Gas, Inc.
c/o Larry Glenn
Crady, Jewett & McCulley, LLP
2727 Allen Parkway, Suite 1700
Houston, Texas 77019-2125
Re: Notice to Defaulting Parties
Operating Agreement dated January 5, 2011
TX Offshore 818 Well (the "Well")
Gulf of Mexico, Texas
Gentlemen:
As you know, this firm represents Dominion Production Company, LLC ("Dominion"), Operator under the referenced Operating Agreement. Dominion has previously notified each of you that you are currently in default of your payment obligations under the terms of the Operating Agreement. Dominion understands that a dispute presently exists as between Silvermere on the one hand, and Mustang and Black Cat on the other hand, with regard to responsibility for payment of expenses incurred associated with operations on the Well to date. Mustang and Black Cat have asserted that their shares of the Well costs are being "carried" by Silvermere, and Silvermere takes the position that its obligation to carry Mustang and Black Cat has terminated under the terms of the relevant agreements among such parties.
Silvermere Energy PLC

Mustang Oil & Gas, Inc.
Black Cat Exploration & Production, LLC
April 15, 2013
Page 2
Be advised that Dominion takes no position with regard to the dispute among Silvermere, Black Cat, and Mustang. However, as Operator, Dominion is entitled to receive 33.33% of the total Well costs from some or all of the parties, and such costs have not been paid. As such, all of the addressees in this letter remain in default under the terms of the Operating Agreement, and such default has not been cured within the time period and in the manner specified in the Operating Agreement.
On behalf of Dominion, we further advise each of you that as a result of the default under the terms of the Operating Agreement, none of the addressees are entitled to receive any further information regarding operations on the Well or otherwise within the contract area. Furthermore, none of the addressees to this letter are entitled to participate in any elections or votes related to subsequent operations in the Well, and in the event subsequent operations are conducted, each of you will be deemed a Non-participating Party under the terms of the Operating Agreement. You are further advised that Dominion intends to conduct additional operations in the Well, and this is the last notice you will receive in any way related thereto. We direct your attention to Exhibit I to the Operating Agreement addressing the ramifications of a party's default under the terms thereof, along with Article 13 of the Operating Agreement addressing the penalties for failure to participate in operations conducted thereunder.
Please be advised that Dominion intends to continue to pursue any and all relief to which it may be entitled under the terms of the Operating Agreement related to the current default and the amounts owed to it, including without limitation interest recoverable under the terms of the Operating Agreement and attorney's fees recoverable thereunder or otherwise allowed by law. Dominion further reserves the right to pursue foreclosure of its lien rights created under the terms of the Operating Agreement. Nothing in this letter should be construed as a waiver by Dominion of any of its rights under the Operating Agreement, and all of such rights are reserved.
Sincerely,
H. Scott Taylor

[showmethemoney123] 15/4/2013 11:50

I bet the payroll clerk knows how to get hold of them come every monthly pay cheque for doing nothing....

[showmethemoney123] 15/4/2013 11:09

Before this moronic management team were appointed and then the stock traded at 60p - they have taken it down to 4.5p bid and have NEVER EVER placed stock to third party investors at a premium to their previous placing round.

[christianf12] 15/4/2013 10:40

They have issued stock at a premium before.

[vivgav] 15/4/2013 10:19

Bad website also. Look under contact us.

No phone number
No e-mail address

Unacceptable behaviour by the BOD.

[showmethemoney123] 15/4/2013 10:17

I guess the risk and great unknown with this penny dreadful is that we don't know if they are currently working on a placing underpinning these lower levels. This management team have NEVER issued stock at a premium to the previous placing round!!! They are simply appalling and a shorter's (or MMs) dream imho....

[christianf12] 15/4/2013 09:40

Tick back up on offer, does that mean mm's want shares now and there is a buy order in?

lmao

[christianf12] 15/4/2013 09:27

mm's have a few to shioft from last weeks sale of 500k odd at 4.75p.

If they drop below that to buy I suggest taking a few as the mm's will then be taking a loss. They won't sit on a loss for long so will move share price back up.

Simples really.

[christianf12] 15/4/2013 09:26

mm's have a few to shioft from last weeks sale of 500k odd at 4.75p.

If they drop below that to buy I suggest taking a few as the mm's will then be taking a loss. They won't sit on a loss for long so will move share price back up.

Simples really.

[showmethemoney123] 15/4/2013 09:25

MMs obviously don't want them at this price or there is a large seller in the background - marked down again....

[grannyboy] 15/4/2013 09:24

ooopppss looks like this has further to fall..

They keep managing to find negative news to put out to the markets, supose one must congratulate them on that!!!!!!!!....

[christianf12] 15/4/2013 08:30

No sells either.

Looks like peeps are just waiting for clean up news.

Sensible imo.

[showmethemoney123] 15/4/2013 08:29

No buys this morning at this "bargain price"....lol

[greenroom78] 15/4/2013 08:28

CF12 - can buy at 5p because they've spent everything from that last placing and are still no further forward. Only 35m shares in issue but for how much longer?

[christianf12] 15/4/2013 08:26

g78, It has been and no one in their right mind would deny that.

I am however, still hopeful of this well flowing at a decent rate with others to come on board.

It will only take 1 bit of good news to see 10p+ again imo as only 35m shares in issue and how many of those are in real free floa?

I think many forget that the market cap here is £1.6m now.

There will come a time when bad news is overly priced in to the share price.

Last placing was at 7p.

Can buy now at 5p.

NAI

[showmethemoney123] 15/4/2013 08:26

What price the next placing which must be around the corner 3p?

[thenorth] 15/4/2013 08:19

time to top me thinks... time to have a grope down the back of the sofa...

[christianf12] 15/4/2013 08:16

curry, plus the gas.