Comment

Comment by Bob Shaw on February 9, 2012 at 3:05pm

Many of our group are reporting UPS delivery of Bank Drafts, all slightly in excess of the contract price per acre. Sarahsville is a happier place today.

Comment by Bob Shaw on February 8, 2012 at 1:21pm

I just got off the phone with Shane Allison, President of Adapt Energy. He asked me to advise Noble County land owners he wants to lease property.

I don't have a positive or negative position, but I have verified his business associates and they have confirmed his story. He is a land agent acquire leases in Noble County for Corrizo Oil and Gas.

He can be reached at shane@adapt-energy.com website is http://adapt-energy.com

Comment by Bob Shaw on February 8, 2012 at 12:42pm

I just got a follow up from Corrizo Oil and Gas. They confirmed they have entered into an agreement to acquire some ILG Energy Leases, that Lorenzo Cola represented an accurate situation. Corrizo is currently performing due diligence to verify ILG Energy's position.

Comment by Bob Shaw on February 8, 2012 at 12:03pm

Corrizo was responding to an email I sent them. They had enough detail to confirm that was true, phone numbers and names, etc., so I doubt they picked it up here. Corrizo mentioned they have some work in Guernsey County, but nothing active in Noble, so far as the caller was aware.

Comment by Bob Shaw on February 8, 2012 at 11:42am

Thanks for the advice Tom. Lorenzo Cola did increase the offer, but as they say: 10% of nothing is still nothing. I will update this topic as information becomes available. 

Comment by Bob Shaw on February 8, 2012 at 11:37am

I just received a call from Corrizo Oil and Gas. The person I spoke to was aware of some activity out of a Pittsburgh office that may be Lorenzo Cola's connection. He is going to follow up with details as he investigates.

Comment by Bob Shaw on February 8, 2012 at 11:24am

I just received a call from ILG Energy confirming that Corrizo Oil and Gas is a joint venture partner with ILG Energy. I have inquiries to Corrizo for the same information.

Comment by Bob Shaw on February 8, 2012 at 10:58am

I didn't answer your final question: "What did I say?" I told him what I just told you. The lease is expired, feel free to send any check to me you want. I am moving to have the lease memorandum removed from the property titles. I don't need ILG's permission to do that.

Comment by Bob Shaw on February 8, 2012 at 10:48am

Tom, ILG did not write my lease, our attorney, Eric Palmer did. I am sure you have examples of many leases, as do I. They are all different. I will guess you have not seen my lease. There is a clause regarding Royalty non-payment that requires notification, but the Bonus non-payment language is very clear. No payment by day 91, lease is null and void, all parties released.

Comment by Bob Shaw on February 8, 2012 at 10:19am

I currently have an expired ILG Energy lease, payable on Jan 22, null and void on Feb 7 due to non-payment. I was contacted on Feb 7 by Lorenzo Cola, representing Corrizo Oil and Gas, a joint venture partner of ILG Energy. He advises checks are going out to my Sarahsville group yesterday.

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