Gulf Shores sued by Platinum Partners Fund
2007-06-26 12:27 ET - News Release
Mr. Michael Turko reports
Gulf Shores Resources Ltd., as previously reported in Stockwatch, is paying $75,000 (U.S.) and 15 per cent of the cost of drilling, testing, completing and equipping a test well to earn a 10-per-cent interest in the 970-square-kilometre (approximately 240,000-acre) Lytham & St. Annes project located in Quads 41 and 42 in the North Sea. The proposed location is seven kilometres south of the 41/5-1 gas discovery. Three-dimensional seismic coverage indicates that the block contains three potential hydrocarbon horizons. The well will be operated by Lundin Petroleum AB and it is expected that the Global Santa Fe Galaxy II jack-up rig will commence drilling the well July 12, 2007.
As previously reported in Stockwatch, Gulf Shores Resources has exercised its option to earn a 10-per-cent interest in the 72.5-square-kilometre Ridgewood project located in block 17a in Quad 12 in the North Sea by paying 15 per cent of the cost of the first well. The proposed location is 35 kilometres northeast of the 170-million-barrel Beatrice field and nine kilometres from the nearest proven Jurassic oil accumulation. Seismic coverage shows a structure containing two potential hydrocarbon-bearing zones in the Jurassic. The project will be operated by Lundin Petroleum AB and is expected to commence drilling in the third quarter of 2007.
As previously reported in Stockwatch, Gulf Shores Resources is paying 20 per cent of the cost of acquiring new 3-D seismic and 13.33 per cent of the cost of drilling a test well to earn a 10-per-cent interest in a 422-square-kilometre (approximately 104,000-acre) block located in Quad 30 in the North Sea. Recently acquired seismic indicates the block contains several Jurassic and Permian plays. A well drilled into one of the Jurassic plays logged oil but the well was abandoned due to insufficient zone thickness. Three-dimensional seismic on the block indicates that the Jurassic thickens to the northwest of that well. Lundin Petroleum AB is the operator of this project.
Gulf Shores Resources is currently negotiating with a major oil company to participate in a fourth project as part of its continuous active exploration program in the North Sea.
A lawsuit has been commenced in the Court of Queen's Bench of Alberta against the company and certain of its directors by Platinum Partners Value Arbitrage Fund LP. In the lawsuit, Platinum Partners alleges that it subscribed for units of the company in March, 2007, at the time when the company and its directors had material undisclosed information which would have caused Platinum Partners not to make the subscription had it been advised. Platinum Partners also alleges that certain directors of the company inappropriately traded shares, for which they allegedly must account to Platinum Partners. Platinum Partners is seeking rescission of its subscription, or alternatively, damages in the amount of $2,033,815 and, in addition, punitive damages in the amount of $1-million. The company considers the lawsuit frivolous and without merit and intends to take steps to seek to have it dismissed at the earliest opportunity. The company notes that Platinum Partners began legal proceedings following the unsuccessful result of the Laurel Valley test well. The company advises that it will continue with all of its obligations to drill three additional North Sea projects over the next several months, as previously reported in Stockwatch.
Gulf Shores Resources continues to review other North Sea exploration projects.
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