To all below is the est. cost calculation for bringing the Ritchie projects back on track and online.
As stated in the budget prepared by Gary Giles, the planned work has been laid out in several phases to maintain the overview.
Those who are to participate in these expenses are those investors who have normal ownership (Working Interest), this work that must be done to what is called lease saving work ie. that this must be done to save the project and retain the right to be in the field.
We calculated the cost per percent ownership you have in the Ritchie Wateflood unit, and divided this into the individual phases that are currently planned.
Phase 1: $ 508.00 per percent ownership
Phase 2: $ 269.00 per percent ownership
As things look p.t. it will cost a total of $ 777.00 per percent you own, in order to get the project in good condition and in full production.
* If you choose not to participate in these expenses, you are out of the project and the investment is lost. An email will be sent out to everyone with a deadline to make their decision, this will include a cut-off date when this is reached and one has not taken a position, it is considered a NO to participate and one is out, so stay tuned watch out for their mail in the coming time, we will announce on the website when the mail is sent out.
We have to work purposefully, time equals money right now and the faster everyone votes and works together with payments etc. the sooner Gary Giles can begin work.
We are close to making this a successful business, although the road to this has been long and hard for everyone.
More new follows ...
Sincerely. TEX OIL COMPANY