La Esperanza Oil & Gas, LLC, an independent US based Oil and Gas Development
and Exploration Company, began its lease acquisition development in September
2004 in the Palo Duro Basin by entering into a $1.75 million contract with a
US based publicly traded company.
ARLINGTON, Texas, Aug. 3 /PRNewswire/ -- In December 2004, La Esperanza's
Chief Executive Officer, Nancy Shockey, entered into a one year contract with
Canadian based Bankers Petroleum. In less than one year, La Esperanza has
leased in excess of Three Hundred Fifty Three Thousand Gross Mineral Acres in
the Basin, with over Two Hundred Fifty Thousand Net Mineral Acres.
During the course of La Esperanza's leasing program, Bankers Petroleum
unilaterally decided to obtain leases on its own and then filed a lawsuit in
the 110th District Court in Floyd County, Texas, challenging among other
items, La Esperanza's right to continue leasing in Floyd, Motley, and Briscoe
counties. La Esperanza promptly answered the lawsuit and filed a counterclaim
against Bankers. After only one day in Floydada, on July 18, 2005, the factual
evidence presented prompted Bankers' President, Ford Nicholson, to not only
offer to settle the case outright, but in a rare move for a publicly traded
company, he agreed to provide a private as well as a public apology to La
Esperanza and Ms. Nancy Shockey.
To keep its commitment to over 500 La Esperanza Lessors, and to move the
Palo Duro Basin project forward, La Esperanza agreed to accept the apology,
and has granted Bankers the right to do the clean up work to fill in specific
blocks in La Esperanza's massive lease play, which will accrue to the benefit
of both La Esperanza and Bankers Petroleum. Among other things under its
settlement with Bankers, La Esperanza will retain its Overriding Royalty
Interests and Right To Participate in all of the leases acquired by La
Esperanza, as well as those which Bankers has been taking in its own account
since the early stages of the contract. La Esperanza will continue to have
these rights on all leases Bankers acquires during the term of the contract in
the clean up area. While allowing Bankers to do the clean up work, La
Esperanza will continue to move forward with its Leasing Acquisition and
Development in the Palo Duro Basin in Floyd, Motley and Briscoe Counties as
well as in surrounding counties. A complete text of the public apology as well
as praise from Bankers Petroleum for the monumental work performed by La
Esperanza Oil and Gas and Nancy Shockey is as follows:
LA ESPERANZA OIL & GAS, LLC
BANKERS PETROLEUM ISSUES PUBLIC APOLOGY AND DISMISSES LAWSUIT FILED AGAINST LA
ESPERANZA OIL & GAS, LLC AND NANCY SHOCKEY
Bankers Petroleum (US) Inc. today issued a private and public apology and
all parties dismissed all claims in the lawsuit filed July 6, 2005, in the
110th District Court, Floyd County, Texas against La Esperanza Oil and Gas and
Nancy Shockey. Mr. Ford Nicholson, President of Bankers Petroleum (US) Inc.
stated in the apology that, "In the hearing held in Floydada on Monday, July
18, 2005, it became apparent that due to misinformation and miscommunications,
some claims were erroneously stated in Bankers' pleadings filed in the
lawsuit. It certainly appears to me that the facts revealed at the hearing
exonerate La Esperanza and Nancy Shockey from many of the allegations of
wrongdoing."
"Bankers hereby congratulates La Esperanza on its monumental efforts in
the Palo Duro Basin Shale Play. La Esperanza has successfully acquired 50,000
Net Mineral Acres from a U.S. public company, then leased an additional
150,000 Gross Mineral Acres beginning in the summer of 2004 through March
2005, and then leased an additional 153,000 Gross Mineral Acres in the Shale
Play in Briscoe, Motley, and Floyd Counties. These extraordinary results are
to the mutual benefit of both La Esperanza and Bankers, and the company has
the highest regard for La Esperanza's achievements in the Palo Duro Basin
Shale Play."
La Esperanza has accepted the apology and both parties have agreed to
settle the lawsuit and resolve any existing disputes they have, and move ahead
in their respective future business activities.
Bankers at this time would also like to clarify that the above acreage
mentioned equals about 255,000 net acres.
This press release has been submitted on behalf of
http://www.24-7pressrelease.com
SOURCE La Esperanza Oil & Gas, LLC
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Related links:
http://www.laesperanzaog@aol.com
CONTACT:
Nancy Shockey of La Esperanza Oil & Gas, LLC,
+1-817-451-1730, or fax, +1-817-451-1131, or
LAESPERANZAOG@AOL.COM
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