Thursday, May 21, 2009

Cost of Wildcatting: $8 Million

Santa Fe Reporter

"When Tecton Energy President Bill Dirks announced his firm’s plans to drill for oil in the ecologically delicate Galisteo Basin, SFR ran a background check on Dirks and his previous company, Samson Canada.

SFR discovered Samson faced fierce opposition from residents of the Charlie Lake area of British Columbia. Dirks called it quits and sold the drilling rights to another firm, Terra Energy. Residents lamented to SFR that Terra Energy was far more aggressive and less environmentally responsible than Dirks.

Now history is repeating itself. In November 2008, again facing unwavering environmentalist opposition, Dirks announced that Tecton’s holdings in Canada and New Mexico were up for sale. This month, Tecton found a buyer for the Canadian operations: Terra Energy, again. The company will pay $8 million for the rights this month. So far, Tecton has reported no interested buyers in the Galisteo Basin" Link>>>>

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