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Silver Falcon Mining, Inc. (Pink Sheets: SFMI) (December 17, 2007) released the results of an independent limited drilling program conducted on select areas of War Eagle Mountain, a gold property on which Silver Falcon Mining, Inc. has developmental and operating rights to 14 deep-shaft mines covering the Mountain's primary epithermal Gold and Silver-producing veins.
Mr. Tully wrote, "The two holes that were drilled in the Keystone & Illinois Central and North Empire zones of the Central Vein system on the Mountain, approximately midway between the North and South shafts of the Poorman mine, struck extremely strong new veins. These structures showed mineable width indications of mineralization, with results of 1,000 ppm of Gold, or 660 g/t Gold (23.27 oz Gold/ton). It is concluded that the War Eagle Mountain property is an excellent exploration bet in a favorable geological environment for discovering additional and new deposits of precious metals, in addition to mining of the existing deposits."
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "The vein structures on War Eagle Mountain clearly extend to depth, and without any evidence of diminishing ore values. The deepest veins discovered, so far, extend to the 610 meters (2,000 foot) level and show values of 64 g/t Gold (2.5 oz Gold/ton) over 2.7 meter (9-foot) widths. We are extremely pleased with the drilling results to date."
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Torrent Energy Corporation (OTCBB: TREN) (December 17, 2007) announced that it is making progress on its efforts to establish additional sources of capital for the advancement of its Coos Bay coal-bed methane project. Management said the Company also is in detailed discussions with a prospective joint venture partner that has expressed interest in participating on the project.
John Carlson, president and CEO, said, "While the establishment of a new financing package is taking longer than anticipated, we are making meaningful progress and are optimistic that our efforts to finalize a transaction will be successful. We obviously are working to negotiate a transaction that is in the best interest of Torrent and its shareholders. While we cannot provide a definitive timetable for the completion of a funding arrangement, we will announce the results of these efforts as soon as possible."
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Mesa Offshore Trust (Pink Sheets: MOSH ) (December 17, 2007) announced that on December 3, 2007, JPMorgan Chase Bank, N.A., for itself and in its capacity as Trustee of the Trust, entered into a Settlement Agreement and Release in connection with the lawsuit filed by MOSH Holding, L.P. ("MHLP") against Pioneer Natural Resources Company; Pioneer Natural Resources USA, Inc. (collectively, "Pioneer"); Woodside Energy (USA) Inc. ("Woodside"); and JPMorgan Chase Bank, N.A., as Trustee of the Trust (the "Lawsuit"), with MHLP, Dagger-Spine Hedgehog Corporation ("Dagger-Spine") and another group of unitholders, led by Keith A. Wiegand (together with Dagger-Spine, the "Intervenors"), and additional Unitholders in the Trust (collectively, "Plaintiffs") (as amended on December 7, 2007, the "Settlement Agreement").
The Settlement Agreement provides for the following:
If the Settlement Agreement is approved by the 334th Judicial District of Harris County, Texas (the "Court"), JPMorgan Chase Bank, N.A. shall: (1) formally resign as Trustee of the Trust effective January 21, 2008, or such earlier date as authorized or approved by the Court; and (2) pay to the Plaintiffs, and not to the Trust for the benefit of all Unitholders, $1,250,000 to reimburse Plaintiffs for legal fees and expenses incurred in connection with the pursuit of claims for the benefit of the Trust within 31 days after the Court enters an order approving the Settlement Agreement.
Plaintiffs in the Lawsuit shall request the Court to appoint a successor or temporary trustee, who shall determine whether to pursue the remaining claims in the Lawsuit against Pioneer and Woodside, for the benefit of all Unitholders. The decision whether or not to pursue such claims shall be entirely within the discretion of the successor or temporary trustee.
JPMorgan Chase Bank, N.A., individually and as lender, previously created a $3,000,000 Demand Promissory Note on September 28, 2007, with the Trust as borrower, for use by the Trustee to pay Trust expenses, under commercial terms and secured by the Trust's assets. In addition, on December 3, 2007, JPMorgan Chase Bank, N.A., individually and as lender, has entered into an Amended and Restated Promissory Note (the "Amended and Restated Note"), with the Trust as borrower, to amend the Demand Promissory Note to provide for, among other provisions, an extension of the stated maturity date of the Loans made pursuant to the Demand Promissory Note and the Amended and Restated Note from December 31, 2007 until the earlier of (1) December 31, 2009, (2) 31 days after the Trust's receipt of any settlement proceeds, recovery or judgment in connection with the Lawsuit, (3) final liquidation of the Trust's assets, or (4) if the Settlement Agreement is not approved by the Court. JPMorgan Chase Bank, N.A., in connection with the Settlement Agreement, has committed that at least $800,000 will remain in available funds as of the date of its proposed resignation that could be borrowed by the Trust under the terms of the Amended and Restated Note, so that the Trust can pay operating expenses in the future. Up to a maximum of $2,200,000 in loaned funds may have been consumed as of the date of JPMorgan's resignation as Trustee, to pay operating expenses of the Trust, including the Trustee's legal fees and costs in defending against the Lawsuit.
Because the Settlement Agreement is subject to approval by the Court, the Trustee and the Plaintiffs in the Lawsuit filed a Joint Motion for Approval of Settlement Agreement on December 3, 2007 and a Supplement to Joint Motion for Approval of Settlement Agreement on December 11, 2007.
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Empire Film Group, Inc. (Pink Sheets: EFGU) (December 17, 2007) has selected January 18, 2008 as the theatrical launch date for the new comedy "Blonde & Blonder" starring Pamela Anderson and Denise Richards. The film will open as a special theatrical engagement in ten key U.S. markets as part of a charitable campaign to raise funds for the Pamela Anderson supported group, PETA (People for Ethical Treatment of Animals).
"Blonde & Blonder" tells the story of two gorgeous-but-disconnected young ladies who are mistakenly identified as mob killers and pursued by a menagerie of colorful characters. The film premiered at the Cannes Film Festival in May, where it was described by a reviewer for Knight Ridder newspapers as "'Legally Blonde' meets 'Dumb & Dumber,'" a comparison that met with the approval of director Dean Hamilton.
"It's a very funny, mainstream picture," said Hamilton. "We wanted to create a PG-13 level comedy that would appeal to men as well as women, and the response has been superb. This is a terrific picture to use in launching the theatrical releasing division of Empire Film Group, as well as the goodwill value of our charitable tie-in with PETA," he concluded.
Key cities targeted for the initial theatrical launch include New York, Los Angeles, Chicago, Dallas, Minneapolis-St. Paul, Orlando, Tampa-St. Petersburg and Las Vegas. First Look Studios will be releasing "Blonde & Blonder" on DVD following the theatrical release.
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