Tuesday, May 30, 2006

AGM Copper Creek Ventures May 26/06

AGM Copper Creek Ventures May 26/06 (disclaimer - subject to edit as I will be adding/deleting items as I see fit.)

Met Bing Jung - CEO, Dale Paulson - director, Dave Bissett – IR.

Missed the formal part of the meeting. Lucky me. The scrutineer had already left after 5 minutes. In Vancouver, how many scrutineers do you need to attend the various junior’s AGMs? How’s that for a cushy job? Half the AGMs are gatherings of company guys and no one else.

On to the informal meeting with only 2 or 3 non-company shareholders.
First off, CPV now has $1.1M cash in the bank, thanks to a recent financing.

Per Form 51-102F1 Management’s Discussion & Analysis which all shareholders should have received, it mentions that on Dec 9/05, Prairie Schooner Petroleum Ltd (PSL.T, market cap $258M) advised CPV that they had assumed the 50% interest in an oil & gas lease, section 3-20-3W5 in Turner Valley, Alberta, formerly held by Purcell Energy Ltd. CPV holds a 12.5% interest in this lease.

It was mentioned at the AGM that PSL has a budget of $85M for Alberta. Apparently, an AFE (Authorization For Expenditure) is close at hand. Sometimes in July, there should be some drilling happening.

Mr Bisset spreads out a map showing 10-36-20-4W5 & 10-3-20-3W5.
Talisman has purchased surrounding land sections and it’s rumoured that TLM is getting 600 barrels per day. Talisman’s success ratio is like 98% in Alberta.

I ask - are there institutional funds involved? Mr Jung says he crossed some shares to a fund recently. That was during the multi-million volume days a couple of weeks ago. (If it’s Sprott as rumoured then one can check out Sprott’s fund holdings at the next quarter end.)

New director Mr. Paulson joined the board recently. News Release was in early May. He was a co-founder and vice-president of Panterra Resources and is currently president of Lions Petroleum.

And that was basically the meeting. Personally, I like to place a face to a name and overall, it was a good meeting. My one suggestion would be to change its name to something else. I made a faux pas and called it Copper Kettle, while someone else later called it Copper Valley.