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Permalink Reply by Cozby SEC 34, T 22, R 11. /TR 13 on July 20, 2008 at 4:20

Nancy,
My mom has an interest in T22 and I have been searching the Internet for information on what is going on. We are 300 miles away and don’t know anything. My intent is to not place something incorrect so if I find something that looks legitimate I am going to try and post it. I think this helps when someone post something to see the source. (Helps keep rumors down to a minimum), it could help others in their research.

July 17, 2008Southern Star Energy Closes $25 Million Financing With Macquarie Bank Limited; Financing To Fund Growth
HOUSTON -- (PR Newswire) -- July 17, 2008 -- Southern Star Energy Inc. (OTCBB: SSEY), a fast-growing E&P company with reserves and production from leases located in northern Louisiana, today announced that it closed on a $25 million Senior First Lien Secured Revolving Credit Agreement (Revolver) with Macquarie Bank Limited. Proceeds from this facility will be used to fund the development of Southern Star's Sentell Field as well as other oil and natural gas interests acquired subsequent to this financing. The initial borrowing base is $5 million. At closing, $2.5 million will be drawn and outstanding, leaving $2.5 million available. The Revolver's interest rate is prime plus 200 basis points, calculated and payable on a monthly basis. Concurrent with the closing, Macquarie Americas Corp., an affiliate of Macquarie Bank, will have a five-year warrant to purchase 5% of Southern Star's diluted common share count at a strike price of $1.00. The term of the Revolver is 36 months. David Gibbs, Southern Star President and Chief Executive Officer said: "With the establishment of a proved and probable asset base, and a rising production profile, this Revolver provides Southern Star with the appropriate structure and amount of capital to fuel our growth for our shareholders. The Macquarie Bank financing will be used for our upcoming 10-well drilling program. Near-term, we have a rig commitment from Nabors Drilling for our 10-well drilling program to develop our Cotton Valley reserves. Beginning in September, we will drill vertical Haynesville shale delineation wells on our acreage to test their potential. Recent competitor-announced leasehold transactions and drilling results into the Haynesville offer excellent signposts for Southern Star's future." About Southern Star Energy. Southern Star Energy's strategy is to acquire under-drilled oil and natural gas leases with significant proven development drilling opportunities, and use all available technologies to increase the valuation of the acquired assets. This strategy reduces Southern Star's risk, allowing the Company to build free cash flow for strategic acquisitions. The Company owns a 40% working interest in approximately 5,700 acres in the Sentell Field, located in the heart of the known Cotton Valley trend north of Shreveport, La. To date, the Company has drilled five successful tests of the Cotton Valley sands, all of which are connected to the market, and producing revenues. The Company will embark on a 10-well development program in the third quarter of 2008, drilling for the Cotton Valley sand and Haynesville shale. Shareholders and prospective investors and analysts are encouraged to visit Southern Star Energy's website: www.ssenergyinc.com to learn more about the Company and the Cotton Valley Trend.

Permalink Reply by Cozby SEC 34, T 22, R 11. /TR 13 on July 20, 2008 at 4:38

Excited Bossier,
Do you know the Sec and Range of the wells? I would like to see if I can find the legal documents.

Permalink Reply by Sheila Johnson on July 22, 2008 at 7:29

F Y I there will be a Haynesville shale meeting at the Plain Dealing High School Gym Saturday July 26th @ 6:00 PM for anyone that is interested.

Permalink Reply by Cozby SEC 34, T 22, R 11. /TR 13 on July 20, 2008 at 4:29

Here are a couple of pages I have found.

Attachments:

• legal notice sentell field pg5.pdf, 34 KB
• legal notice Sentell Field.pdf, 35 KB

Permalink Reply by Cozby SEC 34, T 22, R 11. /TR 13 on July 20, 2008 at 4:48

Just a fyi. This is what started my search.

Attachments:

• jp morgan.pdf, 314 KB

Permalink Reply by PDMAN/T22 on July 20, 2008 at 8:57

Hi Iive in T22 also and have not been offered any type of lease. I do know that there will be a meeting for landowners in Plain Dealing at the highschool gym on the 26th at 6:00.

Permalink Reply by fngrsxnpd on July 20, 2008 at 9:26

I have land in that section. When did you hear this? Who called the meeting?

Permalink Reply by PDMAN/T22 on July 20, 2008 at 10:25

I am not sure as to who called the meeting but the flyer is on every gas station and store in PD. The flyers, to my knowledge, just went up today. I didnt see them yesterday...

Permalink Reply by Cozby SEC 34, T 22, R 11. /TR 13 on July 20, 2008 at 14:40

Do you have a copy of the flyer? If so could you scan it and attach it. We are 300 miles away, and with the price of gas I don't want to make a trip if it isn't really needed.

Permalink Reply by PDMAN/T22 on July 20, 2008 at 16:25

I'm sorry I do not have a flyer or a scanner. My wife will be at the meeting and hopefully we'll have good news to share. Do you have family in the area? I'm sure everyone is wondering what is really going on?

Permalink Reply by Cozby SEC 34, T 22, R 11. /TR 13 on July 20, 2008 at 17:47

Yes we do have faimily in the area. My grandfather was Buster Cozby.

Permalink Reply by Excited Bossier on July 20, 2008 at 1:42

Coz...where is this Sentell Field located?

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