19
Cliffwood / Texoil
Chronology of Events
Business Strategy (cont.)
–Date Event
– 1998 Development
• Re-engineering
• Large acquisition
• Sale of properties
• Maintain exploration
• Minimize write down
• Cut costs / maximize cash flow
• Communicate with banks and financial partners
• 1999 Continue acquisitions
• Re-engineering
• Incremental acquisitions
• Expand exploration
• Sales of (non-op) properties