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Mortgages &Amp; Mortgage Credit Terms &Amp; Basic Concepts
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By Syd Z. Nohcud
Most consumers as well as many businesses no doubt over time and finances acquire real property by paying for this over a long period of time. Simply as well as put in it basics and origins in law and finance the provider of the funds the provider of the funds to purchase the property or properties will hold the or technically a Mortgage on it, a mortgage being a lien or charge against the title to the property until that loan has been specifically paid off in full or other terms of finance or stated agreement met and fulfilled. One last point to note that the specific term Mortgage refers specifically to real property ( land) whereas a lien or charge specifically other types of assets is referred to in law and finance as a Chattel Mortgage .
Hypothetically there is no upper limit to the number and varieties of mortgages which can be held against a piece of property or real estate. All rank in order of priority of legal registration against the title records held in various land registry offices or similar arms of city, state, provincial or federal government offices and records.
[youtube]http://www.youtube.com/watch?v=CwG1hIOu6zM[/youtube]
The mortgage document itself may also in addition specifically list the order of ranking or rank in sequence. In order the earliest mortgage registered is termed the First Mortgage , and the second the Second Mortgage . A registered mortgage takes full and total priority over succeeding ones that is it is entitled to full satisfaction before the next succeeding mortgage agreement in turn has any claim what so ever and to what ever purpose and terms. This does not mean that the holder of a Second Mortgage cannot receive any or all payments against it while the First Mortgage in itself is also being paid.
What this does entail and mean however is that in the event or events of default by the borrower, the holder or holders of the First Mortgage will have to be paid entirely in total and full before the holder of the Second Mortgage can expect to legally receive any funds what so ever. Thus in real and practical terms there is a real , as opposed to a hypothetical upper limit, in real and practical terms to the number of mortgages to the number and variety of mortgages that can be held due to and in due respect to the risks that borrowers of funds involve and will shoulder and bear. In today s world and financial communities that while Second Mortgages are still common and even popular, succeeding ones are not, although in land boom periods and boom town economic situations it is not totally uncommon to even have up to five in number. However all in all this is both a rare and exceedingly exceptional event especially in light of the current economic and financial state of the nation and specific communities in this time frame of 2010 / 2011.
All in all much of the current state of our wealth and holdings of members of our societies and indeed standard of living are based on the concepts of long term mortgages for property and real estate being purchased through the financial instruments of mortgages. Some consider mortgages a bad thing even a curse whereas other feel that both they have use of the property while they live it , or entertain the holdings as an investment and thus the charges and interest payments they make are well justified.
About the Author: Syd Z. Nohcud
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Schweinsteiger announces retirement from international football
Monday, August 1, 2016
On Friday, German football captain and Manchester United F.C. midfielder Bastian Schweinsteiger announced retirement from international football.
Debuting in 2004, Schweinsteiger has won 120 international caps, Germany’s fourth all time most capped player. He was part of the German squad for the UEFA Euro 2016 tournament in France and became the first German to play eighteen Euro matches, surpassing the fourteen-match record of Philip Lahm. Schweinsteiger has played in four Euro tournaments — 2004, 2008, 2012, and 2016.
Schweinsteiger said, “I have asked the national team coach to not consider me for Germany selection in future, as I would like to step down from the national team. I would like to thank the fans, the team, the DFB, the coaches and the national team’s backroom staff.” ((de))German language: ?ich habe soeben den Bundestrainer gebeten, mich in Zukunft bei der Nominierung für die Nationalmannschaft nicht mehr zu berücksichtigen, da ich gerne zurücktreten möchte. Mein Dank gilt den Fans, der Mannschaft, dem DFB, den Trainern und dem Team um die deutsche Nationalmannschaft.
Schweinsteiger won the 2014 FIFA World Cup in Brazil. He has featured in three FIFA World Cup tournaments — in 2006, 2010 and 2014. He has played 38 matches in major international tournaments, which is a world record. Schweinsteiger’s last match in Germany’s jersey ended in a 2–0 defeat against France in the Euro 2016 semi-final.
After Schweinsteiger announced his retirement, his former Bayern Munich teammate and German player Thomas Müller tweeted, “Thanks for 120 international caps with the @DFB_Team [German Team] and many great and shared hours with the national team” ((de))German language: ?Danke für 120 Länderspiele im @DFB_Team [Deutschland Mannschaft] und viele großartige, gemeinsame stunder bei der Nationalmannschaft.
Police describe bloody evidence in NY Sen. Monserrate assault trial
Thursday, October 1, 2009
A crime scene police detective and a forensic biologist testified on Tuesday about bloody evidence entered into the court record, in the ongoing criminal trial against New York State Senator Hiram Monserrate. Monserrate faces charges of felony assault in an alleged attack on his girlfriend Karla Giraldo.
The prosecution has asserted that when Monserrate discovered that his girlfriend had the business card of another man, he chose to strike out at her. Monserrate has entered a plea of not guilty to charges he sliced his girlfriend’s face with broken glass during a conflict at their apartment on December 19, 2008. The defense team denied that the injury to the woman by Monserrate was intentional, instead claiming that the incident was “an accident” and the result of Monserrate tripping while bringing Giraldo a glass of water.
An emergency physician that had treated Giraldo stated in court last Thursday that Monserrate’s girlfriend asserted to her that her injuries were not the result of an accident. Though the defense has argued that Giraldo, who is from Ecuador, may have been difficult to understand – the physician stated she conversed with Monserrate’s girlfriend in both Spanish and in English.
| …it is nothing more than rank speculation. | ||
The police detective that first inspected the crime scene testified Tuesday to the court about his recollection of discovering broken glass at the apartment, along with blood, towels covered in blood, and a ripped women’s t-shirt. Prosecutors entered into evidence a ripped sleeveless undershirt that police had found in the garbage outside Monserrate’s apartment on the night of the alleged attack. Bloody towels were was also found at the crime scene in the bathroom, and bloody smudges were discovered on a light switch in the bedroom.
According to forensic biologist Ewilina Badja, the majority of the blood found at the scene originated from one woman. Prosecutors assert that this woman is Giraldo, who was treated for injuries surrounding her left eye that took approximately 40 stitches to remedy. Badja identified blood on a male green shirt found in the bathroom sink as that of Monserrate.
Joseph Tacopina, defense counsel for Monserrate, argued that the police detective’s testimony does not prove his client attacked Giraldo. NY1 reported that Tacopina stated: “There’s not a piece of evidence that supports there was a scuffle where someone tore someone’s clothing, so it is nothing more than rank speculation. It was not a blood drenched t-shirt. When it was torn who knows? I have in my closet right now torn T-shirts that I wear to bed every night.”
On cross-examination, Tacopina queried New York City Police Department crime scene analyst Detective David Hernandez regarding the blood discovered on the bedroom light switch. According to Hernandez, police did not evaluate the blood on the light switch; Hernandez also stated that the lights in the apartment were found turned on. Tacopina argued that this bolsters the story provided by defense – that his client stumbled in a dark room while attempted to bring water to his girlfriend, and placed his bloody hand on the light switch after accidentally breaking the drinking glass on Giraldo’s face.
Queens Supreme Court Justice William Erlbaum will judge the case without a jury, as Monserrate waived his right for a trial before his peers. The group National Organization for Women has requested that the judge rule Monserrate should be given “the maximum sentence allowable by law”. If convicted, Democrat Sen. Monserrate could serve seven years in prison and lose his New York State Senate seat.
Monserrate is a former city councilman. He became a member of the New York State Senate weeks after the alleged conflict with Giraldo, and was made chair of the committee overseeing consumer affairs. Along with Democrat Pedro Espada Jr., Monserrate started a shift in control of the Senate by aligning with the Republican Party.
Sony Ericsson to produce low-cost mobile phones in India
Friday, February 2, 2007
Sony Ericsson announced on Wednesday that it will produce low-cost mobile handsets featuring color screens and music capability in India. The company has reached agreements with Singapore and Taiwan based companies, Flextronics and Foxconn to manufacture the phones.
Sony Ericsson said that besides competitive prices, Sony Ericsson mobile phones will provide customized features, including local content and a customized keypad for the Indian market, in a press statement.
The company achieved success and became the fourth biggest cell phone producer in the world with premium phones that included such features like Cybershot digital cameras and Walkman music players. The analysts say that if the company looks forward to become number three producer of mobile phones it needs to focus on low cost phones. Providing mobile phones for customers with lower income is a strategy that analysts consider to be quite useful for Sony Ericsson.
Speaking at a press conference in Chennai, the president of Sony Ericsson, Miles Flint, said that manufacturing in India will result in improved cost efficiencies and enable the company to provide attractive cell phones at competitive prices.
A Japanese-Swedish joint venture, Sony Ericsson surpassed the third largest mobile phone maker Samsung in terms of revenue in the fourth quarter, through sales of its upmarket line of phones.
Keeping Housework Simple And Cleaning Basic During Times Of Stress
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By Vincent Platania
The primary housekeeper has an important job in maintaining a safe and inviting atmosphere in the home. A housework checklist, whether it is written down or simply kept by memory, is an important tool in keeping track of what is necessary for the basic functioning of a household and for what is uniquely comforting and relaxing for each family. This checklist can be essential for the physical and mental wellbeing of the entire family during difficult times.
We all function better during stress if we can maintain or re-establish a clean, comfortable, consistent base. We all want to depend on the ability to wash in clean water with soap, and to dry our hands on a clean towel. We expect to be able to sit down on a comfortable chair or to lie down on a clean bed. If our clothes are clean and we can eat a nourishing meal, it is easier for us to cope with lifes challenges. But, because the primary housekeeper may need to expend all of his or her energies on the crisis or problem, it may not be possible for them to give their houses a thorough cleaning during a stressful time. Whether the stress is caring for a new baby, meeting difficult deadlines at work, caring for a family member after an accident, surgery, or during an extended illnessor if life has been disrupted by a long-term power failure, a fire, or a natural disasterwe and our families still have basic needs to be met. Keeping a clean house in stressful times can be a challenge. These are the times to focus on the basics and to keep things simple and clean.
[youtube]http://www.youtube.com/watch?v=7At3BGC2lFA[/youtube]
If you have a basic housework checklist, and if you concentrate on the chores that will make the most difference to you and your family, you can let the rest of those chores go until life settles back down. If everybody has clean clothes, if there are clean dishes to cook with and eat from, if the garbage is collected and removed from the living areas, everyone will feel a little better. Everybody has different household stressors. Some people can let everything else go for a while as long as their bathroom is clean. Other people are uncomfortable if their beds are not made. Still others have to have their kitchen floor washed immediately after cooking a meal. These stressors are unique to your family, and should be on your basic housework checklist.
Remember to prioritize while you are focusing on the basics of simple and clean. Focus first on the basics: dishes, laundry, and garbage. Rinse dishes immediately after they are used. Load them into a dishwasher if one is availableor soak them in hot, soapy water until the water cools, rinse them, and let them air dry. Be sure to keep towels, bedding, underwear, pajamas, and comfortable, casual clothing clean, folded, and put away. If your laundry room is already set up with a basic detergent that is safe for most fabrics and if you have an effective, easy-to-use spot remover, you will be able to keep up with this task. Remember, folding clothes can be therapeuticand even small children can fold towels and underwear. A shared task will help even the youngest member feel valuable to the family, especially when the adults may be preoccupied. At set times during the day, for instance after meals and at bedtime, pick up the trash to be thrown away. This is another task that can be shared.
Next, branch out to doing things that help keep your family well, like stocking up on and preparing healthy snacks. Also, make sure everyone gets enough rest, including the very young.
One important task can help fight the spread of infectious disease–wiping off the bathroom fixtures with a sanitizing solution once a day. In a pinch, pour a little alcohol on a folded length of toilet tissue and wipe off the chrome fixtures in the bathroom, including the toilet handle and the faucets and water knobs.. The sinks and counters can be wiped down as well. Then, flush the tissue. Some products make this task extremely easy and quick. For instance, try the disposable clothes that are treated with disinfectant. If there is time after these basics, focus on chores that will have the greatest psychological effect on you and your family, whether that is making the bed, keeping cold drinking water in the refrigerator, or making the house smell like chocolate chip cookies. Everything else will keep until a better day.
About the Author: Author Vincent Platania represents the Fuller Brush Company. Fuller Brush has been in business since 1906, and offers safe, environmentally friendly products for keeping your home and your body clean. Visit
fuller-brush-products.com
Source:
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Asbestos discovery triggers evacuation and closure of New Jersey middle school
Tuesday, May 20, 2008
The discovery of the presence of airborne asbestos in a middle school in Montclair, New Jersey Friday prompted the evacuation of over 200 students from the school and the school’s closure. Renaissance Middle School, part of the Montclair Public Schools in New Jersey, was closed Monday and remains closed Tuesday while undergoing asbestos testing and cleaning.
According to a letter sent home to parents by the Superintendent’s Office of Montclair Public Schools on Friday, “plaster may have been disturbed” during construction on new fire doors at the Renaissance School building on Thursday.
An inspection arranged by the school district indicated asbestos was present in the plaster, and a subsequent inspection performed by asbestos consultant Detail Associates revealed “a level of airborne asbestos fibers that exceeded the acceptable range” in the third floor hallway of the school. Montclair Public Schools business administrator Dana Sullivan told The Star-Ledger that testing conducted on March 31 revealed the presence of asbestos in a brown undercoating of plaster at the Renaissance School building.
| The safety of our students and staff is always our first concern. | ||
The affected area was sealed off, and some students were moved to other areas of the building while others were moved to off-site locations. District Public Information Officer Laura Federico told The Montclair Times that sixth and seventh graders were transported to Hillside Elementary School, and eighth graders were bussed to Montclair High School. “The safety of our students and staff is always our first concern,” said Federico.
According to The Montclair Times, Detail Associates conducted a cleaning protocol at the school on Saturday and tested the building to make sure it did not contain unacceptable levels of asbestos fibers. The letter sent to parents Friday by the Superintendent’s Office said that Detail Associates had told the district that the building would be “cleaned, tested and cleared for occupancy by Monday morning”. The school remained closed Monday, and a meeting was held between parents and school district officials. A Parent-Teacher Association meeting is planned for Wednesday night.
The Star-Ledger reported that the ongoing asbestos cleanup of the school is being supervised by the state Department of Environmental Protection. At the meeting Monday morning between parents and school district officials, parents demanded that the inside of lockers be included as part of the asbestos cleanup. This additional step in the asbestos inspection process prompted the school’s closure Tuesday. A Monday statement by the Business Office of Montclair Public Schools said that the Renaissance School would remain closed Tuesday for sixth and seventh grade students “so that an extensive cleanup and additional asbestos testing can be completed”. Eighth grade students did not have classes scheduled as a trip to Washington, D.C. had previously been planned; the school trip is unaffected by the recent asbestos incident.
| The kids will be able to go back to school soon, and that’s the important part. | ||
Steve Jaraczewski of Detail Associates was present at the district meeting Monday, and said that one of four test samples taken at the school was positive for the presence of airborne asbestos at over six times acceptable levels. Jaraczewski was critical of the asbestos management plan provided by Roman Catholic Archdiocese of Newark, which owns the school’s building and leases it to Montclair Public Schools.
Jaraczewski said that the state Department of Environmental Protection has required asbestos management plans since 1988, but that the company that drafted the asbestos plan for the Archdiocese of Newark is out of business. Representative for the archdiocese Jim Goodness emphasized that the building would be back open for classes soon. “The kids will be able to go back to school soon, and that’s the important part,” said Goodness.
Exposure to airborne asbestos can lead to mesothelioma, a cancer which develops in the sac surrounding the lungs and chest cavity, abdominal cavity, or the sac surrounding the heart. Exposure to disturbed asbestos fibers can also lead to lung scarring, a condition called asbestosis, and lung cancer. Patients with malignant mesothelioma generally do not have positive outcomes, and once diagnosed have six months to a year to live.
Leaked cables cause Australian concern
Friday, December 10, 2010
Leaked diplomatic cables between Australia and the US Secretary of State, Hillary Clinton, have raised controversy in the Australian community. The documents were released by the whistle-blowing website Wikileaks. The cables between the then prime minister of Australia, Kevin Rudd, and the US Secretary of State, Hillary Clinton, revealed that China may need to be forced to integrate into the international community. The secret documents also contained information of a conversation between Clinton and Rudd in Washington. In the interview, Rudd stated that China was “paranoid” about Taiwan and Tibet.
The sensitive documents may place a strain on diplomatic relations between Australia and China. Despite this, Kevin Rudd reassured the public that the “robust” relationship between Australia and China wouldn’t sustain any substantial damage to the relations between the two countries. At this stage, Prime Minister Julia Gillard has provided no further comment on the matter, other than to ensure that the relationship between China and Australia would allow opinions to be expressed without any threat to either side.
At the heart of the leaks is Australian founder, Julian Assange. Wikileaks have now released 821 of their promised 251,287 US diplomatic cables. The cables are being released on a stage-by-stage basis. Earlier this week, Assange was arrested on suspicion of rape in London under a Swedish arrest warrant placed on him from a court in Stockholm on November 18.
Wikinews 2020: An ‘Original reporting’ year in review
Friday, January 1, 2021
After an active year of original content published on the English-language Wikinews, we take a look back at some of the two dozen-plus original reports from our contributors during 2020.
New Drilling Technology Could Finally Make Cbm Very Economic
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Submitted by: James Finch
In a previous interview about coalbed methane (CBM), Sprott Asset Management CBM analyst Eric Nuttall told us he would remain, quite excited about the prospects for companies with coal bed methane assets so long as natural gas prices remain above $6 per Mcf (thousand cubic feet). The economics would be very skinny under $6. That s because CBM exploration and development can get pricey. What if there was a drilling firm regularly bringing gas out of the ground for under $1.50/mcf? There is and they ve proven it with more than 250 wells in Australia. They ve moved into India, where they drilled another 30 to 50 wells and another 70 wells to come. Mitchell has taken acreage in southern Kansas, where the company just finished its first CBM well. And the company formed a joint venture with Pacific Asia China Energy (TSX: PCE) to bring its Dymaxion technology to China later this year.
You don t get to be Australia s largest privately owned drilling company without timing your markets right. The Mitchell family s great timing ability began in 1969, when company founder Peter Mitchell bought his first drilling rig at a repossession sale for $11,500. Parts of Queensland, Australia were in the grips of a drought. Mitchell put his rig to good use as he began drilling water wells for farmers in the surrounding rural counties. Just as the drought had ended, Mitchell caught the boom in coal. His growing company began drilling in the oil shale and coal fields around Moranbah, then a remote part of Queensland. They then caught the drilling boom in mineral resources through the 1980s. By then, the company was drilling oil, gas, uranium and coal reserves throughout Australia. In the 1990s, Mitchell Drilling got the first whiff of Coalbed Methane (CBM) exploration entering Australia. That is when the major U.S. oil companies, such as Amoco, Conoco and others, came to the country searching for new CBM fields.
But, the major U.S. oil companies abandoned CBM in Australia because they soon discovered Australia s shallow coal fields were too expensive for their big oil rigs. The economics just didn t work, Nathan Mitchell told StockInterview. They needed high gas flow, but the fracing technique just didn t give them what they needed. Still they persisted and asked Mitchell Drilling to run his smaller water well rigs. That was the start of it, Mitchell recalled. We made CBM work with the water well rigs from an economics point of view, but they still weren t making enough gas. Still, the economics of the smaller rig made it work to a degree.
Enter the politicians. The Queensland government made a law that said five percent of all coal-fired power stations had to be run by gas, explained Mitchell. That spawned the industry and CBM really took off. Mitchell continued with the vertical rigs, but it was the economics of the smaller rig that made CBM work.
GETTING BLOOD OUT OF A STONE
It was during the CBM boom when Mitchell developed the better mousetrap. Coal miners didn t see the gas resource beneath their feet. They just saw them as coal fields, said Mitchell who knew there was nuisance gas there. There was never even a thought there was enough gas there to make it viable. With natural gas selling for $2/mcf in Australia, the economics didn t make sense. Australian coal seams are found at shallower levels where greater pressures have to be created to liberate gas from the extended horizontal seams. The Australian one-two punch of shallow coal seams and low gas prices drove Mitchell to become innovative.
[youtube]http://www.youtube.com/watch?v=1ANS4awOxrI[/youtube]
We d seen in the coal business the underground in-seam drilling of horizontal holes and degasification, Mitchell explained. But, there was usually a lot of water involved and no way to get the water out. Because of the company s decades of experience in drilling water wells, Mitchell combined the vertical well with the horizontal well. Mitchell described the process, The vertical well became the conduit for the coal mine, the gas and the water, and gave us a huge surface area. Suddenly, in areas where there wasn t a resource, we could produce something like a million or up to 2 million a day from these Dymaxion wells.
The technology was put to the test in central Queensland, Australia. An Australian newspaper reported in June 2004, In an industry where tradition plays a strong role, innovative drillers Mitchell Drilling have chalked up the 100th example of their revolutionary Dymaxion surface to in-seam (SIS) methane gas drainage hole for gas producer CH4 Limited at their Moranbah gas project. CH4 s website spoke highly of this gas project, The Moranbah Gas Project will utilise innovative drilling and gas extraction techniques, allowing increased potential gas yields while leaving the coal resource undamaged.
How does this impact the industry? We see this as revolutionary, Mitchell cheerily remarked. It has changed the face of CBM. It works in areas where people didn t think it would work. For example, the Dymaxion drilling works in high permeability with low gas. We can get such high gas from low gas content reservoirs, where people didn t previously think there were reservoirs.
It has worked in Australia, where every penny counts. Our price may cost around $1.25 or $1.10 (US$) per mcf so they are still making reasonable profits at around 50 percent. How will it play outside of Australia? Mitchell shot back, If you can imagine costs at $1.25 and you re selling it for $6/mcf, that s some pretty good bloody profits. Drilling at reasonable profits for $2 gas, Mitchell said, We are keen to take this technology around the world. Even if we were to double our costs, our clients would still be extremely happy.
USING BOTH VERTICAL AND HORIZONTAL WELLS
When discussing the Dymaxion technology with an oil and gas man, his puzzled response was, Did I hear you right? You are using both a vertical and horizontal wells to get the gas? There are the skeptics. Contractors from the larger oil and gas companies came over to have a look, Mitchell said. Some people thought we were sliding by or sort of skimming costs. He explained the procedure, We have to intercept (the vertical) because we actually line up every one of our lateral wells with a slotted liner, a perforated liner. It is stacked into the vertical well, by the arrangement we ve developed, so we know we ve intercepted it.
Mitchell said the key is the ability to flush and know that the finds are coming out. We can have a number of wells lined, going from one point to another, he explained, and we ve got continuity of connection and flow between one well which is 1000 to 2000 meters away and the vertical well. We can flush between both. He gave an example, We can have three horizontals going into one vertical and two of the horizontals can be closed. Number one can be opened and flushed; then number two can be open, flushed and closed. So you have this over the 10 to 20 year life of the well.
How does the SIS hole de-gas a greater area than a regular horizontal? When we put two wells into a chevron pattern, you start to get absorption between the V at the start of the well, Mitchell said, describing the Dymaxion process. Once you get the wells done, in a V with each other, you start to get better flows, a bit more gas and greater increasing gas in a slow decline.
Mitchell s website does admit the old technologies may be suitable for deeper drilling, In the case of very deep deposits, up to 3000 meters underground, a vertical well may be adequate to create sufficient water table pressure to liberate and bring to the surface large quantities of methane gas. Because of the greater surface area draining the underground gas in the coal seams, the same website is quick to point out, SIS drilling also provides valuable exploration data on seam rolls and faults, allowing greater certainty in mine planning and development.
The SIS process begins by using modified, multipurpose mineral drill rigs with specially designed bottom hole assemblies. In the SIS technique, a hole is drilled at 60 to 90 degrees from the surface. It is then steered through a medium radius bend to horizontally enter the target coal seam. The 96 millimeter hole is steered in the seam toward a previously drilled vertical production well. A homing device is lowered down the vertical well to the target seam, which helps the horizontal hole intersect the production well. The vertical well dewaters the seam. Once the hydrostatic head has sufficiently been lowered, gas flows to the surface.
MITCHELL S WORLDWIDE EXPANSION
Developing the Dymaxion technology in the late 1990s, the first test took place in Australia in the year 2000. Now, going on nearly seven years later, the company has drilled more than 250 wells in Australia, another 30 to 50 wells in India with another 70 more to drill, and has moved on to both Kansas and China. Mitchell talked about Kansas, We finished our first well, but we don t really want to be a contractor in the United States. We don t see a lot of benefit to handing over our technology, but we would be interested in doing some sort of equity deal or partnership with clients. He believes that in the right areas, what Mitchell has got is exceptionally good.
So where did Mitchell first make an equity deal? The two big powerhouses of the world for the future are going to be China and India, he noted. Both of them will have energy problems in the future. Mitchell s first equity deal came about with Pacific Asia China Energy. We just astounded them with what was happening in Australia, Mitchell laughed, to see this small compact rig drilling 2000 meter holes of a well and making it work at $2 gas. He explained that although rigs were cheaper in China, the logistics, the costs of roads and access for trucks and pumps, gear and equipment, costs start to go up. It like a U.S. aircraft carrier, Mitchell compared with a drilling operation, you have 40 planes on deck but it takes 70 people to run it. Even in China, costs can go up when running these logistics. The deal with Pacific Asia China Energy involves reduced drilling costs and a 50/50 arrangement for income produced through the use of the Dymaxion technology in China. The joint venture company has exclusive use to this technology in the world s largest coal producing country, China.
How does Mitchell see business growing in China? Exponentially, he quickly replied. In China, there is a push to degasify their mines. There are some several thousand large mines, many with over one hundred million tons in reserves, and a lot of mines are being shut down because of degasification problems. In an earlier interview with the Tunaye Sai, president of Pacific Asia China Energy, he reported that every single coal company at a recent symposium approached both Mitchell and himself about the Dymaxion technology for China. Was that true? Very much so, Mitchell confirmed. Mine safety is now at the forefront of China and international observation. They re looking forward to international help and technology to come to China and fix these problems. They re looking at it from they want to sell coal, but they also want to sell gas. It worked well in Queensland and will apply to in China. That s why we see such a growth for Mitchell.
About the Author: James Finch contributes to
StockInterview.com
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StockInterview’s new book, A Practical Investor’s Guide to Uranium Stocks, will be available free of charge to subscribers.
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