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by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction Thursday, closing at 678.97. Thomas Kovacs's halted capital pool shell, Madeira Minerals Ltd. (MDE), still intends to acquire working interests in two oil wells located 12 kilometres west of Lloydminster, Alta., from a subsidiary of Mooncor Oil & Gas Corp. (MOO: $0.005).

More than three years ago, in June, 2011, Madeira signed a letter of intent to acquire the interests in the two oil wells from Mooncor for six million shares. When it signed the letter of intent, a barrel of crude oil sold for around $95, twice as much as today's price. Madeira also agreed to pay for costs associated with workovers of the two wells. Since then, the shell has upgraded the letter of intent to a more secure purchase agreement. The cost remains the same but Madeira now must also reimburse the very lucky Mooncor for $169,176 spent on various expenses including environmental remediation work. The holdup for closing this overdue QT is a $1.2-million private placement of 20-cent shares that the shell must complete. Madeira points its finger at an unnamed "primary investor" that it blames for the delay, but apparently this investor has "confirmed its intention to proceed with the investment in Madeira," seemingly unphased by the much lower price of oil. The shell said exactly the same thing about its primary investor in July, 2013, and then went quiet for a year and a half.

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