Below is a rough sumary of Antarres wells since early this year. I think it is correct but may not be 100% right. 12 wells have been drilled to date, 6 wells have been fraced. Production has started on 3 wells with average of 135 bbl. This number should increase when stuart and lonestar finish cleaning up.
Newbrough # 1 drilled, fraced and water problems. Well remediation under way
Harrison # 3, flowing at 250 boepd
Stuart 12 #1 Fraced June 28, cleaning up with production currently in excess of 50 bbl
Lonestar # 1 currently producing in excess of 100 boepd and still cleaning up
Cottonwood # 1, fraced July 7
Smith # 1 fraced July 7
Cozart # 1
Esmond # 1
Smith # 2
Ray # 1
Cline # 46
Ray # 3
June's quarterly report showed them with 29 million cash and operating at a loss. Only an idiot would fail to see how cash is not getting tight. We all like a good pump now and then but lets get real. Subtract the lease costs, drilling costs, and share buy back costs plus operating costs and how much is left? I hope JC is not going to give himself another 1 million bonus anytime soon.
Well at 2 million per well and 15 wells being drilled not to mention the share buy backs and the new leases even a moron like you should be able to figure it out etkef. Rick Dennen was one of the few who posted the truth here. Go find win and give each other a kiss.
"They do need all the cash they have left for drilling"
Really? Please show me your numbers and analysis. I'm pretty sure you don't have one and don't have a clue. All the intelligent people have been chased away from this board by that clown rick dineen.
It looks like the share buy back is over at least for now. I hope so. They do need all the cash they have left for drilling. I thought at least a couple of these first five or so wells would be better than average producers but its not happening. I agree, they are going to need a lot more of wells with this kind of production to move this stock.
Concerned with why they never tells us percent of oil to gas these wells are producing. They are very marginal at best. We are going to need many many more wells producing to get this to $1.00 a share.
The next few months should tell the story. Lonestar appears to be improving, hopefully they can fix Newbrough and get some decent results out of Cottonwood. Stuart 12 #1 seems like a dud. It sure seems like it takes a long time for these. As pointed out by Win, the acreage seems well positioned, so hopefully can they figure out how to get the oil out of the ground before too long. I am betting they can.
Win, come back. Everyone has their own style and I appreciate your DD and perspective.