Sorry gang but of course in my last post I should have said well number 4. So here is well number 5. Located in Texas this prospect is of lower risk and has a multi pay opportunity. A previous drilled well, the **** unit #1 encountered 25 feet of Upper Frio play; however 3D seismic indicates that there is over a 1,000 foot section with up to 8 prospective sands that was missed with this earlier well. The proposed well will be a directional well that tests these additional sands. The most likely reserve estimates range from 2 to 10+ billion cubic feet of gas with a most likely estimate of approximately 7 billion feet of gas. So there you go folks that is what we are getting ready to drill in addition to all the others that are in various stages of development. I am amused to think that there are some folks who think we are just sitting back and not going to drill anymore until we need the money.
If you all think this is usefull to you I will continue with additional projects that I am going to invest in in the future. I have not mentioned any specific well names because I don't want Royale Energy getting a case of the jaws with me. However I feel all of what I posted today is indeed public information and getting it out to you improves my typing skills in case I lose everything and have to go back into the labor pool as a clerk typist. Please indeed let me know if you want this kind of data and always good investing to you and your families.
Usarccoman98 I sold all my Royl stock today, after holding many years.. as I think the stock has gotten way ahead of itself. My cost basis was 2.50 and sold out over $18.
I'm also a participant in several drilling programs but passed on this one you described. I think Royale Energy should keep their focus on the premium California natutal gas market. I recall that they previously were into oil drilling and abandonded that for CA gas, a wise decision. I'll be looking at their follow-on drilling program to the one you described.