I made a spread sheet using data mined from the NDIC data base, calculating the average total production per day for 10 GMXR non-confidential status wells. THAT NUMBER IS 1,047 BBLS/day. There are still 10 wells that are confidential, those that have been permitted and possibly drilled. The spreadsheet below is difficult to read due to the way it pastes into this message board......but Cumulative oil to-date is divided by the months well has been producing, and then divided by 30 days, giving Oil/day on each well. At the bottom Oil/day is totaled to 1,047 and multiplied by $87 (March sweet crude) which amounts to 33M dollars per year. The actual dollars earned are about half (16M dollars per year) assuming a 50% margin, that I have explained in other posts. It is reasonable to assume that the 10 confidential wells, when reported will more than double the aforementioned 1,047 BBLS / day. Enjoy the data, hamradio73s
Heres a link to the spread sheet that we were using before chapter 11 filing
Msg 397 of 477 at 12/4/2012 10:33:15 PM by
Go to invester village gmxr board
As you will see as good as the land is there wells are not producing as well as they should better for all if whiting or someone else takes over in the long run, not bashing proof is in the well logs side by side well to well.
This is still the best shale play in the us just not the bestco to buy common unless you can afford to loss all you put out.
Have fun gas is still there best asset if they come out with common.
NO ! NO! It is cumulative from the very first drop of oil produced from each well. Take the WOCK (first well in spreadsheet) it has produced a total of 43,477 bbls in 18 months. Doing the math... 43,477 divided by 18, divided by 30 days, = 80.52 barrel per day (average) from this single well.
Then those daily average numbers are totaled, multiplied by $87 (actual march price), and then multiplied by 365 days giving 33M gross with an estimated 16M net after expenses. Then assuming the 10 confidential wells do equally well, about 32M is what they will take home.
Now consider this, 32M divided by 8M per well seems to indicate that 4 wells drilled per year is their break even point, with nothing left to service debt (problematic), yet they are drilling about 10 per year, a 66% rate over break even. Therein lies the problem, a (premeditated) prearranged BK drilling themselves literally into the ground. Go figure ?