If this is your idea of a fiasco, then by all means bring on a lot more of these kind of fiascos and quickly.
This well added 600BOPD, and the $4 million project should add a little less than 400 barrels a day. That is 33% growth roughly in a month or so. With the new handling system taking care of third party issues and the gas lift situation resolved, there could be one heck of a production increase by the next report. This could easily be one of the most undervalued stocks around.
Anything that Zeke provides should be icing on the cake.
The company could be well over 5000 Barrels produced by the end of the fiscal year. An excellent improvement, and one that is long overdue (and would have been hit long ago had there not been several external factors preventing it).
Big thing is if they get their money back quickly and can drill more of these wells, then the fall off is free and clear and they can get their production moving upward. Kind of like North Dakota, get the payback within a year if possible, less is better and then whatever flows after that is free money.
Andrew C. Clifford, President, stated, “Our successful completion of Rocky is a significant milestone for Saratoga and is the first of what we believe are a number of high impact horizontal opportunities already identified in Breton Sound 32 and other fields. Previous horizontal completions within our leasehold footprint, including four in Breton Sound 32 field, one in Main Pass 25 field and one in Grand Bay field, have recovered 2.5 to 3 times more hydrocarbons than a vertical completion in the same reservoir and initial production rates were up to 3 times higher with higher rates sustained for a longer period before decline set in. Zeke targeted the same sand as Rocky and is presently awaiting completion and testing. Subject to completion and testing of Zeke, we expect to have both wells producing before the end of August.