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Chesapeake Granite Wash Trust Message Board

  • rogere1946 rogere1946 Feb 27, 2014 2:30 PM Flag

    Drilling schedule of Trust

    Below from page 48 of prospects is the min drilling schedule.

    Reference Period End Date
    Minimum Well

    December 31, 2011

    June 30, 2012

    December 31, 2012

    June 30, 2013

    December 31, 2013

    June 30, 2014

    December 31, 2014

    June 30, 2015

    December 31, 2015

    June 30, 2016

    We know that the drilling was ahead of schedule for a while so I do not have any numbers on actual wells at this time but it was proposed to keep to the one above as a min. amount.

    If they had 322 would of been drilled by the end of 2013 with 523 more to be drilled. 845 in total.

    The subordinate units would not longer be an issue one year after drilling was completed.

    It appears that CHKR has more wells to drill than have been drilled.

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    • Their stated intent was to finish drilling by 6/30/15.
      As of 10/31/13 they had completed 80 out of the 118 development wells to be drilled, or 68%.
      In the three month period ending 8/31/13 they completed 6 wells while running two rigs.
      Assuming things remain somewhat constant that would put them in a position to finish by their original target of 6/30/15.

      Why you added up the cumulative well totals from the cumulative minimum well requirement table is beyond me. How you concluded that by adding the numbers from said table for periods ending after 12/13 you would find the number of wells left to be drilled is equally perplexing. Given that the total number of wells to be drilled is only 118 you might think that concluding that 523 more needed to be drilled is an idea that needs to be thought through more carefully.

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