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Denbury Resources Inc. Message Board

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  • harehau harehau Feb 18, 2011 1:20 PM Flag

    Rig Counts

    All, this Canadian micro, Petrolia, could be a good speculation if this play is viable. Only 50 million shares out, selling for around $1.15, hit $2 yesterday, was 50 cents before this announcement. As they say, they have 17% of Quebec leased lands. Also good for Corridor. Supposedly the Utica is the next big deal in the the northeast, Range and Chesapeake. Harold

    Petrolia and Corridor Announce Encouraging Anticosti Macasty Core
    9:30 am ET 02/09/2011 - Market Wire

    RIMOUSKI, QUEBEC -- (MARKET WIRE) -- 02/09/11 -- Petrolia Inc. (TSX VENTURE: PEA) and Corridor Resources Inc. (CDH - TSX) are pleased to announce the results of Macasty shale core and petrophysical analyses from the Petrolia/Corridor Chaloupe #1 well on Anticosti Island. Petrolia and Corridor hold licenses covering more than 1.5 million acres on Anticosti Island that is underlain by the Macasty shale. The Macasty shale is the lateral equivalent of the Utica shale that occurs through the Quebec and into New York.

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    • Harold,

      More than most people would ever want to know about the Utica Shale:

      There was a gentleman on CNBC a day or so ago who was so bearish on the future of US natural gas that I almost dare not repeat what he said on an energy board. Cynic that I am, however, I will. He compared dir. & hor. drilling combined with fractural stimulation to the most destructive technologies emerging in high tech. Basically, because of this, he says that the US natural gas markets will remain oversupplied for a very long time with the effect that producers will soon be faced with what they saw in '98 which was having to produce at numbers below their true operating costs. Specifically he said with regard to price that it was headed to $2.something.

      Also, as a correlary, he said that in this new world, all non-producing reserves and especially acreage would have next to no value or no value, respectively. Only the lowest cost producing reserves, from his point of view, would have any value at all.

      I would only disagree with him as to degree. It seems to me that natural gas is headed to $3 or lower this summer and that we have entered a new world in which only certain low cost reserves will have real value.



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