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Primary Petroleum Corporation Message Board

  • g8trgr8t g8trgr8t Feb 26, 2013 8:25 PM Flag

    Sickening

    Trying to keep up the faith but these types of days with serious drops on low volume and absolutley no news from headquarters can test a man's metal.

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    • I was asking an Oil man I met online, if perhaps, Oxy wasn't trying to leverage PIE into a better deal, what with announcing early about pulling out (they have until March 4th). He said flat out no. He is working on putting together a play where they figure on the wells costing 2-3 million and bod rates between 400 & 600. In other words, Oxy will have plenty of better opportunities to chose from. This also makes it sound like getting another JV might be a challenge. That would leave PIE with the option of becoming a production company. Anyone out there know about Anschutz drilling away just to the north and west of PIE? They seem to be making it work. If that newspaper article was right, and we have a 150 and a 200 bod well, then why not drill in those areas and get some cash flow coming in and go from there. At just $70 a barrel a 200 bod well should produce $5,110,00 a year. And the 150 bod well had only 1/2 the frack sections, so who knows what it would produce had it been fracked like the Spring Hill well - probably at least as much. The dry hole proves what others are saying that the oil is in the upper zone - not the lower one like in North Dakota. But like I said before - I'm waiting on 5 cents. Looks like it's headed that way. Which ever way this goes, I doubt anymore drilling is going to be going on for some time.

 
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