I learned a few thingts from debating with Truth. The state of North Dakota publishes monthly figures for the 29 wells listed in Earthstone's annual report, but some how Ray is a bit behind on.
These wells are producing about 300 BOE, and we have a 4.2er% interest in 29 of them. We don't yet know the cost or increased value to Earthstone in PV-10. It makes quite a bit of difference depending on Earthstone's rate of return.
They are booking about 603,000 EUR to each net well. So, the 300,000 you mention above is
only for the first 15 wells. The 29 wells comes out to 1.218 net wells using 4.2%. So,
the reserves that will eventually be booked are about 734,454 boe. Using my 3% net working interest, it will be more like 525,000 boe. I'm looking for booked reserves to get to about
2.3-2.4 million boe when the next 15 wells have been completed and tested on 60 day test.
I think I saw in the last 10K that Ryder Scott is doing their reserve calculations, and bookings.
They cannot book reserves on the last 15 wells until they actually have them online with at least a
60 day test. So, I am quite confident they are not yet in the 1.895 boe figure they published in the
The next 30 wells if they partipate would take the reserves to about 2.9 million range.