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  • bubbaoilman bubbaoilman Jul 31, 2007 6:09 PM Flag

    Good news / Bad news

    Good news
    Continued Success at ST 41 and ST 46 and discovery at EI 312

    Bad news
    Dry holes at Longhorn, Chimney Rock, WC 312 and a $40 million dry hole expense hit on 2nd qtr

    Sum all the news up: About a breakeven wash, which I'll admit is good news in the context that all there has been in the last year is bad news.

    In my opinion,

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    • You need to take off the rose-colored glasses, and give this management a hard look. I am getting scared of the level of ignorance I see.

      Based on the overall production, that they are unable to turn a profit is a disgrace, and almost warrants further steps against the egomaniac running the show, IMO.

    • Not quite a wash. The ST production is about 300K a day, 27 million a quarter. So, to lose 40 drilling swiss cheese is not a wash, unfortunately. IMO, they should hold back just a little from these super deep (and expensive) wells for now.
      I am bracing myself for tomorrow. They have to do a better job controling their costs. Too many high risk, high potential wells in the portfolio for my taste. They need to be in there, but it seems that they have been doing too much medium to high risk stuff lately. Hence, continued erosion of the share price.