KM ranch 1 and 2 and Beeler 1H. There is no way CXPO would have drilled a 4th eagleford well after the sub-par results on those three wells. Luckily they didn'y have to. They stumbled onto the Buda and drilled ONE good well. Maybe the Beeler 3H (Buda 2) is pordicucing nicely as well. We should know soon. And the Beeler 4H (Buda 3) is drilling. It will be good if the start knocking ut a nice Buda well every three weeks and keep that going for a year. That brings growth and some time to work on other things (like resolving the Moly mine issue).
Put half into LTS and the other half into some GE and some ECA. Actually upped the income quite a bit. Wright has been very strong about continuing the LTS dividend but we'll see. ECA is a beaten down turnaround at this moment but has huge assets and new leadership. May or may not cut their 20 cent dividend. And hard not to like GE here - they will boost the dividend at least 3 cents in Dec. I have a lot of GE but I guess not enough since I had to add more.
May well be. As I said they have drilled one economic well with that money. In 21 months, as you say. (Buda 1). I am really hoping that Buda 2 is a nice well and that buda 3 is a nice one and on the right timeline (3-4 weeks and not 6 weeks plus). I would like a nice string of economic buda wells as much as anyone. I guarantee you that it would not have been a sweet deal (to sell the Zavanna and Statoil participations) if they hadn't stumbled on the Buda (or more accurately watched Dan Hughes find it).
The Bakken cash went for lots of things. A failed well with Cirque in California and three failed Eagleford wells with Crimson ate up a lot of it. (They may be the only company with three consecutive non-economic eagleford wells). They participated in 7 unsuccessful woodbine wells with another JV partner.
But thankfully Dan Mueller drilled some nice Buda wells right on their property line an they have drilled ONE economic Buda well. They have another buda well that had technical trouble, is likely finished by now, without known results. And they have spud a third Buda well.
So anyway it may all work out with a string of nice Buda wells, but to date they gave up a lot of Bakken participation for one buda well.
Apparent;y $11 Canadian, plus one share in a new company that will have no debt, $100 million in cash, and hold the Brazil acres where they hope to prove and develop a light oil resource play.
Considering the newco has about $1 per share in cash, and holds 120,000 prospective acres, maybe the sharew will trad slightly above $12. Or Mr. Market may value the Brazil newco at zero and trade with a slight discount to the cash offer. I don't do arbitrage so I will likely sell fairly quickly.
I think the buda 2 is completed. Must be if the Buda 3 was spud on 9-17. It will be interesting to get results on buda 2. It will be interesting to see how many days it takes to drill buda 3. Same rig, same formation, they should get pretty good at drilling cookie cutter wells one after another. Based on other operators, they should get it down to 3 weeks (no fracs remember). Hoping buda 2 was an anomaly with technical problems and long drilling time.
The pilot wasn't the drilling engineer - he became the real estate manager. They have or had a senior geologist Carl Steinfurth which is a good idea in looking at properties. They had a drilling engineer named Bill Duncan but maybe he was just around for the one failed well in SE Colorada I said Nebraska earlier but that was incorrect.
USEG does have a drilling engineer with an operations title. Just no opertating going on. They did pick up a few thousand acre prospect in Nebraska and drilled one well - a duster - and let the prospect go. Maybe we shouldn't hope they do a whole lot of that unless someone else is in charge.
Is Beeler #4 (the 3rd Beeler well) actually drilling. If that is spud then Beeler #3 (the second Beeler well) must be finished drilling. That well (Beeler #3) is eating up a lot of the time that we had counted on for CXPO to drill a series of BUDA wells before end of year.
That is a ocnspiracy theory. I kind of doubt anyone would deliberately mess with a well to slow up completion. The crew would have to be in on it. I certainly never heard of that.
Get real. The company was SOLD at price way below their former target. Any clue why the target was the reduced to a level consistent with the agreed upon the sale price? What was harsh was the sale price which was below what everyone expected. You don't have to be following very closely to understand the drop in target in May.
Now it is a bit of an arbitrage buy in that the actual share price is slightly below the agreed upon sale price. And if the vote doesn't go CXPO way there might be some renegotiation or maybe even another buyer. Or the company may remain independent and current shareholders may participate more fully in the Buda discovery.
Has progressed to point that THAI can only dream of.
a sidetrack is a sidetrack ; a new well is a new well (they would have to plug and abandon the old hole).
Sometimes yes, sometimes no (with respect to any production difficulties with a side track). Usually should be okay if the sidetrack is well placed in the formation.
I'll stop when the share price is over $5, because they will have to make some real changes for that to happen. I know that sounds like a high number but that was about what they got for the SPO shares where they raised the $24 million they parked in the apartments, of which they rescued $14.5 million (after realtor fees and other expenses related to the sale).
Problem is they just don't realize that is a pain only if you are running it like a family business. If you really do run it like a public company with fiduciary obligation to shareholders (the owners), then the decision making is much more clear . Then add in reporting that is timely, predictable, and transparent and you have engaged and supportive shareholders.