Posted On: 08/13/2013 11:21:46 PM
Post# of 39368

Is it true that the 80 BPD on the Mitchells went to 50 BPD? If so then the newsletter said Mitchell no. 3 & 4 production decreased "slightly". I wouldn't count what I thought to be a total of 80 BPD decreasing to 50 BPD to be "slightly". That's 38% less production on a well that doesn't pay much to begin with based on the split. Especially when it was implied in the Febuary CC that Mitchell no. 3&4 would produce 80-100 BPD and that would take TECO to CFP. Can anyone clarify what shareholders were expecting during the February CC versus today's reality and why what was said by company management was said?
Mitchell #3 & #4
Contrary to speculation and rumors, the Mitchell #3 and #4 are still producing daily. The Company has received numerous amounts of emails regarding the Mitchell lease’s production and why they have not had ‘daily updates’ on the lease from individuals who have been acting as voluntary representatives in the field. Shareholders should rest assured that the Mitchell lease is still active and producing.
Mitchell #3 & #4
Contrary to speculation and rumors, the Mitchell #3 and #4 are still producing daily. The Company has received numerous amounts of emails regarding the Mitchell lease’s production and why they have not had ‘daily updates’ on the lease from individuals who have been acting as voluntary representatives in the field. Shareholders should rest assured that the Mitchell lease is still active and producing.
The Company however, does acknowledge that production on the Mitchell lease has decreased slightly. This decrease is not unexpected and was calculated into the Company’s reserve and production calculations. All new wells operate on a declining production function and the Company anticipates that overtime newly drilled and perforated wells will decrease in production.

