Posted On: 08/17/2013 10:50:30 AM
Post# of 39368
Yep, I agree Dead Cat. And really I'd go even further and not explore any further on any of the Treaty leases. I'd simply do what is either infield drilling or inline drilling off of other wells and get to not only cashflow, but showing about 20% above that number before even considering any further exploratory wells. It just takes too much capital and the company needs to achieve cashflow positive status this year. It can be done. About four more wells like the Mitchell #3 and #4 and the third well under consideration and permitting. That could be accomplished within the remaining months this year. NOW, if SJ#3 were to come in this week or even the last week of August with positive results from continued completion efforts with a commercially viable well, then the whole picture changes. And right now, that's a 50/50 proposition. Better than Vegas odds. With the pps down, I just purchased another 500K shares. You can bet I'm Ready!
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