XNRG NCEP Thursday, 02/19/15 12:01:37 PM
Post# of 2009
Posted On: 02/19/2015 12:27:50 PM
XNRG
Quote:
NCEP Thursday, 02/19/15 12:01:37 PM
Re: Cassandra post# 37053
Post # of 37072
I’ve worked with Vencedor over the last four years. I think it’s unfair to diminish their reputation by making the statement “just one guy who uses a PO box as an address”. They are a registered, bonded oil and gas operator in Pennsylvania. I’ve been involved in two other successful projects with them in Pennsylvania. They also have successful operations in Texas. As far as poor performance of the #15. That’s a matter of opinion. If you compare it to the many wells drilled in the US that are either dry holes or produce so little that the cost of production exceeds revenue, the 15 looks quite successful. Vencedor and XNRG also learned a lot from the fracking of the first well to perhaps improve on the completion of the next 4. And with Roads, locations, pipelines, electrical and tanks already in place, it should be a no brainer to finish the project. But Vencedor can’t finish the project until pre-paid by XNRG. I don’t know the details of the application of the pre-payment of $900K to the Rice project, but typically, wells are paid for first before drilling begins in order to be "at-risk". I believe XNRG made best efforts to make this happen, but apparent problems with funding and affects of low oil prices has delayed that. A common problem throughout the industry today. And hopefully short lived as prices continue to rise.
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