M D &A Look pretty good Im a little regret I sold 1/2, but still happy with the result. This is from the MD and A:
"OUTLOOK
Border has entered into the second phase of development of the Slave Point play on the 18,720 acre Loon Block. The
Corporation’s first phase was to drill short, lower risk horizontal wells in the highest structural part of the Loon Block utilizing vertical
well control and two-dimensional seismic. These wells were drilled and completed in the spring of 2012. This second phase
involves stepping out and drilling to the west and south of the initial short-leg wells where the Slave Point formation is thicker
utilizing long-leg wells (greater than 1000 meters) to further delineate the Loon Block. Drilling locations were selected utilizing
vertical well control and two-dimensional seismic. Border planned to drill two long-leg wells and then acquire three-dimensional
seismic data to identify the next prospective area of development. However, given the positive initial results presented by the first
long-leg well, management has decided to delay drilling of the next well until it has completed an extended production test from the
10-15 Well and reviewed the recently acquired 3D seismic data over the area in proximity to the 10-15 Well with a view to licensing
an offset well as soon as possible. Future drilling will balance continued step out drilling with development within the high porosity
rock in proximity to the 10-15 Well. Border will provide additional information regarding the 10-15 Well and offsetting drilling as it
becomes available.
Border is well funded to complete its ongoing capital program with a current positive working capital balance of approximately $16
million and an unutilized bank line of $3.5 million."