GREY:CUDBF - Post by User
Post by
PeakReturnson Apr 16, 2014 5:55am
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Post# 22456767
Cannot fund the horizontal.
Cannot fund the horizontal. This is starting to be a joke across the prairies.
Farmouts are not working. There is very little interest in the properties.
Was Chapmans a front for certain shareholders when they drilled al those dead holes on J5?
Did Chapmans have buddies with ++ shares before the results then dumped at 2.00 dollars?
Why did Petro One release Chapmans after the mess on J5?
Due to the low permeability of the zone, Petro One's consulting geologists, engineers and petrophysicist have suggested that horizontal drilling will be necessary to recover oil from the zone encountered in the hole. The SR-1 well has been cased and left standing, and the companies are assessing their options.
Read more athttps://www.stockhouse.com/news/press-releases/2014/02/24/petro-one-and-goldstrike-announce-drill-results-from-sr-1#mUaWHPTx99bF7j2P.99
The LOI also provides that the costs of completing the first two test wells will be borne 100% by Goldstrike to bring its ultimate investment in the projects closer inline with Petro One's investment to date. The cost of each of those wells is estimated to be approximately $420,000 (drilling) and $440,000 (completion). Since the test wells will only be completed if drill stem tests and open hole core logging indicate significant potential for economic success, the majority of the risk will be shared by the two companies at the drilling stage. Drilling costs include costs of casing and cementing or abandonment, as circumstances dictate.
Read more athttps://www.stockhouse.com/news/press-releases/2013/11/26/petro-one-and-goldstrike-announce-oil-gas-drilling-joint-venture#PCsoAkkFEpBh4KH3.99