OTCPK:MAUXF - Post by User
Post by
zeus55on Jul 26, 2013 9:08am
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Post# 21632000
sgandza
sgandza"I am far from an expert on this stock, but I do know that existing flow rates from currently drilled wells are above 30,000 bbl/day"
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Listen to the AGM. Wade stated that they had 17-18,000 boe/d of present production capacity.
UMU-11 could push that to 22-23,000, and the horizontals would obviously add to that as well.
But UMU-11 and the horizontals are not drilled and completed yet.
If everything goes as planned, they could indeed get to 30,000 boe/d by the end of the year, but they do not have that production from existing wells.
And as drilling continues to be delayed, the potential production from the new wells gets delayed.
Obviously Mart will eventually get production going, but that oil will be produced under a higher tax regime. It is just too bad that we have lost so much production and cash flow under the present low tax environment. Just imagine if we had been producing 30,000 boed for the last 6 months of this year, and the cash flow that would have provided. Probably enough that we wouldn't have needed that $100 million loan. Now that would have been something to crow about.