Look What Chen is buying LOL: Chen Is going to have a super write up on this stock when the Crude Handling Agreement is in Wade's pocket IMO.
Wade then can reveal his pipeline size in an official NR. If wade announced a second rig coming on site to do horizontal wells and completions , it would leave the whole year to do the East and West targets. Those horizontal wells are only 3000, to 4000 ft deep and Wade said they are cheap and fast. UMU 10 WILL be done this year ..dual stringed if all goes well :) OK
Lets add up the barrels :
19,000 existing
4000 umu 10
15000 3 horiz
West 4000
East 4000
Total = 46,000 bod ..on slow decline , that can be replenished horizontaling other zones
What is Chen going to say .. well he will talk to wade and talk dividends again. They both know thats what the market wants and drives stock prices these days.
Why are people buying..cause Chen is going to spill the beans soon as the Shell handling agreement is possibly very close now ..besides the UMU 10 LOGS ..ME thinks umu10 comes in on the high side and raises reserves too. They also say that divestations and new marginal alignments are due end of this year LOL
MM