OTCPK:PDPYF - Post by User
Comment by
poiseon Aug 05, 2014 4:12pm
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Post# 22811219
RE:RE:RE:poise
RE:RE:RE:poise
Petrobakken(lightstream) still struggling to make it in SE Sask. Not all Management can fully understand this area. They drilled numerous poor wells and had to shut down all operations and regroup. Sold a large Bakken parcel to CPG to pay down debt.
Its common for companies with poor management(lack of SE Sask understanding) to release all rigs either to sell or wait for the next Geologist to come up with better targetting.
Its just the way it is in this part of the country.
PPY was in a very envious position with their Torquay position. Production was estimated to be at 4000 BOPD in 12 months.