RE: Still BuyingGreat sleuthing there Jud! 76 wells is a ferocious drilling pace, more than 1 a week. This means they'll have to get several rigs drilling at once which means they'll have to raise some serious coin.
Even though CBM wells do not take very long to drill (because they are so shallow), they take a long time before they actually start to produce commercial quantities of gas, because they need to dewater first. So that means BPR would need to raise enough money to drill for 3 months straight without being able to rely on any internally generated cash flow.
But something tells me Curt may just be posturing here, and is not really planning to become an O&G company but instead to just sell out once they prove the concept. In order to maximize value in the sale you would still want to make it look like you're gonna drill like hell.