RE: drilling in new brunswick any time now Not sure what to say about PTW as yet don,t know enough about it, not sure I want to, will have to read up now that it is in the open. It seems mired in controversy from the very start like its predecessor. Press releases said PTW was going to drill five wells a couple of years ago on P.E.I.,(Never Happened)Then it was going to drill three I think next,(Never Happened), did do a lot of seismic work and that would be positive I guess,(Happened).
Talk of Majors coming in but I do not believe that for one minute, Corridor managed a major, EOG, but they pulled up stakes after 15-20 million spent and left after three wells. All three are were postive production wells if you can believe that, and they still ran away. Plus Corridor had struck gas before EOG even came to New Brunswick.
Like most of the small companies that come to the maritmes they are all under capitalized, small money, big dreams. CQV a good example, good enough property, drill a well, run into trouble, cost go to the moon in this frontier, stock crashes cannot raise money, finnished.
Just read the PR for PTW and see they are looking for a rig. Good luck, I really do wish them well, but a rig for down east they tell me will cost three times per well what it would cost in Alberta this season and heaven forbid if you have problem like CQV. Rig owners do not like to come down east for small firms as they do not need the hassle, do not need the risk, lots of work at home.
Two rigs operating onshore in the maritimes right now, Husky EOG in Nova Scotia near Truro NS and Corridor at McCully. One is a single and the other a double. The last one on P.E.I. Rally RAL was a double and down east Bear River a triple. Rally drilled on PEI and then sold out and left town.
Do the numbers, Corridor wells running 3.5M average per as stated in their reports. 30 days average to drill a well 3,500,000m divided by a 31 day month = 112,903.22 per day costs. They rasied 30 million this year and have an income 300,000 per month plus from production.
Husky is now in Truro drilling three wells and it was to take 10 days on the first, it moved the rig yesterday after 66 days on site with all kinds of problems. The Husky single well was to be 10 days and a million budget,it stayed 66 days so did that cost 6.6 million to drill? If PTW had that project they would be insolvent with one well at 1000 meters. Eastern PEI is deep, real deep, more than McCully and 4 times deeper than Truro Husky wells.
So back to PTW they need at least a double, more likley a triple, so they do not really have enough money to mob and drill even one well as per the press release without more money or a partner. Lets use Corridors known cost figures for PEI and PTW.
Deeper wells for PEI at least 25% deeper so say 40 drill days. 40 days X 112,903.22 per day = 5,080644.49 plus mob costs to PEI. Thats using a double rig cost estimate. A triple rig with mob from Alberta for one well plus drilling could be 7-8 million in a blink to 4000 meters.
If PTW strike on one well its a 10.00 plus stock, if not, its another CQV.10 cent stock and finnished. They had a big gap down on IPO day so it dumped even before being pumped.
I just read your new postings and you say you own this PTW stock. Why? Let me know on the inbox if you wish as I would have a few questions as to why you would like this one?
I see it came out in a hot oil and gas market. The hottest ever. At 1.50, ten minutes after trading it is .65 cents on small volume. Seems well on its way to .10 cents and they have not even booked rig.
Someone knows something and its not good.
With all that said, what do you think of PTW? Would like to see something happen on old PEI, I really would, its a good propety but I feel that no one will go near that stock with a ten foot pole, to much baggage. On the positive side it will be watched very closely and expected to fail very quickly.
Corridor striking on 3D targets in the maritimes! I like Corridor and I like to position they are in a present.
Husky EOG into something in Nova Scotia near Truro with 3D targets in the maritimes! Husky has moved to tight hole status shortly after they started drilling, something is afoot!
PTW has 3D targets in the maritimes?????