Called the DLL officeAs I mentioned earlier, I'm new to this Co. and established a position before Xmas.
So I decided to do some further DD and called their office and was passed on to Mr. Lees
A very nice man to talk to, from my impression.
Some or all of this many here perhaps already know, but just thought I would pass it along anyhow.
I asked him about the direction of the company going forward and he discussed their property 3025 acres that is 50-60 ft thick in places and that they want to spud a new horizontal rig utilizing their new technology.
I asked him about this tech. and he said it turns oil into water, that seemed like quite the statement to me, he also said it is working very well in Bakersfield California albiet a lighter gravity play, so I asked him what type of production they hoped to achieve and he said they hope to achieve somewhere between 100 & 200 BPD.
Hmmm, that sounded good to me, then I asked him how many wells could they spud on their property and he said in the range of 20.
That would make for some good numbers to me, if their aspiration's all work out.
I then asked him if the tech. is so compelling, are they considering any further acquisitions and he said they are looking
I asked if he would likely expect to go to market for financing and he said a resounding ohh ya!
I then asked with this tech. been so compelling, could there be any likelyhood of a stronger pocketed partner approaching them to JV and would this not be better for shareholders, he said yes and yes, so there is some discussions going on.
Finally I asked if we could expect news in the near future, and he said, likely pretty quick.
That's my notes from our brief discussion, hope some here find it helpfull.
I picked up a few more shares after I hung up the phone....hee! hee!
Cheers and GLTA