RE: Two discoveriesI thought the press release was excellent as 4 out of 5 wells hit, and the wording suggests that the 5th well was the highest risk being that it tested a different trap type (not sure what this means) in a more remote part of the basin (I guess this was the wild cat well that if it hit, then they would extend the reach of the area). I particularly like the fact that they were able to drill 5 wells, under budget for only $4.5M. This implies to me that they will be able to punch multiple production wells relatively quickly. It sounds like the Espino 1-2 well is ready to be tested, hopefully good production testing here. And 2 more wells to be tested.
I particularly like this statement, "Bridge and Paramax plan to commence a multiwell development program in the third quarter of 2010, with the intent of achieving production as efficiently as possible." - as we know, they can drill multiple wells very quickly, thus hopefully reaching production quickly.
This play is like marriage, well worth keeping if you pick the right partner. Time will keep marching, private placement to close, then more money to drill and bring to production.