RE: News Out
They didn't tell us much. Only drilled 3 wells ( Gross ) but were successful on all. I guess this reflects the high services costs.
Reserve increase was nice at 4.9 mm BOEs and this at least justifies the $2.65 to $3.00 NAV.
This leaves us in the dark as regards rumored discoveries at Earring, Utikamook and Cardinal lake.
I will stay in for the following reasons:
1. Still have very prospective lands
2. Still getting value thru the NAV
3. Interest has been showing up on the bid side over the last month.
4. I expect to see some strengthening in the gas price as we get into summer.