PlansSo now that Legacy is doing two test wells will Bowood drill any independent wells like they had planned? I guess probably not since it would defeat the purpose of the deal. Legacy is very technically strong with internal drilling division which is a plus. Trent Yanko's previous company Mission was one of the companies responsible for making the Saskatchewan Bakken viable so hopefully he can do the same here. Another plus is Legacy has a large drilling program so it will be much easier for them to get service companies to come in a timely fashion then itwould have been for Bowood. With this deal Bowood has about 20 million in cash. Any ideas what we will try and do with it? Get more land if possible in Alberta Bakken, expand in Greater Armada, drill some 100% wells in the Alberta Bakken once Legacy proves it up or start a new core area? Any thoughts? I'm not entirely sure but I think the oil target near Armada is the Sawtooth which according to Surge is very viable as the wells do not require fraccing which lowers costs and removes a major bottleneck.
Also if the test wells hit why would Legacy not just pony up and take over the whole company? Why continue with the farm in program and pay the lion share of the costs for half interest when they could pay more upfront but have 100% control?
NLR