GREY:LSTMF - Post by User
Comment by
ltrabson Jun 04, 2011 2:51pm
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Post# 18671912
Re: Oh Really:
Re: Oh Really:
Schussing,
I don’t believe you can determine reserves or reserves decline by counting listed drilling locations.
I don’t believe you can go by what management say at any given time.
Reserves include too many variables to be cast in stone.
Just because a well has been drilled doesn’t mean the reserves have gone anywhere.
The number of drilling locations they list is window dressing, no more than a plausible estimate . IMO
They have 430 net Bakken sections.
You say you are comparing PBN to CPG.
OK. compare the Bakken for instance.
CPG base their wells estimate on 4 wells per section for 1,570 locations.
They will increase this number to 2,255 locations by drilling 8 wells per section.
Since this is based on sections of land, it must include all wells drilled to date.
PBN have 430 sections, how many locations is that at 4 wells per section?
How many locations at 8 wells per section?
They claim an EUR of 95,000 boe per single, 190,000 for the bilaterals.
In the Cardium management say they will drill 4 wells per section in spite of the 650 locations they list.
Meaning they have over 1,000 locations in the Cardium ...
They claim an EUR of 240,000 boe per well in the Cardium.
They seem to have a hell of a lot of oil.