RE: RE: RE: 49 North's Allstar drills five wells aNice release gives you a warm fuzzy feeling. Couple points i like. 1. Initial results indicate the Sparky formation was hit in all five wells. Ashley Drobot P.Geo, President and CEO of Allstar states "The initial results of this program are extremely exciting in that we are proving the theory that the oil bearing sands of the Sparky formation are regional in nature within the project area, and we have yet to find the outside boundaries of these sands.
2. Along with this, four out of the five wells drilled encountered what appears to be a massive oil bearing lower Manville channel. Both the geophysical well logs, as well as the oil shows during drilling suggest that there is potential for oil production from this new lower zone. We will have a completions team at site early next week to start production testing from both zones."
Production rates which sounds may be big will push the stock, and the other holdings we be a bonus to new investors. Could be a huge oil pool, This is why they applied for planned 3d seismic weeks ago and 3d seismic is not cheap. Rule of thumb is value of $100,000 per following barrel ang tom gave a value of the company at 45 million and production before these wells of 450 bopd, so to me if we even get 250 bopd from these five wells that puts the value at 70 million. Massive was used so let's say they get 500 bopd that's 95 million. 100,000 per following barrel seems to high but it looks great.