OTCPK:ARNBF - Post by User
Comment by
professon Nov 28, 2011 1:11pm
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Post# 19271537
RE: Later
RE: LaterI get the feeling that the reason for the delay in releasing Q3 is because Arcan wanted to catch up on their well completions and include that in the 'Current Activity' section of the report.
I believe Arcan has fallen behind on well completions because in their recent reserves update on Nov. 7 they show that they have completed 36 HZ-MSF wells, or just one more than the 35 they reported back in their Q2 report on Aug. 29. So over that 9 week period they only frac'd 1 new well, with 8 more drilled & ready for frac'ing.
What that tells me is Arcan may have secured the acid with the purchase of that fluids company but they still have issues securing the equipment to actually perform the frac.
My hunch is that Arcan has been holding off releasing the Q3 report so that they can catch up with frac'ing the 8-9 drilled wells awaiting completion and tie-in so that that they can mention those results in the report.