512 Net Sections of New Resource Play Which analyst finds the report slightly negative?
Petrobakken tells us they have added 218 sections through Crown land sales on an entirely new play and we are supposed to take that as slightly negative?
These guys are notoriously quiet about this sort of thing. I think they are going to have more drilling locations in this acreage than they do in the Bakken and Cardium combined. Remember the Duvernay, Montney, Nordegg are stacked zones.
So the idiot at BMO can take this as slightly negative, just as he forecast that the convertible bonds would create massive dilution in Feb 2013 (oops, no dilution at all). I'll take this as what it is, a big valuation mover for shareholders.
inventory of over 294 net sections of land prospective for new oil resource plays in one or more of the Nordegg, Montney, Duvernay and Swan Hills zones. We plan to drill 6 wells in the fourth quarter targeting the Swan Hills or Montney zones. In addition, we have now accumulated 218 net sections of land through Crown sales in another new potential resource play area.