Lone Pine Y/E: PRY Water-flood implications Lone Pine had a conference call this morning to discuss Y/E results and guidance. In the call, available on their web site 38 minute mark, David Fitzpatrick, acting CEO who recently left Pinecrest Board to accept the LPR position, discusses the water-flood status and implications for 2P reserves, basically doubling the reserve expectations.
Also discussed Slave Point EVI drilling strategy, wherein players are converging on one tactic...longer horizontals than LPR was drilling, and shorter than PRY was drilling, hense the new tactis for PRY this year.
LPR is involved in strategic asset sales because they got too leveraged. Their slave point EVI lands are potentially for sale and would make a great fit with PRY's assets. Don't know if PRY can muster the capital, but even if they don't and the assets sell, they could boost PRY because their expected sale price is considerably higher than PRY current evaluation.
Terr