EXPM:EGRGF - Post by User
Post by
Khersonon Dec 20, 2017 9:40pm
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Post# 27201352
N. Texas well decline rate...
N. Texas well decline rate...First of all, it is great to see the paid pumpers back. That in itself speaks volumes. Now for the numbers:
November 18th production test rate - 527 barrels per day
December 18th production test rate - 450 barrels per day
Decline rate at first glance is 14.6% over one month!
But wait, Wiggles stated in the November 28th NR that the actual oil production was 402 barrels per day and it was continually increasing. But now in the December 19th news release, the actual oil production is down to 350 barrels a day! What happened to Wiggles statement that the oil production was continually increasing?
Finally, lets not forget that Wiggles stated that the well would be shut-in for only 7 days! In reality it took over 10 days to complete the permanent production facilities, therefore, the decline rate of 14.6% is actually over a 20 day period!
The real decline rate that Wiggles is not reporting to the market is around 20% per month, when you factor in a full 30 days of production!
Houston, EGL shareholders have a problem!
Kherson