Iron Brdg Res Inc. OEXFF

RE:RE:RE:Q-1 2018

[ditchdigger251]

From my understanding of the wording in the Q1 Report there was significant production interruption at the 2-23 Facility during the completion and expansion operations with stable production pegged somewhere around 1700 boed's from field estimates.

The Q1 report gives 3600 boed current production with a "number of wells still shut in".  I take that as meaning at least two wells have yet to be put back on.  And that would mean that the 8-21 & 02/8-21 wells are doing in excess of 1000 boed's each.

From experience I know bringing on a big well (let alone two at the same time!) backs more mature production out for a time from pressuring up the gathering system.  Also bringing a newly expanded facility up to maximum capacity requires a number of weeks to iron out all bugs that come with operating new equipment for the first time.  Another thing to consider is IBR is trying to get decent IP30 data on these new wells (after increasing the size of downhole tubulars) so it's possible that ALL the existing producers are shut-in or operating minimally to maximize facilty capacity to cleanup the new wells.  There's gonna be an ungodly amount of water handling going on to dispose of frac fluid so both wells could be choked back to avoid overwhelming things.  There's lots of things to balance out but each day now things will get easier.  And the numbers to me look quite healthy so far.

Current production for the Company (based on field estimates) is approximately 3,600 boe/d, with a number of wells still shut-in.
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