Could be going up in sympathy with EGLTiny market cap there and good wells. The concern was they were going bankrupt and now with better prices it seems to be re-rating. The market cap still remains tiny at just 6.5 million.
"Mr. Wisniewski continued: "We are pleased to report that we have successfully fracked our north Texas horizontal well with 26 stages as planned using 2.21 million pounds of sand for an average of 85,000 pounds of sand per stage. Initial production rates are very encouraging. At the same point in time, and relative to our first horizontal well, initial oil rates from our new well are approximately 600 barrels of oil equivalent per day (492 barrels of oil per day), which is about 100 barrels of oil per day higher than our first horizontal well."
Recall PPR spent: "During the first nine months 2018, the Company drilled and tied-in three gross (3.0 net) wells in the Wayne (Wheatland) area and incurred capital expenditures of approximately $7.2 million in the area. Based on field estimates, the three wells drilled at Wayne in 2018 are in aggregate producing at approximately 190 boe/d (53% liquids)."
We seem to be at a different point in Canadian oil-gas markets than when Manitok went under. Particularly the strong AECO spot is encouraging. PPR reported:
"With over 90 per cent of Prairie Provident Resources' 2019 forecast revenue expected to be derived from oil production"
But they used $1.90 AECO and a WTI price that is higher than hedges on the majority of their production.
Current AECO spot is more than double that $1.90. Will it last? I bet the Michichi wells perform nicely at $55 WTI with $3.85 AECO.