RE:RE:RE:RE:Red Cloud updateAgreed, it will take data from a few wells to update the reserves from "inferred" to "Measured and Indicated". Drilling of first well took 2 weeks (June 24 to July 7) so fairly quick for wells 2, 3, etc and we could see some of the new reserve data before end of Q3, not sure how long before the formal reserve update to M&I.
Bookworm28 wrote:
Judging from the pre-market open, the answer to your question appears to be a bit bearish, but, they're going to drill a 2nd well starting next week, with results in August. So we'll have to wait and see what those results are like before we get too excited either way. Probably a good idea to get a couple of data points before announcing any results.