Whitecap ModelMy guess is PNE is going to pivot towards the "whitecap model" on the certus assets.
What Whitecap does is they buy into a high quality oil and gas play...they then use CF from legacy mature assets to fund a 3-5 well drilling program in this new play with the expectation well results are so good revenue wise, that a drilling program can be sustained on CF from the flush production of the 3-5 wells. Play becomes self funding.
This is why Whitecap has become so sucessful.
Whitecap got those glaucy locations in garrington from i think buying timerrock. Whitecap is hiting such good wells that play is for sure self funding and Whitecap doesnt have to sink any new capital in.
But it is hard to do as you need the wells to be really good.