What Should be ObviousThe latest 5 well pad in Cheddar on a whole is not good.
Cheddar in that area had a lot of good wells drilled a number of years ago.
Going back to the same general area and getting poor results tells me a lot of the oil has already been removed from nearby wells that have run for years.
This should tell them the current well spacing is too tight and a giant waste of capital (the fact other producers like cnq and wcp in the area have at least double the spacing should have told them that a long time ago)
There is also some booming wells by wcp just east of their land (200 bpd oil average over a year).
They should drill properly spaced wells on their east cheddar land..They have enough land to do 50 x 2 mile wells with 4 wells per section instead of 8 (2 years of drilling inventory).
If they did that and averaged 100 bpd oil per well for a year they have transformed the company.
What am I missing?