Pennant Energy Inc PENFF

DEI focus on Bigstone

[wintersun10]

with today's deal with Cequence DEI puts the focus on Bigstone,

i take it as a positive sign for the Bigstone project...

[Focusakker]

I'm a little confused (nothing new).  I read the Cequence Energy news release and it implies that they control 100% of their Bigstone Montney parcels even the newly acquired one: The acquisition will increase Cequence's holdings at Simonette/Resthaven to 96 gross (89 net) Montney sections.  The Donnybrook Assets increase Cequence's working interest to 100% in several sections

[wintersun10]

Donnybrook Announces Agreement to Sell Simonette and Resthaven Assets   Donnybrook Announces Agreement to Sell Simonette and Resthaven Assets CALGARY, ALBERTA--(Marketwire - Feb. 25, 2013) - Donnybrook Energy Inc. ("Donnybrook" or the "Company") (TSX VENTURE:DEI) reports that it has entered into an asset exchange agreement (the "Asset Exchange Agreement

[wintersun10]

sure makes it easier to merge PEN with DEI and with the same management at BBI and PEN, a three way merger seems a possibility to me.....

[pennymaker69]

Or it means they will be focusing on the new Fir lands since BBI and PEN dont' have the cash to drill....

[wintersun10]

"Or it means they will be focusing on the new Fir lands since BBI and PEN dont' have the cash to drill...." you are just making that up......three wells producing on Bigstone alone.......in a few days we will find out exactly how much..........

[pennymaker69]

I am not making up anything. They now have 100% of Fir. They don't need to wait it out for pen or bbi to get moving again. I costs 8 mil to do a hz well. 4 too drill and 4 too frack it. Those 3 wells while make money pay for the salary's of the ceo's. What's left is not going to be the cash to drill something. Maybe next year...

[wintersun10]

yes, OK, PEN's contribution will be about 2 mln for the next well; there is no hurry to drill the next well as prices for Nat Gas and NGL's still need to recover more........and they need to merge to cut out any redundant overhead............

[Focusakker]

i thought that PEN's share of the second well was a little under a $1 million And the third well a liitle under $500,000?   Thanks, Paul 

[wintersun10]

no, 1 mln for the drilling and 1 mln for the fracking for well 2 for a 25% ownership and the third well is only a 12.5% ownership so it would cost less of course

[wintersun10]

apparently the cost of drilling is falling, or more accurately the production per same $ spent apparently goes up over time, so that is the silver lining if you have to wait to drill...   https://www.stockhouse.com/columnists/2013/feb/28/oil-production-estimates-hing-on-efficiency

[wintersun10]

Delphi really like their Bigstone wells, always good to hear: https://www.stockhouse.com/companies/stories/t.dee/8751575