Post by
Notmyfirstrodeo on Oct 06, 2023 1:11pm
What’s happening and why
Lots of speculation and while it is amusing to read it is a waste of time to try to figure out what they or any oil company is doing or will do next. I've been in the Alberta and Saskatchewan oil patch in various capacities for years now and seen things change so often and so fast that I don't even question it anymore. If I'm asked why things changed I say it's most likely because the wind changed direction. It's as good an explanation as any. I've been told the job is over and the rig is done and half an hour later they decide to move the rig twenty feet and drill another hole. Why? The wind changed direction now go on with the job and forget about it. Whatever happens I have no input.
Comment by
SlyFox1 on Oct 06, 2023 2:41pm
Personally suspect it's a change from vertical to horizontal drilling plans. Believe initial license was for vertical. Could see them cancelling as many others in the area do horizontal due to better yield and longer life (though sure you know that).
Comment by
StratCap on Oct 06, 2023 3:34pm
The pivot to horizontals would be welcomed by all stakeholders including the land owners. GLTA.
Comment by
thorgb1 on Oct 06, 2023 3:58pm
I've heard that horizontal wells can produce 5 or 6X the output as vertical wells on the same location. This would be a huge win, as we would require far fewer wells to get up to 2 or 3K boe/d.
Comment by
copperplay on Oct 06, 2023 4:19pm
and 2 or 3 wells drilled in next month or so could get us 1000 - 1500 barrels per day and that alone would get this stock to $0.75 - $1.00 Hope it's true and news Tuesday pre market stock will explode