Serious? You talk as if $72million is a huge amount of money?
Oil companies spend "BILLIONS" in exploration to try and prove up reserves.
How was the $72mill utillised?
# $11million debt payed off
# 4 wells x $8mill = $32mill
# Purchase of land Roosevelt,secured a long term partnership with FPIT & Quantum
# ECO PAD rig for 18mths
The big picture still looks rosy from where I'm standing;
Defender 288bopd : "There was evidence of an obstruction close to the heel of the well and a significant volume of frac sand was recovered from the well bore"
"The Abercrombie #1-10H (SSN 0.75% W.I.) well came on production May 1st with a 24-hour IP rate of 630 BOPD. The well has produced approximately 15,753 barrels of oil as of the end of the quarter and is currently producing at a rate of approximately 280 BOPD."
SSN Price at posting:
5.2¢ Sentiment: Buy Disclosure: Held
