Beanpea BPt have been aiming to produce from a combination of vertical and horizontal due to the improved economics - to state that all shale wells are horizontal misses the point of what beach are trying to do and what analysts are looking for which is a mix of vertical and horizontal. Specifically the fraccing of patchawarra due to thickness was seen as an area that could be fracced vertically to produce a commercial rate. I know this direct from the company. They are looking for production rates that can justify a good return on inv. if vertical , you can get away with perhaps a 2-3 mcf less than horizontal. I love BPT and still think its a good buy and still believe the shale story may succeed but I do think BPT wouldn't be pleased with these results, specifically the large decline rates. Make no mistake the comment about improving techniques is a great indicator that they are fully aware the results are below what they and the market would have wanted . I am not downramping BPT and think its a buy but I do think this result is a short term set back
BPT Price at posting:
$1.46 Sentiment: LT Buy Disclosure: Not Held
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