Company has recorded its mainden operating profit for six months to Dec 2007!!! - not bad for an E&P co after 18 months from a standing start.
Has repaid its debt and has $12.5m cash in the bank.
Has bought back 550,000 shares in the market so far, which have been cancelled.
Stated that NSA field "continues to perform in line with expectations" and that due to the nature of heavy oil water will increase over time. Additional wells (which are due to start drilling next month) will further increase oil production and cash flow.
Farm out has commenced for high impact San Joaquin Basin wells. Salinas anticipates that these will be fully-funded by its partners. First one is due to drill in May. Targeting 10-20m barrels of light oil.
Planning to drill two horizontal and two vertical wells on Paris Valley, targeting 25m barrels.
Planning for re-drill of McCool. Planning additional wells and has acquired adjacent lease acreage.
Yowlumne still testing, has been producing, but moderately. They are now planning to frac it.
Company is aggressively pursuing new projects in on-shore California.
Have appointed two more senior industry professionals in california starting this month.
This looks like a much larger company in the making. Onwards and upwards.....
SAE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
