to be blunt

This company has just double 1P reserves, 2P reserves and what was not expected a significant increase to 3P reserves.

At $0.12 per share this had a market cap of just ~$50 odd million we didn't have half the wells in the ground that we do now and we had half the reserves we now have.

They have not changed the way they report their reserves, same as before. Valuations out there range from $0.21 ($0.21 being a trading valuation) to $0.32 as far as I know, and this was before the upgrade today.

This company now has 20 wells in the ground, 14 of those producing, delivering 6 wells per quarter, just doubled its reserves (1P to 7.5mboe), is increasing their production on a quarterly basis, has some of the best well economics out there and this is all for the absolute vast majority based on their 5,000 acres in OK snake river project. Pretty much nothing attributed for Kansas only 18,000 net acres up there (no biggie).

So here is the next one for me: they are currently running on 20 acre spacing, but lets just use a pessimists view and use 40 acre spacing on the 5,000 acres, that is 125 well locations which at current EUR of 85,000boe per well equates to 10.625m boe. Remember though as i said they are running on 20 acre spacing.

Also before I finish I will reiterate once again, they are delivering 6 wells per quarter atm.

All for a market cap of $70m.

All my opinion only and DYOR