"As to future horizontal drilling, the Company has received an offer from a third party to participate in the proof of concept horizontal Olmos well on the 199-acre Quintanilla lease. The proof of concept well is planned for the 1 st quarter 2014, pending the sell down. The Company will have approximately 16.67% WI in the initial well and will retain approximately 66% WI in the remaining 3,490 net acres for further monetization. The potential 15 well horizontal program on 120 acre spacing would replace a 29 well vertical development scheme based on 40 acre spacing."
Looks like the deal that was pending here has changed slightly to the one that terrace has announced.
TPD Price at posting:
4.0¢ Sentiment: Buy Disclosure: Held