Yes, the cost of the wells suggest they are going to be deep plays and the fact that they a re-entering means that they will have what I think is called "sub surface control" ie. they will have access to all the logs etc of the company or companies that drilled the original well.
As to shallow targets, I was told recently that in the 50s and 60s they didn't start logging wells until they hit 4000 feet so in actual fact there are shallow gas plays waiting to be exploited. Add to that the fact that in those days and probably up till quite recently, gas wasn't worth anything in the US so wasn't specifically targeted.
PSA Price at posting:
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