zmans Before Para 1# GDN speculated on 3 tcf gas potential with a good chance of oil. Para 1# uncovered gas and an amount of oil but had many problems in the course of drilling.
Oil is the forgotten commodity in the drill exercise.
Para 1# is believed by the company to be potentially commercial. Gas flow, as with most tof the Paradox Basin is tight, but methods have been employed to maximis gas gather. Water was an issue. Para 1# is yet to be confirmed as a commercial producer. Oil credits will be intersting.
Para 2# is almost identicle to to Para 1#.
Para 3# can be expected to dicover more gas and hopefully good oil flow. Whether its a commercial proposition, like Para 1# and 2# is problematic.
I still think RDB's "as good as it gets" comment wasn't made as a spur of the moment loss of professionalsm. He was excited about something that has yet to be uncovered.
I don't think professionals burn credibility by making silly comments so on that basis Par 3# holds a great deal of hope. Independants had nothing to gain by declaring the GDN discoveries as some of the best in recent times in the US.
Given all this we live in hope with no guarantees. But reading stories like this give us hope even if it may be faulse hope.
The next 7 days will be of great interest to me re background gas announcements.
GDN Price at posting:
5.8¢ Sentiment: Buy Disclosure: Held
