Ann: Capitola Oil Project Operations Update, page-30

LOL - indeed you would be shitty. Might be even shittier having to writedown the investment by $1.55B. What seemed like a good idea at the time has turned out to be different. Book value now appears to $1,000/acre for Sumitomo. The JV covered the eastern part of Midland Basin. And now Sumitomo bailing on the northern part of the JV.

Where is PYM's acreage in the Midland Basin? Slide 7 of the investor preso 28-10-14 has a good map.

And as stated in the Qtrly, limiting the interest earned in the project to 45% WI (4,200 net acres) in shallow and 30% WI (2,800) in the deep (so Cline).

Interesting to note that PYM says "...Pryme acreage offset to Devon Energy's best producing Cline Shale wells in the region (Bishop 1H and Bishop 2H wells). Pretty subjective and non definitive.

I would encourage "drilling down" into that. Publicly available information such IP24 completion reports and monthly production reports are filed with TX RRC. If Bishop 1H is the best (and it is better than 2H) then draw your own conclusion. For the Bishop-1H well IP24 was 288 bo & 393 Gas, so IP24 of 354 boepd and 81% oil. That report filed 10/10/13.

Trust but verify was how Reagan put it.