re: Ann: Operations Report - Ridge Runner Gas...
Despite the claims there is no evidence on the Utah Oil and Gas Website to indicate that any well at Clear Creek has been able to sustain 0.5 mcf/day since the original wells drilled in the 50's were depleted. The property sold for a few million dollars in 2001 if my memory serves me correctly, and I dont think its worth much more now. All of this drilling is not really much of an asset. If anything it has almost proved with so many millions spent that the property is uneconomic.
The company is way short of their 5 mmcf/day target. I doubt they have even reached 2 mmcf/day yet.
Oklahoma??? Lots and lots of old wells that need to be plugged and abandoned. Who is paying for that... Very unattractive property to buy given the tired old wells and high maintenace and P&A costs. Oklahoma is a libility not an asset
MAE Price at posting:
1.5¢ Sentiment: Sell Disclosure: Not Held
