Ann: Operations Update - Project Icewine, page-221

Take chesapeake energy as a example in the early 2000s they were one of the first companys to move into the shale business.
At that time there valuation was under 1 billion dollars as they proved up the fields they were drilling and the new processes for drilling them there share price skyrocketed and reached over 70 billion at one point now there is differences between us and them they bought explored and produced we are just buying and exploring but we have a larger area and a completely new field but similarly we are doing something that has never been done before the same as they did at the time.
At the same time that they bought we were coming off the largest crash the oil market had ever seen oil dropped to $10 in 1999 and everyone said it will be lower for longer then to.