The asset appears to be good, or they lied in the past. In the past they said they get WTI pricing for the oil and porosity is around 19% . now they have a formal reserve. It may be that in the past they stuffed up the drilling and frac? but they said the only reason they curtailed production was due to low prices. NOw there all this stuff about failed this and failed that. Its very hard to know what is really going on.
They also have on ground assets, which they said they bought, but now say they lease? theyve been very sketchy with their info. It makes you wonder whether theyre trying to play it down to sell to a mate and leave us with toilet paper.
WBE Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
