WFWhy do you still hold RFE? If I was as negative as you I would...

WF
Why do you still hold RFE? If I was as negative as you I would have sold.

Also your assumptions are wrong
1) Conorado initially had a lot more wells tied-in when RFE bought the asset. RFE shut those down to improve efficiencies. Basically a lot of the old wells weren't drilled correctly as they didn't know what they were doing

2) for most of the last quarter we had only 15 wells at Conorado doing 80% of the production. (remember 60 day lag) Your numbers have assumed 55 wells in production for the whole period.

3) Around April RFE had tied in 49 wells. and noted this wouldn't be reflected until Sept Quarter.

4) Look at the last preso which states that IP for wells is around 30Mcf a day. rising to 150 over 9 months. Note also this comment. "Normalized production curve for East OK South based on actual production data from ~200 wells
over two years of sustained production."
i.e. They know what they are talking about and have been testing for 2 years.

If you believe all this to be a lie. and make all these facetious comments. then gosh you should sell.

By 3rd Qtr FY 11 RFE will be cashflow positive.

Don't get me wrong, if RFE aren't cashflow positive and havent upgraded resources substantially by then I will be negative too..

I wanted to make this clarification, because your posts are very professional and also persuasive, but holders need to know that this time your numbers aren't correct.

However, if you are still holding in 2011 I think you will be grinning like a Cheshire cat