Been looking into typical recoveries in the Cline. Subitomo and Devon have been consistently getting 200-400bopd, apparently with about a 75% success rate or better from what i can gather. This is only based on articles i've been reading, but they all seem to concur that the shale is good and there's likely to be over 3 billion barrels of oil down there.
Subitomo paid $1.4b for a 30% slice of Devon's 650,000 acres. That pretty much values Capitola's real estate at over $60m, presuming successes at Bishop 2H and W Ranch 1H.
Texas is on the up, there's likely to be alot of interest in this space soon.
The vertical well program is a clever way of biding time while they wait for the majors to draw more attention.
PYM Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
