florence drilling permits approved

... in the meantime the Florence operator (Pine Ridge Oil & Gas) received five drilling permits from the Colorado Oil and Gas Commision. In addition, they applied for a another new drilling permit.

More wells at Florence - Imho a good sign ...


Approved drilling permits

1. Redfish 41-3 HP, proposed TD 6,244 feet Pierre Fmt.
2. Flathaed 34-20 VP, proposed TD 3,500, Pierre
3. Adriatic 32-4 VP, proposed TD 3,130, Pierre
4. Cindy K 23-29 VP, proposed TD 3,666, Pierre
5. Hammerhead 41-3 VP, proposed TD 3,020, Pierre


Pending drilling permits

1. Pike 34-32 VP, proposed TD 3,500 feet, Pierre Fmt.
2. Lake 22-32 HP, proposed TD 5,277, Pierre
3. Brook 11-10 HN, proposed TD 5,011, Niobrara Fmt.
4. GUPPY 33-32 VP, proposed TD 3,400, Pierre (NEW WELL)

I think, we will hear something about the progress of the Florence program soon.

As I wrote earlier, the initial combined production of the first three succesfull wells at Florence is about 127 bbopd. COI has currently a 27.2% equity in CRR, so we currently have about 35 bblpd net to COI which are worth about US$50,000 per month or annualised about US$600,000.

More success with the program above should increase production and cash flow for Comet.