As a preamble, austin chalk is not game changer formation, and...

As a preamble, austin chalk is not game changer formation, and i'm holding out for Niobrara, Eagle ford and Cooper.

However, this investor presentation contains nothing really, except (in my mind) for the statement which i find a little worrying regarding Birch #3 that "800mscf of gas, completing well for oil."

Umm...really? We're spending money on a oil completion without a IP rate? Now this may turn out all fine and dandy (which of course, i hope it does), but personally i'd be looking for some solid flow rate informatyion to establish an economic return metric before i start trying to capitalise the well. Why throw out a random figure of "hoping for 600bopd" (or something) without actually having the info? Who made that number up? Without some results, hoping could just result in 599bbls water and 1bbl oil per day.

I'm a holder, and I continue to hold because i think these assets hold spectacular value potential, but jeez....fly by seat of pants much? Maybe that just what small cap oilers do.