fpl No Real Suprises Fremont about to finally soar, page-3

That's a good post. Tell the forum what you loved (I truly doubt that you loved it all....)

I doubt that you loved
1) Mar'19 saw the release of the HY report. Yes you would have loved that at least there as no further impairment recorded for previously invested capital into the Pierre wells.

However you couldn't possibly love that in the Mar'18 HY report the Pierre was being "talked up" in the days of Columbus, Marco Polo, Magellan and the aptly named Bird wells.

Which is recorded as


2) I doubt that you could have loved the 2019 Annual report which showed



Looks sort of the same doesn't it ... but should it? Is the Pierre ever going to pay off. Contingent on what exactly? Yes a central gas gathering facility and a pipeline and offtake agreement (can't be loving how long that has dragged on for).

3) Speaking of the 2019 annual report, surely you couldn't have loved that FPL recorded
NOTE 15: EXPLORATION AND EVALUATION EXPENDITURE
Additions in 2019 of $5,858,739
but AFAIK, weren't there only 2 wells drilled and mostly completed (AV well will obviously spill into Q1'20)
What was the budget (were shareholders ever told the well AFE) and pre-drill expectations (to match against to the results)

4) Highlighted in the AR is

This is clearly a shameless attempt to suggest the acreage is valued at a great deal more than what is being carried on the books for. The Mar'19 Investor presentations put it as follows


Surely not??? Well lets just look at the most "relevant" (?) .... the Nov'17 transaction by XOG in Adams and Arapahoe counties (at least they are in the southern most portion (i.e. closest to to but still fr from Florence)). $6,500/acre

Firstly was does XOG say?

and then



Still think Pathfinder is "lovable", comparable and rerateable to $6,500/acre???


Just some things to think over when making an O&G investment ...

Now if were are instead talking of about a purely speculative BET on a stock absent any research on the fundamentals of the company's assets and performance, then that's a different storyline altogether.