I epitomise an investor that questions what is put forth, seeks...

I epitomise an investor that questions what is put forth, seeks to match it too available data and makes appropriate quality adjustments. I actually give the benefit of the doubt to AKK in that I do project forward linearly some of the metrics (which is not by any means conservative).

Unquestionably, the generalization that an improved EUR with a lower well D&C cost leads to better equity value (as IRR gone up) - but then so does a higher Netback from higher oil prices (not in control of AKK) and lower LOE (full control of that for Pathfinder - the company maker).

Do you know what an E&P recycle ratio metric is?


On the downspacing comment, ponder this thought...
"more is not necessarily better when it comes to the number of future drilling locations" ...

why? Because

"If the Company in can drain the same number of reserves from four drilling locations per section, rather than six to eight, the investor should be very happy simply because the former is much more capital efficient than the latter while simultaneously carrying lower risk"

It's all somewhat theoretical isn't it. Certainly hasn't been proven that the downspaced wells will be as productive in producing Reserves and it becomes a capital efficiency discussion.

It's all about the company making a return on capital invested which when they do that it eventually should flow to the SP.