Thing is Fenbury, correct me if Im wrong here, but those...

Thing is Fenbury, correct me if Im wrong here, but those eventual acreage valuations are spot on for the likes of the Petrohawk acreage and Aurora (the company) all up. Yes it was very well timed by those companies as the oil price was over $100bbl, and all the rage was unconventional oil plays in the Lower 48 states. And it hasn't stopped yet in the lower 48, as some thought it would with oil at $60bbl. Some of these wells have initially averaged around 4000bbls/day.

And here is where Paul Basinski's sweet spot comes in. He is hoping that Icewine contains the high output wells (of the Eagle Ford) that are characterized by super critical phase liquid kerogens. If Icewine does show such well potential within this unconventional play then we may be talking wells within this acreage that produce upwards of 4000bbls/day. I cant say where this might take 88E's valuation but when you see the likes of Repsol putting in $760M into the JV'd Armstrong acreage then it shows the strength of such farm-in deals in this region.

With these valuations we are talking well down the track where Icewine would have many more holes drilled and 3D seismic completed as long as the initial drilling shows decent potential. This also doesn't take into account possible conventional potential that might fund initial project costs.

However, roll on a decent farm-in deal and confirmational drill results before years end.

They r going to be busy the next 6 months or so to get all this done prior to the eoy 2015 dead line for the 85% rebate.

d.