js report, page-3

Reported by one who was there. Quotes from JS.
There is a lot of gas there (500bcf??); New wells damaged due to drilling too quickly, (inappropriate) fraccing, chemical treatment was wrong approach, poor water management, fractures blocked by mud.
Can all be fixed, not rocket science, but each well has a unique combination of problems and has to be addressed individually. Current work is pressure testing and modelling to determine nature of the damage and where best to frac. Expect decisions on 11.17 (13-17??) completed by end of April and maybe another well or two.
Q. Are you confident?
A. Thats a big question. There is still pressure in the old wells. There is a solution to each problem (damage). If there is gas there (new wells) we will know it.
2-20 damage has not been addressed, a partial solution only, it is an inefficient well.
Plan is to have 6-8 wells online before next winter. Flow range of 1-4mcft/day/well. Budget is an average of $500k per well (plus) any other co expenses. Work is possible now (snow not an issue). Awaiting approval for two water disposal wells (will be an OP cost reduction). No plans for ASD or Helper as CC is the priority now. End of report.
IMHO only. All depends on getting the cash to do the work. Why would well heeled risk takers not put up more cash. Also this seems to be a damming comment on the work directed by JS. Reading between the lines it was a major clusterF. If COO has backing of board it is obvious that JC has not. Cannot understand why no action has been taken. Still a good chance IMO but will take 1-2 years to do what they promised 4 years ago.
Sentiment: hang in there.