The thing that irks me the most about these types of reports is...

The thing that irks me the most about these types of reports is that they state initial flows, but then annualise that as profit.

eg even assuming the approx 12MMcfe/d the drop off of these wells are around 80% by the end of the first year, yet the repost implies $23M p/a, and leaves it open ended so the avg punter may think they may get revenues of this amount for a number of years.

I don't hold AZZ so I don't know if its over / undervalued, but hold a similar play in ADI which is also fraccing now.