notable well & activity update, page-4

Fantstic results, especially so early on with only 25% of frac fluid having been recovered from Breeden. It's expected that as more frac fluid is recovered, production rates should increase.

It's hard to compare this to SSN's defender well as it's mechanical problems have been an absolute mess so far, however on January 3, SSN stated that it had recovered 47% of frac fluid, and on March 5 after some delays, SSN quoted "The last recorded rate (for Defender) was 288 bopd and we expect that the oil rate will continue to increased as we continue to remove the frac fluids and reduce the annular fluid column."

So clearly at 25% frac fluid recovery, Breeden should have alot of potential left.

Whynot provided us with information from COGIS showing that Krier's 30 day average in January, was 296 BOPD, or 358 BOEPD. In today's ann, SEA listed the initial 30 day average, which is including December's production whilst the well was cleaning up (and producing at lower rate), giving 274 BOPD and 324 BOEPD. At the very least, the 30 day peak rate is 358 BOEPD, although most likely slightly higher.

I notice the WI for Leon Pecha rose a bit, but the NRI stayed the same. Most likely due to a smaller working interest partner not participating in the well. Not sure exactly what happens in those instances, but I saw the exact same thing happen with TXN's WI/NRI for one of their eagleford wells. A bit unfortunate, but nothing to worry about.

I've been looking to pick up a few more SEA, and today's announcement was the perfect excuse to hit the buy button. =D