What an unbelievably good result. I was thinking they would be...

What an unbelievably good result. I was thinking they would be in the 4,000 per acre range....this sale puts it in the $10,000 plus range. I wish they had disclosed what the per acre sale price was. So now, with a mkt cap presently of $7.7 and cash of $A 9.5 mm (million)

So now we have a company that is fully funded, no need to return the the market ( Pattersons or other ) to raise capital. They still have three wells to complete and place into production by the end of the year and I would say now the strong possibility of additional wells either before year end or early 2015. I still like it. The stale bulls will be gone soon enough. Also, I'm not in this for a quick trade, that would be a lost opportunity if Capitola works.

I went back to some of the posts on this company form early this year and late 2013 and its incredible how much the company was beaten about. These guys certainly have sticking power and I think that deserves a lot of respect. I must say, I really am enjoying this one. Nice to see a diversified O&G risked Jr with cheap wells in an extremely active area. My fear, my real fear, is that someone sees the valuations, sees the acreage, sees the three plus wells drilled and completed, sees the horizontal and development potential and says "Ill take that" and a big boy comes over the top and takes them out....bad because they are just getting started, good because we all make a reasonable return.

I'm off to take a look around the TRRC website to see what sort of permitting they have been up to and if anyone else is about to get going in the area. Keep on drilling I say.