Mitis, I see some very good responses to your question about Petejg's commemts.
I suggest you compare what this guy says to what data is already published (let alone what additional data TB and HAL are privy to):
Peteng says: "Secondly, neary all middle Bakken and three forks cores will have oil saturation, that doesn't mean the oil is movable. Look at Goshen county, there is oil in all those cores but no one can produce any oil. It's all a factor of relative permeabilities and completion techniques."
Yet Defender has so far produced 5000 bbls of oil, at a maximum rate of 288 bopd (at around 60% oil cut), despite pump problems. If the Niobrara oil in Defender isnt movable due to its permeability or porosity, then they would hardly be able to extract those kind of oil figures despite problems.
Additionally Aus 2 wouldnt have produced 70 bopd with onybhalf the frac stages completed and the well blocked with the perf gun, would it?
Peteng is quick to dismiss Gretel as a dud because its pumped 12,000 bbls of water out of 43,000 bbls of frac fluid pumped in. We saw from Defender that there was no oil in the recovered fluid until about 25% of the frac fluid was recovered, and then the oil cut started to increase gradually.
In his latest post Peteng is now accusing TB of lying in all the press releases for over year, and for putting a positive spin on everything. I dont know the libel laws are like in the US but if he'd posted that here he'd find himself in court having to prove that accusation. And positive spin on everything? You've read all the announcements, when was the last announcement you could say had a positive spin to it - most people have said its the opposite.
Peteng certainly sounds knowledgeable about the oil and gas business. I believe he works in the industry, and from the following post I suspect he works for a mining services company that is either a competitor to HAL, or offers products that are in competition to the technology HAL has chosen:
"The jet pump is a bad idea. It costs nearly a grand a day and the only operator to utilize it more than once was carrizo. They need to restrict the flow back of the well and if need be, install a pumping unit with one of our newly designed downhole gas anchors. They are in a low gas area so a pumping unit is a lot more efficient than a jet pump."
Notice he says "install a pumping unit with one of OUR newly designed downhole gas anchors."
Samson is a dual publicly listed company, which must report according to strict reporting requirements in two countries. If it is fabricating facts then management would be fraudulent and would end up in jail. Furthermore many of the details that the company reports are verifiable (you can go visit the drilling sites if you wantto go to the effort, and many of the drilling and production details are available on the respective state oil and gas commission websites). Peteng is an anonymous poster on a yahoo chat forum, who has no reporting requirements, and his comments are not verifiable (for example his conversations with the 3D seismic consultants).
I think you can guess what my opinion of Peteng is, and his one-man fan club who now ranks right down there with the best (ie. worst) downrampers on yahoo.
Cheers, Sharks.
SSN Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
