Antares never ceases to amaze me.Following yesterday's posting...

Antares never ceases to amaze me.

Following yesterday's posting by Clueless101, I went to the texas RRC website and did a search on all drilling permits submitted in Howard County for operator 070445 from 1st May until 19th October.

9 wells are listed. 3 of which are not meant to involve Antares.

No new drilling permits have been submitted since 28th July for Southern Star, so there is no drilling going on at the moment & its highly unlikely that any drilling will take place this month as it takes at least 1 week to get approval once a permit is submitted.

However look into each of the wells and open the plat attachment at the bottom to see the exact well location.

Now I for one thought that "Dagwood" was a new well drilled on that extra 320 acres that Antares bought close to Southern Star. However look at the Sept 5/6 2011 presentation (slide 19) and the original purchase announcement from 28th April 2011.

Amazingly you'll find that "Dagwood" is actually part of the orginal 160 acre Cottonwood lease, which was then subdivided into the Cottonwood & Cottonwood A wells!!

Nice of the company to tell us!!

That I can live with, what I can't live with is this.

Ever heard the name "Walker" ? thought not.

Well "Walker", is a well located in Section 39 of 33T2N, which on the original purchase announcement, was part of the "Ray lease" the northern most part of it bordering the Coyote lease.

So is "Walker" one of our wells or not I ask?
Is this the Ray 6 well I ask?

Who know's!! only the insiders I presume will know the true answer.

Then we come to "Homer" another new well, this time located in Section's 21 & 22 of 33T2N which is just 1.5 miles directly north of the "Smith" lease & covers 492 acres!!!

How come Antares are not interested in this lease area?

Do they not have an area of mutual interest with Big Star Oil & Gas around there Southern Star property? Or have they just employed Big Star to run the Southern Star operation without covering themselves?

I mean Big Star must be laughing, you get paid to drill and operate the Southern Star leases, gain all the knowledge from it, then you can go and buy up very nearby leases without your employer having 1st refusal or back-in rights to those leases.

Surely to goodness they had an exclusion zone in place, so that Big Star couldn't buy up leases within say 5 miles of Southern Star without Antares permission. By the looks of it obviously not. How many millions of $ will that cost the company down the line??

Something the directors will never want to speak about with there shareholders.

Someone asked about the continued draw downs of the loan if new wells were not being drilled, they need to keep drawing down the loan to pay for the fracs, they cost $600,000+ a time and will be paid for seperately.

LOTM