You have to read the "Competent Persons Report" as part of the...

You have to read the "Competent Persons Report" as part of the prospectus. This outlines the reserves methodology, basically it takes a set of constant parameters (net thickness, water saturation, porosity, recovery factor) and applies them over the acreage (in my view inappropriate for a conventional prospect), this sets the baseline expectation as it is how the reserves were calculated. Actual results are sourced from the Texas RRC where production by phase and active well count is reported. Then I also incorporated the companies own operational updates which show how many sands were successful and compare this with the CPR. Note, they are providing increasingly few technical results so it is hard to know the success rate....however the ultimate outcome is the production and that is clearly poor.

For a history of the field and some of the difficulties, just google the names and formations. I used SPE databases, you can buy the papers but they are not cheap if you are not a member......but depending on your position they could be money incredibly well spent.