smith#1 calculations, page-2

There's an interesting post on www.lse.co.uk that suggests that the Smith operators Crest were close to bust before RRL farmed in. It will be interesting to hear further details on who is paying for the additional Texas acerage. Looks like Smith#1 was a good find (500-1000bopd 8-12mMCf!) and so hopefully RRL ruthlessly renegotiated terms when stumping up the cash.

This is pure speculational and all IMO but knowing this, it wouldn't surprise me if Range has managed to expand their share upwards from 25%. Nice.

"23:03 06/01/2010 [gozz] who paid for extra land in Texas?
okay who do we think paid up for the extra land in Texas? did range stump up all the dosh or did crest pay their share this is what I really want to know. is the money raised going to be used to pay for that land, therefore, increasing our % in Texas...... we know that crest has no money left as they virtual went bust when they screwed up the original well. crest is also a private company so can't fund raise to any reasonable level. my view is it's time to screw them out of as much as possible before they get revenues from smith one!