Drilling continues into the leadville formation following a change of drill bit. Still perplexed by the reaction of the market to Monday's annoucement.
The company estimates that they are half way through the leadville formation, and has expectation that the major pay zone they are seeking is towards the bottom of the formation. Drilling is progressing well.
The minor gas zones encountered so far are also likely to be productive, especially since the gas pressures reflected in the announcements are without any extrapolation for the mud weight bearing down on top of it. 16000 feet of mud and still some nice gas readings... hmmmm
Anyway, obviously wont know until testing is complete and the end of the well, but all of the announcements to date do not merit a share price in the 70's.
This is a buy imo
GDN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
