Thx mowibble. I know long winded but research into these kind of companies pays off. A past drilling failure is in my mind no representation of the future. Probability would say that if you keep drilling you will have success I think. Either way, I looked at Turner Bayou very closely and the three wells they drilled were discoveries. I know from research that even the big guys (Goodrich , EOG, Halcon, Anadarko ) have all blown wells in the TMS and Chalk play in the area when they have had way more $$$ to work with. just the way it can go.
kelsie00 - you are right, mkt does not forget past failures and you are only as good as your last well. On that note things so far are looking good so far. My current thought process is that if one of the three wells looks good on IP we are off on a development play. Ill take a 50-80 BOPD well that costs $1mil to drill everyday over a $6.5 mil well that IP' at 850 bopd and declines within 8 months to 50 - 80 bopd. All about the risk/ecnomics/cashflow and scale-ability. tick on all fronts to PYM.
Cougartrading - I've gone back and looked at some of the flow rates of the wells that surround the Mahaffey Bishop well. They appear to have picked a spot right in between 4 old producing wells. 1 well directly offsetting looks like it was making > 200 bopd. ( does not mean the PYM will do this ). But this is the interesting thing, the old wells were not fracced and at best ( drilled in the 1950-80s ) were treated with acid. Thats the difference here I think is the modern day completions, modern day drilling, makes all the difference.
A lot of activity in Fisher Cty - look at the level of permitting ;
