updates and information

Did anyone go to the roadshow event? Did they have anything interesting to say?

I noticed that they are no longer drilling the 4 wells on Lake Catahoula beginning in September that were flagged in the July investor presentation (compare the "planned activities" between the July and September Presentations). Instead these 4 wells have been replaced with workovers of 2 existing wells with barge drilling set to resume in Q1 2011.

Doesn't make sense and they haven't cared to explain.It could be one of many things (e.g. conserving cash for Turner Bayou? couldn't contract a drill rig? drilling partners don't have the cash to spend? Dry lake bed unsuitable for drilling?). If they didn't mention a reason why they have changed their strategy at the roadshow (and I admit I wan't there), then this is the sort of behaviour by companies that is particularly frustrating as it doesn't facilitate trust in the management by investors, no matter how big their stake!

Interesting that Pryme have started providing further details on the Turner Bayou project:
* They will evaluate prospects other that the Austin Chalk (shallower and deeper). I was reading somewhere that there is a deeper gas producing formation that some companies have begun drilling into recently.

* Well logging has been used to identify the direction of the local fracture system.

So Turner Bayou is looking good while Lake Catahoula drilling is unexpectedly on hold until next year. Instead of spending $1.2 million on drilling four wells they are spending $100,000 on 2 well workovers.

Cheers,
turtle