Hi fellow mae shareholders/HC bloggers- After a sabbatical leave, I've decided to return to HC, refreshed and full of optimism. I am now genuinely excited by the potential prospects of our restructured/reorganized company. About 6 months ago I had come to the conclusion that we were doomed, victims of bad luck, bad timing, bad management and the economic effects of the GFC compounded by an oversupply of CBM gas. Thanks to some subsequent good luck, and in particular tenacity and perseverance on the part of Collery and Lohman, the company has emerged with real potential for a windfall result. That's not to say it's a lay down, done and dusted- guaranteed result, but I do believe that we are within a sniff of getting some meaningful production. The winter in Utah has been relatively mild-I was in Salt Lake City on business recently, and, whilst I did not do my usual trip to CC, I do know that as of Friday, the roads were clear and workover rigs were in place doing the necessary technical stuff to convert two old wells and 3 or 4 new wells into a state of upcoming production. I would hope that we get news anyday soon on the Oman 2-20 flows, followed by USM and that surprise announcement of UFC-2. We saw a wiff of what will come with a move to 3.9c on a largely inconsequential announce re: Oklahoma. My oil and gas source who works on the NW shelf tells me that conventional wells of this type can usually be dewatered in 10-21 days- I'd expect, given past performance, that PC will err on the cautious side. Even so, I'd expect production news very very soon. Nice to be back guys-I'm excited about 2011 and mae given the new, focussed approach from Burwood Road.
MAE Price at posting:
3.4¢ Sentiment: LT Buy Disclosure: Held
