IMO, its a good decision to cut loose at the current depth of...

IMO, its a good decision to cut loose at the current depth of the well, ie 14216' in the Alkali Gulch.

Its purely an operational decision, whether to continue drilling slowly till 15300' or call stumps now. Stumps it is for now, with drilling i.e. With the frequent bit changes for this 6" hole section & the fishing job in the AG swelling clays, the decision couldn't have been any better.

Note that they could have stayed up for the nxt 4-6 weeks with slow drilling or plug the bottom section of the well & focus on developing the top section. Wise call in the end.

I wouldn't b surprised to see them announce a plan for PB#3 in the coming weeks. They could have burnt a lot of cash here, but choose to conserve this, for testing & another well, IMO. 3 wells on this acreage should provide a decent drainage of the net play in the Ismay, Chimney & BC.

Future activity since the last update on the 25th should b on these lines:

- If the fish was cleared, then run logs from 12956 to 14216' (i.e, 1260' of 6" open hole)

- Calculate the net pay zone in the LBC (ie 13430-13440'), they drilled this with heavy mud, hence the low gas. Should b interesting to see how the logs pick up the net section as well as the porosity of this 10 feet of LBC.

- I would b tempted to see them do a DST for this bottom section, if not plug this section for future re-entry.

- Release the rig for the next location or contract (if or when lease approved by the UTah minerals dept.)

- Use a work-over rig for perforation tests, starting from the Lower Barker Creek at the bottom & moving upwards.

This last part could take some time, as was seen on PB#1 but once commercial rates (ie 3-6 mmcfd) are sustained, they should tie this well to the pipeline.

Thats how I see it, with possible update on PB-3, later on.

cheers