To All,
Listened to Mr. Boone Pickens being interviewed about the price of oil on CNBC this afternoon. He discussed rig counts and the rate of decrease per week. Based on his numbers oil price should bottom out in about six weeks then creep up to $80-$90 bbl by end of year. This is based on no geo-political events.
Off Topic:
LNREF (.15) just announced that the last 3 wells they drilled in the Eagle Ford (Gonzales County Texas) had IP rates of over 1000 boepd each and that they are proceeding with drilling another three wells. They have a 50% interest in these wells.
AMAZ (.03) Pecos County Texas, 70,000 acres.
Just completed a conventional well 2000 ft deep, 120-130 boepd, 10 acre well spacing, well cost $400,000. Do not intend to stop drilling. Shale plays at deeper depths. 1-40 reverse split announced.
