I agree - when and if commercial hook-ups are announced, I don't think it will be so much proof that the BS leases are productive - because the success rate of gas wells in the Barnett Shale is very high - but it will finally be proof that Charles Bitter's gamble buying the rig is paying off. It will also demonstrate that he probably has some of the right stuff to build his own energy company from the ground up.
AMEP watchers have been waiting for a year now - ever since the acquisition of the Phantom - for proof positive that he can drill his own holes with his own rig(s).
True, AMEP could survive probably just by working and re-working their existing oil and gas well assets - they could have focused narrowly on re-entering and bringing the 193 PRI wells back to production with their workover rig - and every so often drilling a new gas well with a contracted rig.
But the company would never become a dollar company that way. Bitters needed to drill and produce his own wells on those 7,000 acres in order to be taken seriously.
If he pulls it off and announces that any of these new holes and fracs are commercial, the demonstration will be marked as a success - marred only by the long wait for news.
Until he shows the world what he has done, these are dog days.
AI
