Can you explain something to me. We started drilling Padgett #11, around mid 2006, and we announced the Padgett #11 formations in September 2006. At that time, there was talk of hooking it up, but that no production rates were going to be announced until it stabilized.
What has Padgett #11 been doing the last 9 months? Has it not been hooked up? Has #11 been idle awaiting the injection well? How long do we expect it to take to hook up to the injection well and get rid of the frac water? Is this the type of time frame we can expect from initial spud to real production?
I don't get it. If we need cash flow, why would we not hook #11 to start the flow of funds? If we can afford to start the drilling on #12 and the other well recently permitted, we should have had money to hook up #11.
I have heard before that we may not want to announce this gusher because we may be negotiating for other properties. Seems to me that with information available, people have heard of the Barnett Shale, not to mention the two wells that Contractor references from the TRRC that are monsters on or near our property. I think the secret is out.
