Good morning all,
Against my better judgement I will post again because I would like to emphasize a point of two.
Want2 is correct. Not new wells. See below from Jeff's post.
"My JV ,as other JVs, was weighted in the company's favor but I'm not complaining. The company got money interest free by agreeing to pay JVs a percentage of old known production from old wells...not the new stuff being drilled."
Old wells brought back into production is what Jeff received check on. Wells producing oil because of RHWS. Guess what? Allenergy will also drill new wells on this lease.
"JVs percentage on the old wells reverts to a very small percentage once the principal amount is paid off and then the lion's share belongs to ALRY."
How much intelligence does it take to grasp what is going on here? Jeff bought a lease for us. It's making money! For us!
As for the NR, Larry did tell us;
"The dry season here is nearing and we have plans to take advantage of this opportunity to increase production from existing wells and continue our drilling campaign."
"The Company has recently released one workover rig to service the clients of RHWS, but will retain sufficient equipment to continue the remedial work on sixty plus wells that need to be put in production."
I don't have X-Ray vision but I see a positive here, More oil from existing wells and new wells coming.
I can't wait to see how some of you turn this around.
..............................Jess
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