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Monday, November 14, 2011 8:40:43 PM
The 320 boepd figure is just 5 boepd lower than what Redchip had been calling for, not too shabby. It will be interesting to see in tomorrow's call if they can provide us what their exit rate was for 3Q or even better, what their average production was for the month of October.
The DD&A rate went way up this quarter but I suspect it had something to do with the recent reserve report, and will probably self-correct next quarter when they do the year-end reserve report. As we know from an earlier presentation, none of the Wolfberry reserves were included in the earlier reserve report.
Great to see that the first Lusk well with Cimarex has finally started drilling. It would really be great if they could get that sucker online or at least at the point of flowing back frac water by year-end. If its not producing yet, it would be interesting to see if they would be able to include the reserves discovered by that well in their year-end reserves.
They added a lot of gas production this quarter -- gas production increased by 32% over 2Q. Not sure where this gas is coming from, but in any event its getting an excellent price ($6.34/mcf in 3Q) so I'm not going to complain. It must be very rich in liquids and/or have a very high btu content.
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