Nevada was once a Naval Reserve and hence mostly off limits to drilling. Since Wolverine hit in UT near by there has been a lot of interest to the point that leases are going for $1,000 per acre. The Wyoming stuff is a better target to begin with and hit rates are high. Besides the Nevada holes are deep and a dry hole could cost $4 million. Much better to use cash flow from other areas of the company to continue KY & TN oil operations and in addition drill Wyoming and in turn if they hit then turn to Nevada.
Does anyone know if PBLS is currently buying back shares from the market??? At the current price 10,000,000 shares (1% of A/S) would cost $250,000 to $270,000 and would be hardly noticed at 2,500,000 shares per day.
Any one know???
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