I try to keep eyes on both- right now the focus on PR's is KY I concur. I know it costs $1.5 to $2.5 mill per drill to try and tap into the deepest part of the Monterey from 7,500 to 12,500 feet through the Olcene and past the Vedder way down below. Makes it an expensive dry hole and I know of at least 3 other small outfits looking to find capital to drill exploratory wells on their leases but are unable to find backers looking to take the risk-for that's a pricey dry hole. Even though seismic and 3D shows there could be 10-50 million barrels potential on their leases. Farm outs can be a pain the ass. Your better off raising the capital and drilling them yourself is what I came up with on my own conclusions and told them such even if it takes years.
Daybreak strategy is a wise prudent- one that is willing to go literally the extra miles (they have) to drill shallow wells that cost less than the deeper pools. Better IMHO to spend their capital wisely instead of gambling with more expensive hole shots-better to get something than nothing than at all- goes the saying. The Southern acreage of the AMI down toward the Front and Poso is where IMO they could be heading where they suspect the larger pools are in their lease. I think there was a corp strategy inside Daybreak to target the northern and western portions of the AMI when they first laid it out and build reserves with cash flow. Then move South toward the Poso and Front Fields. This was always going to be a drawn out process here in CA I came to that conclusion many years ago. But, IMHO I do think this has long term potential or I wouldn't still be here.
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