Saudis and Russian agree to extend OPEC cuts thru 2018! This should put a floor under oil prices. Expect mid/major oil stocks to do well from this announcement. Eventually investors will start looking for smaller stocks to participate in the oil rally. This will lead them, I hope, to smaller names with better valuations like PNO.v and IPO.to.
IPO.to was successful in their first 2 mile horizontal well in the "bioturbated" cardium. This is a slightly deeper zone that was always ignored by previous drillers because it was thought to be too difficult to extract the oil. Yangarra accidentally penetrated the zone and the stock has become almost a ten bagger in two years. IPO.to has several hundred potential wells in this new bioturbated zone. The first well produced about 400boepd. Payback should be less than a year. Now that they know the bioturbated zone on their land works, they intend to start the cost cutting measures like drilling several wells from the same platform in different directions. These wells pay out about the same as Permian wells but the land cost IPO way less.
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