Replies to post #9674 on Eldorado Exploration Inc (fka EDEP)

[wildcat2]

If you watch Tom's video, he says that "a dry hole will be a tax write off." Then they can drill another. At $720,000 a hole, you don't want too many of those. My grandfather struck on his first; the next two were dry. He quit after that.

WC2

[wtctexas]

EDEX had a small interest in this well and the Major player did not want to go forward at this time is my understanding.

[Jagman]

Also, to continue drilling maybe would have required a directional drilling sub and maybe waiting time charges for the rig, plus the rig may have been scheduled for another job and had to move on.... Add to that what they figured the success risk to be and it was probably the right decision.....they are the experts we are depending on to make the right call. If an investor thinks they were wrong, they should sell and look for a better company... I've also heard that drilling demand is falling off some, so coming back to the well may be easier and cheaper to do in the future..... JMO, and I ain't no oil patch expert....