As I understand it, the Grace #2 was drilled within rock-throwing distance from a well that was drilled in 1929 and was considered a dry hole. The Grace #2 just went a little deeper, and not a lot deeper at that.
Of course, "way back when," there was more interest in finding oil, with success usually at some relatively shallow depths compared to today.
According to my sources, another planned well in this general area (postponed due to the Grace #2 blowout) was also right beside a dry hole drilled in 1954. Again, the plan was to go less than 1,000 feet deeper than the '54 drill.
Time will tell . . . . but, like you, I'm not selling my stock. I'm still curious as to how all this plays out . . . .
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