Oil just broke $140. If TNOG announces any kind of Kern Co. drilling plans, then yes...we could easily fly to a cent and above. There are no guarantees, of course, but Kern Co. is one of the most prolific oil producing areas in the entire country and the lease covers 480 acres. Some will say there is no oil there, but they can't know for sure. Remember, earlier drilling was done decades ago when oil was MUCH lower, and the decisions were made not to continue due to costs. When oil goes up as high as it now, then the risks become more worth it due to the possible payoff.
From the TNOG blog:
We came to the conclusion that a number of attempts on the lease to produce fell short because they were too shallow when viewed in terms of the latest producing wells. We are now looking at developing a data set so that we can target these deeper, 5000ft. or so, under the advice of Nahama Oil and Gas.
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