For a long time a few of the reg'lars on the board have complained over and over that TNOG never produced oil and gas. (A lie, since their Stanley well originally did produce). Now that TNOG has acquired proven producers, they claim it's all a lie. Well, they also said TNOG was dead.
Pinks are a gamble. I am holding my bet. We shall see who is right!
The well sites are located in areas of proven production in Western Pennsylvania. CRP's original estimated reserves were calculated in excess of 13 million bbls in the eighties (see technical report), with very little production to reduce this figure in the interim. The best well produces 5 bbls of oil per day while others produce around 1-2 bbls of oil per week. Since being drilled in the '80s, the wells have had little in the way of maintenance (average rework cost is $5,000-7,000 per well). These production numbers will dramatically improve by simply removing paraffin build up and updating pumpjacks.