The P/R states that we bought a 5% interest in a well there. They only brought up the success of that unknown company on it's first three wells to show us it was a good deal/area. They have drilled the 1st 2 of 60 in Noble county and due to some sort of "delay" there the 3rd well won't be drilled for a couple weeks. Joe knew we wouldn't like this so went after a revenue stream which is a producing well that we now have 5% of. He should have never mentioned that the "other" company was successful on it's first three wells, just the one we have an interest in. Thats where everyone is getting confused.
So basically while we're waiting the 2-3 weeks he bought this 5% interest to create some revenue, and will be able to give us production numbers from well number 2 of 60, and hopefully some Nat Gas numbers for both 1 & 2 of 60. He expects 9 of the 60 to be producing by the end of the year. IN ADDITION, we'll have a 5% interest in the just P/R'd well!!
Hope that helps!!
Joe
If you can't have fun trading, then you're not ready yet. Keep the day job a bit longer!!!!!
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