Most of my information has involved the East Chandler field. Bedford is in the process of finalizing the sale of that field to Avalon (AOGN), whose stock is even lower than BFDE. One report had Avalon taking control of this field by EOM September, but I haven't seen any confirmation of that.
Watching the OCC online database, it looks like Bedford is continuing its administrative "cleanup", especially with regard to the Grace #2. In late September, they filed an amended form which mentioned the Viola layer for the first time in "official" reports, but which had been mentioned in some PR's months and months ago. It also mentioned that the well had been completed in a layer not previously accounted for, which I take is the Viola.
Yet, as I understand it, the gas flowing is from the much shallower Redfork, which got BFDE into a bind because they hadn't properly gotten that layer permitted by the state. They had to file an emergency request to be allowed to continue to extract the gas while they made the proper filings and other physical adjustments to the well.
The halving on the price of natural gas has got to be killing cash flow for both Bedford and Avalon, not to mention the decline of oil prices.
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