STL agreed, liquidating non-core assets from recent acquisitions, selling low production wells and keeping a lid on General and Administrative costs should have been done from day one.
Another mark of a good company is that any recent acquisitions should be made to pay for themselves as soon as possible. It’s ludicrous to put out cash, pay interest or dilute and let it sit there.
How many CBM wells have you heard of?
The following is from over a year ago so now we have six years left on this lease.
In addition to these activities, Aspen has acquired 27,226 net acres (57,000 gross acres) of leasehold interest in New Mexico. The Leases run for seven years and Aspen has an average working interest of 47.6%. Aspen has purchased the leases for coal bed methane potential and is in the process of preparing a development plan. 7/11/2001
The 10K 4/1/2002 mentions Aspen has still not completed its Plan of Development , although it does look like they have added to their holdings???? Hard to tell, we don’t get the courtesy of explicit press releases.
Doing away with the cc wouldn’t be so bad if the Company communicated through well written press releases, interviews, e-mail or telephone conversations. I find the termination of our conference calls just plain rude!!!!
10K 4/1/2002
NEW MEXICO ACREAGE ACQUISITION. The Sierra Grande Uplift of NE New Mexico joins the Dalhart Basin of the Texas Panhandle in the north half of Union County, New Mexico. These features are tectonic of Mid Pennsylvanian to Wolfcampian (Permian) age. These strata consist of arkosic sandstone, conglomerate and shale. The arkosic sediments were derived from the granite core of these elements and were deposited as alluvial fans and fan deltas.
Structures of the Sierra Grande uplift appear to have been controlled primarily by high angle faulting (normal and reverse). In the southern parts of Union County and Northeastern part of Harding County commercial CO2 is being produced. The northern part of Union County has many hydrocarbon shows in past exploration efforts from 900 feet deep to 5,000 feet deep.
Aspen recently acquired 61,843 net acres of leasehold interest in this area over an area of 61,843 gross acres. This results in Aspen owning an average of 100% GWI with an estimated 85% average NRI. The area is prospective of coal-bed methane, shale gas, and Pennsylvanian aged gas reservoirs. Even though Aspen has not completed its Plan of Development, the Company is encouraged by the potential and the large position it now holds. According to one analysis by a geological engineer, the potential could be as great as 100 BCF from the coal beds alone.
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