WRES +.18 to $4.18 up 34% since I bought it a couple of months ago. Good production with good prospects going forward. They are using new technology to drill horizontals in a large oil field in S. California. They use something called geo-steering sinusoidal horizontal drilling to exploit the Wilmington field.
As far as I can tell, this means they steer the drill bit during the horizontal drilling to oscillate up and down within the target zone. This keeps the drill bit within the target zone but also opens up various parts of the reservoir vertically as well as horizontally.
WRES is making the rounds at various conferences, highlighting their high reserves PV10 vs market cap and increasing production due to these new wells.
WRES -.12 to 5.26 sold out of WRES a few weeks ago at 4.22. Not sure exactly why it has been climbing so much. Maybe word is leaking on California results OR they are getting a Niobrara boost because there is another Niobrara player, DBLE that is scheduling a well on their Atlantic Rim property. WRES has 80,000 acres in that area but my previous info was that Atlantic Rim was probably gas heavy instead of oil in the Niobrara formation.
Never know but WRES is a steady eddie that has had a nice run without me! LOL!
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