The approx 200 PUD's, I understand from the reference on the web site and direct conversations with the company, are an integral part of this DNR/Tindal deal ... along with the existing production. These PUD's by definition contain reserves ... not contingent resources. These PUD's are the main attraction for my investment in this company.
As I see it, the big remaining questions are: 1) what are the estimated reserves/well (and production rates); and, 2) what % of these reserves will be purchased by Arete (or, conversely, how much will be retained by the sellers)?
Such information, hopefully, will come out with the consummation of the deal/acquisition; more specifically, this should be in the form of the "numbers" coming out of the new audit. It will be good, for obvious reasons, to have the new audit numbers agree with the 2009 audit results; or, maybe, show better numbers.
Yes, the deal/acquisition will also include some existing production; any additional production, realized from the drilling of PUD locations, will be "down the road" ... at least a few months but probably longer.
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