The latest announcement was indeed good news with 384 feet of the Mississippi Lime formation successfully intersected from Blubaugh #20-1 towards the North of our Snake River Project lease holdings. The Snake River Project is continually being derisked with each vertical drill hole drilled and hopefully, Balder, our first horizontal (JV with Range Resources Inc) towards the west will also return some positive results as well.
Nevertheless, irrespective of how well things are travelling from a company perspective, it is also important to take into consideration what's happening on a macro level.
I posted the following on the 30 March 2012:
"The longer term uptrend for oil is however still in place as long as it stays above $95/bbl."
Unfortunately, the oil price recently broke through support of $95/bbl and as expected, continued to tumble and is now hovering around $91/bbl. Next crucial support level is $90/bbl. If that support goes, then the oil price and all oil companies may see further downward selling pressure. Definitely something to watch closely.
chart, page-19
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