re: Ann: Texon Petroleum Merger with Sundance...
Reading through the presentations noted the following:
16/10/12 Canaccord Company Presentation page 18 for Mississippian had Alfalfa 2 operated wells in appraisal, Logan county 4-6 wells for appraisal second half 2012
13/11/12 Company Presentation Sundance/Texon merger page 14 had under Mississippian/Woodford 3 wells producing, 1 awaiting fracture simulation.
We do not know the production details of the wells but based on this they are producing so I take this as a positive.
Also noted the Wattenberg 20 well vertical drilling program (up from 15 wells)on page 13 that they have had 95% success so I am assuming 1 well is not productive. These are low cost vertical wells and it has been a while since one of them has failed to produce. Not a real big issue in the overall picture as cost of well is only $600k or so.
As always wait for company announcements, PDYOR.
SEA Price at posting:
82.0¢ Sentiment: None Disclosure: Held
