Just as well it was a priority offer. Imagine if it were just an ordinary offer.
The independent party (their long standing Reserves certifying body) would have to evaluate the results from the 3 wells to be able to certify Reserves.
This gets quite technical as they have already done contingent resource evaluation and also done the Niobrara Reserves from the 1st well (and there are notes in that document regarding Pierre prospectivity).
The really cute thing is going to be surrounding the gas ... Colorado takes a dim view of flaring (see COGCC notes to AKK on said subject). That requires gas gathering infrastructure (or reinjection). Be interesting to see how this is addressed. Be watchful of BOE vs BO. Also interesting will be the pricing and costing wrt to volumes remembering that G&A costs are not part of standard SEC PV10 calculations.
The P50 was around 55MBO per well (without going back to look) was it not?
Good luck!!
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