Howdy y'all. Found some exciting news across at AZZ in their quarterly.
"In closing, I’d like to point out a recent acquisition to show the type of shareholder value we are creating through the deployment of capital in our 2012 drilling and completion program. Breitburn Energy Partners (NASDAQ:BBEP) recently announced it had closed on 4,600 acres producing 2,100 BOEPD with proven reserves of 9.5MMBOE for $220MM USD. The property was located adjacent to our Southern Star project area with one lease being common to Southern Star and the announced transaction."
Feel free to doublecheck my calcs team but I get $47, 826.08 when I divide 220 million by 4, 600.
Makes my toes tingle this kind of news. Bearing in mind Antares hae assigned the Southern Star wells ( 24 of em to date) EURs of 220MBOE.
Eagle ford shale we are more looking at around twice that if not more in McMullen County.
The only down side to this news is I swore to myself not to buy any more TXN but I might just have to go for one more top up now... just for another buy buzz....YEEEHAH!
TXN Price at posting:
47.5¢ Sentiment: ST Buy Disclosure: Held
