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Gold/Mining/Energy : Epic EAS.v (formerly Epic ERB.v and Safari SIR.v)
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To: CLK who wrote (3179)1/23/2000 11:46:00 PM
From: JR.   of 3335
 
I just checked my mail from Canada Stockwatch and they sent me a 6 page report on the activity with the CBM play in the Powder River Basin in Wyoming.The article/report claims that the lease rates have gone from $30-35 per acre to 300-350 with some acreage going for as much as $600 per acre. The article went on to say that the principal barrier to companies entering this play was not exploration risk but the meteoric rise of leasehold purchase costs. I have always maintained that our project never got off to a marketable start because not a single production well was drilled. Everyone rushed off to sell a deal because they thought the gas pressures encountered by the small core sample rig were impressive. What these guys are looking in Wyoming is drilling several hundred conventional wells. The individual wells are not mega producers but when combined they produce a lot of gas at a very much reduced finding cost. My guess is that the guys that got left out of this play are going to look elsewhere with an eye to finding a reasonable chance to do the same thing. My guess is that management has learned the hard way its time to drill the production well. If you drill it they will come.My opinion. Cheers, JR.
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