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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: patron_anejo_por_favor who wrote (80905)12/6/2000 5:54:16 PM
From: russet  Read Replies (1) of 95453
 
Will the gas shortage problem in California be so short term? This is the debate for sure,...we in Canada are doing our best to burn up a lot of gas right now heating our homes (-15 C low temps each night now in main populated areas of Ontario,...no relief in site for next week,...wind chills of -30 C). As hard as we try, reserves drop every year in spite of huge drilling efforts in the last few years in North America. Demand just keeps rising with residential heat and electrical generation conversions, and electrical generation demand keeps increasing thanks to all that high tech stuff. I guess we will just have to place our bets and wait and see.

In the meantime PYR's partners will start producing 15mmcf/day plus liquids from first competed well on East Lost Hills structure by mid Jan 2001. Second well could be tied in about 4-5 months later. They are learning as they go, so flow rates in later wells expected to be higher due to better completions.

First well thought to have reserves of 200-400 BCF ignoring liquids which are significant. Three drill rigs running continuously now.

Even at $5 per mcf, these wells will be extremely profitable. At current prices the well drilling costs of $10-12 million per well are paid off in 6 weeks of production.

Don't own PYR but I own some of the partners.
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