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Gold/Mining/Energy : Adda Resources

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To: Harry who wrote (488)	5/16/1999 2:44:00 AM
From: LowtherAcademy	Read Replies (1) of 571

Harry, I'm with you. It's scary. It's been two years of lost revenues on the Cottonwood because of Ultra's failure to live up to their obligations for completion. The GRB is a good play. There is a HUGE fall off in production of the tight sands. However, after the 70% decline during the first year of so, then these wells will produce day in and day out for years. It's just matter of slaming wells down as cheap as possible doing cheap and fast fracs and then figuring how long before it becomes a money machine. The additional acreage that we'll get around the Cottonwood is very desireable. Without doing some research, I don't know how many wells can be put down, but it's a bunch. The slim holes that Schlumberger has been putting down for Amoco down in the anticline have been cheap to drill and cheap to frac--quick paybacks and long term cash flow. It's all a numbers game: the cheaper the drilling cost and completion cost the sooner cost get recovered. Bottom line for me. If I were running this company, I'd be suing UP and Halliburton in a heart beat. Well, guess I should never post late at night. Lew

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