{Precisely what "perfing facts" do you need to be advised of dad ???}
Now, now grayhairs it's not what ''I need''(maybe it is ggg) it is what the investors, brokers and analysts, following the ELH play are waiting for(in my somewhat uneducated opinion) to ensure we don't have a repeat of the BKP#1 rumour.
{Why ??}
''Fact'' from the operator as events happen is much more preferable to a later news release ''responding to rumour''. There ARE companies and individuals who could actually benefit by bad news. Whatever news there is, should come from the operator, IMHO, and not from an outside third party.
{Are you sure you are looking at this completion "task" with the proper perspective ???}
Nope. Are you??????
{Assume that BKP aren't ready to perf until say 8:00a.m. PST Tuesday. Should they perhaps call a halt prior to attempting the perf ?? Why\why not ?? If not, then why do you feel a pre-open halt Monday would be appropriate in the event of a Sunday perf ??}
Part of running a business......any business...... is informing your customers(shareholders and potential shareholders) what you are offering. Drawing attention to your business brings an awareness to what you have to offer. Oil and gas companies still think in typewriter mentality, to a large degree when in fact this is now the ''internet'' age. If you ''wait'' for the news to reach your ''customers'', in todays information age, you probably won't survive long. If your news is better than your customers are aware, you will be taken over by a larger company, who sees the ''hidden'' value. Do we not at least agree this is exactly what has happened to Berkley?
Geez you O&G types are stubborn!!(ggg)
{Dad, my point is ..... Is "perfing" really a material change requiring\meriting a News Release ??}
No, it is not a material change and I feel you confuse material change news releases with news worthy, news releases.
{Why is perfing more material than the installation of the wellhead ?? Or, the placement of the production packer ?? Or, the running in of the tubing string ?? Or, the rigging in of test equipment ?? Or, the raising of the flare stack ?? Or, the ignition of the pilot light ?? Or, the pressure testing of the test equipment ?? Or, for that matter the length of the lineup at the biffy ??}
Because there are MANY, in the investment community, who BELIEVE, rightfully or not, that a successful perf is a major hurdle in proving that ''deep well'', ''high pressure'' drilling CAN BE SUCCESSFUL. This type of well is ''wildcat'' pioneering technique drilling, in an area (California) that is ''SCREAMING'' for good news about NG. Sometimes I think engineers, lawyers and geologists etc. forget that just because they know the technical information seems logical, emotion is a VERY LARGE part of investing. Just ask those investors who are looking at their ''tech'' portfolio, and wondering why??
{Dad, is perfing not simply one step out of hundreds in a very lengthy completion process ??}
In a ''normal'', boring, shallow well, sitting in the middle of Alberta, I would say yes. With regards to ELH, I believe the answer above covers that.
{Taken by itself does "perfing" have any important meaning ??? Please explain why it is so vital that perfing merits a News Release ?? Is it just so we all know that the "perf party" is underway ??? <gg>}
I'll do better than that. I'll give you an example of what would be a ''useful'' press release:
New Release---For immediate release
Tuesday, March 5,2001
ELH California
The partnership of BKP#2, natural gas well, has successfully completed the perforating program at 8:07AM, this morning.
This well has been drilled to a depth of ???? and, once completed will be the deepest producing, natural gas well, in the state of California.
Initial flow rates, during the next two days, will see natural gas flaring at the rate of 15mmcf/d, which would be the equivalent amount of energy required to heat ??# of homes, in the greater Los Angeles area, for a period of ?? days.
Mr.-------, spokesman for the partnership group that includes, --------------------------------, indicates that the initial perfing was very successful and it will now be a number of days before the testing phase of this well, will be completed.
BKP#2 is the second, in a series of planned deep wells planned for the ELH property, over the next several years.
The first well BKP#1, was successfully perfed, back in May,2000 and is now producing natural gas, for use in the California market, at the rate of 14 million cubic feet per day.
Mr.(spokesman) stated that the partnership is committed to bring ?? natural gas wells, to market this year and ultimately, it is hoped, there will be in excess of 70 wells, once this field is fully developed. ''What we are seeing now, is just te tip of the iceberg'', Mr. DB stated.
This group is opening up a whole new exploration frontier which will greatly benefit both their shareholders and the natural gas starved, California market.
The partnership is presently drilling two other wells (BKP#3 and BKP#4) on their ELH property and are looking forward to reaching total drilling depth, on both, within the next 60 days.
------------------------------------------------------------------ END
This would be an example (albeit a poor one ggg) of a ''PRESS RELEASE'' and not a ''material information release, but is, IMHO, an important part of keeping investor interest high. After all, it is the investor, and therefore the shareholders, who these public companies work for, is it not?
{BTW, since you have brought it up again, I must once more disagree that the BKP#1 News Releases were mishandled by BKP. But, that's JMHOBWDIK, still clearly in contrast with yours, so let's not even go there again !!!!}
I'd say the ''crash'' in the stock values and very slow return to pre-rumour prices, says it all. Again, IMHO, your position, on this issue, doesn't hold water. gggg. I for one, don't want a rumour to spoil''THE FACTS'' so get ''the facts, out in news release form...on a regular basis.
This discovery IS a NEWS STORY as well as a drilling story. IMHOBWTHDIK
What is so wrong with issuing updates grayhairs? Why the hush hush mentality, in this business. Oil and gas companies trade at 3 to 10 times earnings while tech stocks trade at ?????(rediculous) time ???. Why do you think that is? I think part of it is the hush hush mentality that doesn't provide any ''glitz'' and therefore doesn't attract any attention.
You ask me WHY I think they should post every little piece of news and I'll answer simply by saying, name recognition, if for no other reason (and I believe there are MANY other reasons, as I've stated above).
Let me ask you. Why not??
Cheers
draderd..aka..dad |
