Hey all,
Just reading some post on investors village and noticed that Barrhead has weighted in on the latest news release. Personally I respect his opinion as I know others do as well. Just thought that I would copy it over so that others can have a read. He makes several good points and a note about why the other 2 wells were not drilled to desired depth.
Barrhead's post from IV:
Re: News
Been out in the field for the last few weeks without Internet, and also on a vacation to Saskatchewan to also do some fishing in the Big River area...........
Thanks kenneyboy for posting the latest 'News', and certain many in the field and at CIVC Office already knew the results for the last few weeks. It is my understanding that the wells could have only drilled been to the maximum of 150 meters otherwise an official well license would have been required. As indicated in the NR, three of the wells tested shallow gas and the other two could not go any deeper due to various legal and contractual reasons. That does not mean there is no gas beneath the depth of where the drill bit was terminated. However it does prove out the important concept that was touted recently about new technology being used by CIVC. There are many low pressure shallow gas seams in Alberta as shown in the history books by the number of shallow gas blowouts, and here is hoping that they may also be able to spin a bit further down if and when they decide after reviewing their acquired data in the near future on the other two sites or for some higher pressure gas and volumes.
IMO CIVC is not going to be blowing their horn to loudly about gas rates and the logging results, as this is confidential information that was gained at their expense. This applies the same to the Shoal Point GPS and St. George's Group results, as they spent probably over $15 million finding out that information, and IMO would think their competitors are quite eager to obtain that information for nothing. IMO they can think again, unless they want to buy out the whole kit and caboodle for $$$ or wait out the time until the confidentiality ends or tight hole status has been lifted.
All the best of luck while we wait to see what CIVC is willing to share on their progress or possible other deals in the works.
Regardzzz..............................