All,
This is just a quick note to clarify something in our press release. When I say that we expect the wells to average 5,000-6,000 barrels of oil over five years, I mean that each well is expected to produce 5,000-6,000 barrels of oil. That's 25,000-30,000 barrels for the program over five years.
The reason I refer to average numbers is that there is likely to be significant variation from well to well. Some could be significantly above that range, others far below (or even the occasional dry hole). That's part of the reason for a multi-well drilling program: diversification of risk.
I'm in West Texas coordinating the drilling program now. We spudded in the Leonard #4 well today and expect to TD (reach total depth) over the weekend. Things are moving fast now, so check back regularly - I'll keep you updated on progress.
-Shannon McAdams
Santa Anna, TX
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