MMR--where is the bottom? - Page 2 - TigerDroppings.com

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L S Usetheforce
New Orleans Saints Fan
College Station
Member since Jun 2004
16348 posts

re: MMR--where is the bottom?


LINK

quote:

Now, moving to operations, in our operations update press release last week, we announced that we have recently established production from our second well at La Cantera, the Broussard Estates #2. As you will recall, logged 310 feet of pay in the Cris R2 and has another 200 feet of potential pay above the Cris R2. This well is currently flowing at a pipeline restricted growth daily rate of 800 barrels of oil, 1700 barrels of NGLs in 37 million cubic feet of gas.

We are stalling downstream pipeline compression equipment to alleviate the takeaway capacity issues from this area and we expect our La Cantera field will be flowing in an unrestricted gross daily rate of approximately 1500 barrels of oil, 3100 barrels of NGLs and 70 million cubic feet of gas per day around year end. At the end of third quarter, our third-party reserve engineers book our first two wells at a combined 105 Bcfe of growth proved reserves, with estimated gross discounted pre-tax cash flows of $264 million. This project without question is one of the most impactful discoveries in our history and is one of the largest onshore Gulf Coast discoveries in the past 10 years. What's really exciting about this project is that it continues to grow.

After evaluating production data, logs and sidewall cores of the Thibodeaux #1 and the Broussard Estates #2 wells above the Cris R2 we are working with our partners in planning a third well, the Broussard Estates #3 in the first quarter of 2013. This well is projected to cost approximately 60% less than the first two wells as we expect to be able to sidetrack out of an existing wellbore. The well will target 200 feet of potential pay sands encountered in both the Thibodeaux #1 and Broussard Estates #2 wells above the Cris R2 and will accelerate production from the Crris R2 section encountered in the aforementioned wells by approximately five years.

Moving two miles in the north of La Cantera to our Thunder Bayou prospect where our 3D seismic data is expected to be delivered in approximately two months. Once this data is received we will use the enhanced imaging to determine the optimal drilling location to help us to identify additional prospects that could exist within this prolific basin. We believe that the Thunder Bayou prospect could turn out to replicate the success of our La Cantera discovery when considering we have a substantially larger working interest in this prospect. If successful, we would anticipate Thunder Bayou would also require multiple wells to properly develop the structure. Therefore it’s conceivable that if we had success in north that our La Cantera and Thunder Bayou projects could be producing in excess of 200 million cubic feet gross equivalent per day within a couple of a years. Focusing on the impact of PQ we would eclipse the highest Gulf Coast, Gulf of Mexico reserve reduction base which dates back when our focus was 100% on this basin. When these types of projects are successful they substantially increase our cash flow, production and reserves and in turn create significant shareholder value by no asset in our portfolio.




This post was edited on 11/30 at 8:50 am


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GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
8118 posts

re: MMR--where is the bottom?


LINK

As I expected they are having problems, know some boys with Cameron that are working on this project. Its been a tough hoe so far to say the least.






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lsuguru
LSU Fan
Lake Charles
Member since Aug 2007
567 posts

re: MMR--where is the bottom?


Going back in with a Stim Gun, anybody want to chime in about this. Sucess/failure, etc.





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GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
8118 posts

re: MMR--where is the bottom?


Each well is different, I have a feeling though that the completion was more botched than they are letting on, I guess we will see. Like I have said though, they are liable to be in a real bad way soon seeing how they are going for broke on these UD gas plays and the NG prices staying down like they are.





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Janky
LSU Fan
Team Primo
Member since Jun 2011
7637 posts

re: MMR--where is the bottom?


Up huge this morning along with PXP on buyout talks from Freeport McMoran.





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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16845 posts

re: MMR--where is the bottom?


HFS, up 72% in pre market?







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lsuguru
LSU Fan
Lake Charles
Member since Aug 2007
567 posts

re: MMR--where is the bottom?


Just announced MMR buyout at 14.75/Share $$$






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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16845 posts

re: MMR--where is the bottom?


I own PXP and not owning MMR just ruined my day....





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Janky
LSU Fan
Team Primo
Member since Jun 2011
7637 posts

re: MMR--where is the bottom?


Hold on. It might get better. A bigger compnay might jump in to the bidding.





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jeghead08
North Carolina Fan
Baton Rouge
Member since Aug 2006
389 posts

re: MMR--where is the bottom?


If you have MMR stock, would you sell now or hold on to it?





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Janky
LSU Fan
Team Primo
Member since Jun 2011
7637 posts

re: MMR--where is the bottom?


Well, I am only up a little in it so I am putting a pretty tight collar on it. What I don't understand is why anyone would pay this much of a premium if they know DJ1 was/is a bust.

EDIT: I am holding.



This post was edited on 12/5 at 9:12 am


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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16845 posts

re: MMR--where is the bottom?


(no message)


This post was edited on 12/5 at 2:20 pm


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Athanatos
Vanderbilt Fan
Baton Rouge
Member since Sep 2010
6424 posts

re: MMR--where is the bottom?


What a ride for MMR!





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whodat912
LSU Fan
THE FLATS
Member since Feb 2009
57 posts

re: MMR--where is the bottom?


What are you doing with you PXP Flask? Is there a chance it gets bought out at $50?





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eye65
Alabama Fan
Member since Aug 2009
765 posts

re: MMR--where is the bottom?


quote:

not owning MMR just ruined my day....






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michael corleone
LSU Fan
baton rouge
Member since Jun 2005
583 posts

re: MMR--where is the bottom?


Damn. When I made the original post I was about to pull the trigger. The info I received in response scared me a bit , so I put a buy order in for 6.75 a share. I guess no one saw this coming down the pipe.





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cwill
New Orleans Saints Fan
Member since Jan 2005
24247 posts

re: MMR--where is the bottom?


quote:

While there is a chance someone else jumps in and starts a bidding war




You do realize how incestuous this transaction is, right?



This post was edited on 12/5 at 11:18 am


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cwill
New Orleans Saints Fan
Member since Jan 2005
24247 posts

re: MMR--where is the bottom?


quote:

What I don't understand is why anyone would pay this much of a premium if they know DJ1 was/is a bust.


Jim Bob Moffet is using his mining company to clean up he and Flores' disaster.






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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16845 posts

re: MMR--where is the bottom?


(no message)


This post was edited on 12/6 at 6:56 am


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Crbello4Hiceman
LSU Fan
Lurking
Member since May 2011
438 posts

re: MMR--where is the bottom?


It is being bought at $25 cash + .65 shares of FCX per share of PXP. If FCX stays where it is now price wise, it will be in the $45 range. Was set to be $50/sh when they made the deal but FCX went into a freefall after the announcement, causing the $/share to drop.





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