The 1Q results from ROSE yesterday contained this morsel regarding their work on the Blackfeet Reservation in NW Montana. Primary's position is immediately south of the Reservation. I'm looking forward to the ROSE cc Monday for additional comments, but I continue to be encouraged for Primary. I'm sure Dan will advise on the ROSE results against his expectations.
"SOUTHERN ALBERTA BASIN
Rosetta's 11-well vertical drilling program to assess the commerciality of the play across its approximately 300,000-acre position in northwest Montana is nearing completion. The Company had two rigs under contract during the quarter. As of March 31, 2011, eight vertical delineation wells had been drilled with operations underway on the ninth and tenth vertical wells.
During the second quarter of 2011, one additional vertical well is planned. Based on encouraging vertical well results, Rosetta will spud the first of three horizontal wells in the second quarter....
2011 Outlook
The Company earlier announced a 2011 capital program of $360 million. More than 90 percent of this planned spending will be allocated to the Company's assets in the Eagle Ford shale with the balance directed toward the continued evaluation of the Southern Alberta Basin. Asset sales proceeds provide flexibility to accelerate the Company's Eagle Ford and Southern Alberta Basin programs and potentially add to resource play positions. The Company expects to update its capital program guidance in August."
ROSE in Alberta Bakken impacts on PETEF
Re: ROSE in Alberta Bakken impacts on PETEF
If Montana proves up for ROSE it will be HUGE going into 2012.
The Eagle Ford is were the big growth is coming for ROSE this year.
BTW on Friday I heard that CRZO is going to announce some very strong Eagle Ford results in LaSalle County.
If you like PETEF you should take a hard look at Mountainview Energy http://www.mountainviewenergy.com/s/Home.asp
I'm talking to them about hosting a luncheon for us in July. I'm impressed by the sound of the management team. They have less acreage in western Montana than Primary but I think it is higher quality.
The Eagle Ford is were the big growth is coming for ROSE this year.
BTW on Friday I heard that CRZO is going to announce some very strong Eagle Ford results in LaSalle County.
If you like PETEF you should take a hard look at Mountainview Energy http://www.mountainviewenergy.com/s/Home.asp
I'm talking to them about hosting a luncheon for us in July. I'm impressed by the sound of the management team. They have less acreage in western Montana than Primary but I think it is higher quality.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group