Getting caught up on my reading.
From one of my "Scout Reports": FieldPoint Petroleum reported that the Cimarex (XEC) operated East Lusk Federal 15-3 well in Lea County, NM IP'd at 789 BOPD and then went on to flow 701 boepd (86% crude oil). The well TD's around 9,500 ft. in the Bone Springs with a 4,000 to 5,000 ft lateral. This is the third well drilled on the jointly owned lease and XEC has permitted a 4th location.
Read This: http://finance.yahoo.com/news/fieldpoin ... 00150.html
XEC
Re: XEC
Cimarex Energy Co. (XEC): An updated Net Income & Cash Flow Forecast model has been posted under the Sweet 16 Tab.
I have increased my Fair Value Estimate for XEC $20 to $125/share.
"Time flies when you are having fun": It had been more than two months since I took a hard look at XEC. I now believe the company is going to report production growth at or above the high end of their guidance. More important: I believe their oil production may exceed what I have in my forecast model, which will result in an even higher valuation. XEC is getting very good results from their Permian Basin drilling program.
I have increased my Fair Value Estimate for XEC $20 to $125/share.
"Time flies when you are having fun": It had been more than two months since I took a hard look at XEC. I now believe the company is going to report production growth at or above the high end of their guidance. More important: I believe their oil production may exceed what I have in my forecast model, which will result in an even higher valuation. XEC is getting very good results from their Permian Basin drilling program.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group