Multiple sections in Township 1 North, Range 2 East.

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Good area if they can overcome historical downhole mechanical issues in this section.

GOOD LUCK!!

Don't you have any larger fonts, Rock Man??!!  LOL!  ;-) One of the keys to TMS economics in addition to the mechanical issues you mention is the price of crude.  $80 today.  $80 could be what's needed to get development in full swing.  Yes, good luck indeed to State Line Exploration and to all our TMS members.  Fingers crossed.

Can always go larger!!!! LOL

Pricing is major issue for sure, but if operator cannot get their planned TMS laterals D&C's to the planned length (e.g. 5000'), economics will still be horrendous.

IMO Australis is the poster child for this issue. I think they got one well D&C'd to the permitted length - and it was a good well. But every other well has only a small percentage of the permitted length so they ended up with sub economic wells (e.g. only were able to complete less than 50% of the lateral).

"Normalizing" these wells to how they would perform if completed in 5000' laterals is nice to look at, but a total smoke screen as to the actual economics for those specific wells for the operator(s).

Also IMO, the "PS" comment on any Australis TMS presentation should be "Despite all the above info, only one of our TMS laterals is economic while all the others are sub economic to various degrees"

"And we are losing money!'

For anyone wondering, D&C is the cost to Drill & Complete.  Australis, as all publicly traded O&G companies, spins the data and seeks to create a positive view of their asset.  Keeps the stockholders happier and acts as a solicitation for investors that are not sufficiently sophisticated to read between the lines as Rock Man points out.  As to economics, I think Australis acquired their TMS stake on the cheap when early movers grew tired of poor results and wanted to shift their cap ex to other opportunities, especially the company with the name Encana back in the day.  I think production from those existing wells and some minor funding success raising more capital has kept Australis in the game.  Australis will not prove up this play but will benefit, and crow about, if another more capable company does.  I hope that our TMS members who leased to Encana got good lease terms.

Juniper Capital and State Line Exploration partner for a TMS well.  Click the icon above.

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Juniper has been State Line's backing for a while, not just for this well.

Where ya been, Dion!  Hope you are well and staying busy.  Thanks for the extra detail on the Juniper/State Line JV.  I think most of us are pretty focused on "this well".  I no longer have a rig report that includes the area covered by the core of the TMS.  If you could help us keep up with this well, I'm sure the members, especially the members with a stake in the TMS, would be most appreciative.

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