BRK 7.69% 1.4¢ brookside energy limited

"Mr. Prentice, further commented; “Results like this and the...

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    "Mr. Prentice, further commented; “Results like this and the success that many of the tier-one operators are having with increased density pilots are driving per-acre valuations higher (we note the recent acreage auction in Blaine County that closed at US$19,000 per acre for undeveloped acreage) as the Anadarko basin plays continue to demonstrate their world-class status”.

    http://okenergytoday.com/2017/08/16-million-lease-sale-880-acres-blaine-county/

    "Edmond’s EK Energy and Exploration  Company was the high bidder for the June sale of mineral rights to 880 acres of Blaine county land at a price of nearly $17 million dollars.
    The June 20 auction was handled by Farm Service Company of Chickasha where spokesman Cody J. White indicated the sale involved 5 separate tracks of land.
    “We closed the mineral sale on Aug. 7th,” he said in an email notice to OK Energy Today. “It sold as one tract to EK Explorations, LLC for $16,800,049 which was the high bid at the sealed bid auction.”
    He indicated there were initially 10 bidders but on different tracts. Only two bids were for the entire package.
    The sale figures to be $19,090 an acre for the drilling rights.
    EK Explorations LLC or EK Energy is an independent oil an gas company headquartered in Edmond. It focuses mainly on finding oil and gas reserves in Oklahoma’s Anadarko Basin"

    S0 reads to me like it was for land with no drills yet.  just my sense of its grammar.

    Surely if they had reserves it would have commented on dollars per barrel.

    Reserves, i reckon you need proof of concept drilling, etc, to establish flow rates, then you can extrapolate the undeveloped reserves based on neighboring completion densities, ie, 6,10 or 16 wells.

    Such our acreage with proven flowing wells, can get a undeveloped reserves estimate. And imo, worth more than acreage without any validations.

    we are on our way.


 
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