Armada Oil, Inc.: announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

1 Aug 2014drilling progress report▲ GoodMajor

A press release says Armada began drilling the Bear Creek #1 well in Carbon County, Wyoming (100% working interest, target depth about 8,457 feet, roughly 15 days of drilling expected). Starting the well means it met its drilling obligation under the Anadarko farmout and keeps the rest of the farmout acreage, resolving that open thread. The release also says Armada sold its remaining Oklahoma acreage to focus on Kansas and Wyoming; no price or buyer is given.

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6 Nov 2013drilling progress report● Neutral

On October 31, 2013 Armada and Anadarko signed a third amendment to the Wyoming farm-out contract, moving the deadline to start the first test well from December 31, 2013 to July 31, 2014. Armada then has 180 days after reaching contract depth in that well to start a second one. Armada says a location has been tentatively selected and the extra time allows more careful evaluation. This extends the earlier deadline of August 1, 2013 noted for the test well, and the drilling is now later than first set.

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