Past year: ▼ 14%(2.74 – 3.62 USD)
Each one in plain English, with the numbers worked through for a shareholder.
20 June 2013drilling progress report▲ Good
Crimson announced its first Buda oil well, the Beeler #2H (50% WI) in Dimmit County, at a gross 24-hour rate of 859 Boepd and a 30-day average of 797 Boepd, completed without fracture stimulation. It estimates about 10,140 gross acres prospective for the Buda (up from 8,475 in April), and plans a second Buda well in mid-July; this resolves the Beeler #2H result that was pending in the earlier updates.
17 Apr 2013drilling progress report▲ Good
Crimson reported its second 2013 Woodbine well, Mosley B #1H (82.8% WI), at a gross initial rate of 1,143 Boepd; Payne B #1H is drilling with first production expected by end of May. The Covington-Upchurch #1H in Grimes County has been producing at 2,500 Mcfepd on a highly restricted choke while waiting for a midstream refrigeration plant that has now started up, and the first Buda well (Beeler #2H) is drilling at 6,025 feet with initial production expected in May.
3 Apr 2013drilling progress report▲ Good
Crimson reported its first 2013 Woodbine oil well, the Nevill-Mosley #1H (82.0% WI), came in at a gross initial rate of 1,164 Boepd, with a second well (Mosley B #1H) drilled and awaiting completion and a third (Payne B #1H) drilling. It also said it is about to start its first Buda-targeted well, the Beeler #2H (50% WI) in Dimmit County. Management states completed well costs are down about 34% since the March 2012 Mosley #1H, which continues the Woodbine redevelopment thread from the earlier context.
14 Mar 2012drilling progress report● Neutral
Crimson's first Woodbine horizontal well, Mosley #1H (about 88.8% WI), began flowback on March 9, 2012, and management calls initial rates very positive, with no figures yet. In the Eagle Ford, Glasscock A #1H (95.5% WI) started at 726 Boepd, below the Littlepage McBride wells, while the Dimmit County Beeler #1 (50% WI) started at only 370 Boepd. Because of Beeler, Crimson is delaying completion of KM Ranch #2 and will study completion methods before drilling more wells in that area, so the Dimmit/Zavala area is less promising than Karnes so far.
13 Apr 2011drilling progress report▲ GoodMajor
Crimson's first Karnes County Eagle Ford well, Littlepage McBride #1 (53% WI), started producing in early April 2011 at a gross 876 barrels of oil and 717 Mcf of gas a day, and management says it plans to move more 2011 capital to Karnes County. Catherine Henderson #A-9 in Liberty County (66% WI) began producing at a gross 9.6 MMcfe/d; Kodiak #1 and Blue #1 in East Texas are in completion with production expected within weeks, and a first Zavala County Eagle Ford well is due to spud around May. This follows the March plan and shifts the 2011 budget towards oil.
14 Dec 2010drilling progress report▲ GoodMajor
A December 9, 2010 press release reports the Gobi #1 H Mid-Bossier well (70% WI) producing 11.7 million cubic feet of gas per day (restricted rate), and drilling updates on other East Texas and Bee County Eagle Ford wells. It also reports proved reserves of 154.3 Bcfe at Sept 30, 2010 (PV-10 about $248.1M), up about 58% from 97.5 Bcfe at Dec 31, 2009. These are the company's own, independently estimated figures; the prior Culberson County and legacy-asset threads are not mentioned.
10 May 2004drilling progress report● NeutralMajor
GulfWest closed a $22 million financing on April 29, 2004: $18 million of debt from Petrobridge Investment Management and $4 million from preferred stock sold by its subsidiary GulfWest Oil & Gas Company. The company says it used the money to refinance its largest debt and cut total debt by about $10 million (26%), leaving up to $3.5 million for a workover program in Texas, Louisiana and Colorado. In return, Petrobridge gets warrants for 2,035,621 common shares at $.01 each, and the subsidiary preferred is exchangeable into common at $500 per preferred share divided by $.35 per common share, so common shareholders face dilution.
