11 July 2011drilling progress report▼ Bad
BIG SKY INDUSTRIAL INC. (as USE) published a press release announcing results of its southeastern Colorado drilling program. The 8-K itself gave no well-level results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 July 2011farm in farm out agreement▲ GoodMajor
USE entered a second Eagle Ford participation deal with Crimson Exploration, acquiring 30% of Crimson's working interest in about 7,186 acres (2,156 net to USE) in Zavala and Dimmit Counties, Texas - bringing USE's total Eagle Ford position to roughly 11,861 gross acres with up to 70 potential drilling locations, complementing its existing Leona River acreage with the same partner.
28 June 2011drilling progress report▲ GoodMajor
USE's Rough Rider Bakken wells with Brigham kept delivering strong results - four wells completed in Q2 2011 with initial rates as high as 2,375 BOE/d, and all 15 spacing units now held by production - though unusually severe North Dakota flooding disrupted access to some sites; separately, USE spudded its first well on a new operated Colorado prospect.
7 Apr 2011drilling progress report▲ GoodMajor
USE's Bakken position with Brigham Exploration was accelerating - four wells nearing completion, offsetting a well that had already delivered the company's best-ever initial rate of over 4,000 BOE/d - while its non-operated Zavanna wells saw its working interests bumped up (other partners declining to participate); separately, BNP Paribas raised USE's credit facility borrowing base from $12 million to $22.5 million.
8 Feb 2011drilling progress report▲ Good
USE filed an 8-K noting a February 8, 2011 press release updating its oil and gas drilling in Texas and Louisiana with partners PetroQuest, Yuma, Houston Energy and Southern Resources. The filing itself gave no production, well or budget figures.
27 July 2009drilling progress report▲ Good
USE announced the spudding of its third well under the Participation Agreement with Houston Energy L.P., agreeing to buy a 25% working interest in a prospect in Southeast Louisiana.
11 May 2009drilling progress report● Neutral
USE announced the spudding of its first well under the Participation Agreement with Houston Energy L.P., in which it acquired a 10% working interest in an oil and gas prospect in Southeast Texas.