HAZ, couldn't have said it better myself...I have also talked of the uphill battle of offsetting natural declines while also trying to grow reserves and define the size of the prize for a potential acquirer. I am prepared for "disappointing" production but hope for >150MMBOE 2P reserves. The silver lining is that it will allow the co to continue to buy back cheap shares thus increasing the ultimate value for long term shareholders on a PER SHARE basis.
The one truly positive surprize would be a hit on Burried Hill but as a rank exploration well it has a low Chance of Success (between 10 and 20% ???). The wells there would be more prolific (also have faster declines) but they could boost near term production levels if mgmt decides to divert the new MOPU from BBS. Although the reserve adds would be modest, the NPV addition would be significant with great IRR.
