Re: RBC - MHR news
Nipper, I hope you are not talking about the Bakken because that looks like a fiasco. According to ND state records, MHR is currently producing about 550 BOPD from 10 wells where MHR is the operator. All NG from these wells is being flared.
I don't know how much crude MHR is producing from non-operated, minority interests. MHR has very little to say about Bakken-specific results especially on their operated properties.
The problem is that Gary spent $400 million of our money bulking up in the Bakken just a few years ago. The company has 100s of drilling locations where MHR would be the operator. Very little is happening and I think the area is being starved for capex. Why would they be doing that other than dismal results to date?
I would be shocked if the Bakken properties are worth anywhere near what Gary paid for them.
Lots of winners in ND but also plenty of losers. Everything I see puts MHR in the latter category.