Must have been some sort of oilman’s joke or something. A bit like Casey Research, in fact.
The 2q14 NR here, which doesn’t tell you that PRD.v got $537k of revenue from sales of its crude in 2q14 and made a net loss of $1.23m. And it has to be said, that’s slightly under the megasquillions and profits Katusa was predicting from his close pal’s company by now (yup how time flies, he’s been pumping this thing for over a year now).
As Katusa put it on November 23rd 2013 while waxing lyrical over a previous set of crappy returns from PRD.v, “...we expect the initial production numbers to be somewhere between 500 and 750 barrels of oil a day“. In fact, during 2q14 the well that was going to make you Casey Sheep all rich and stuff only operated for 68 days and produced 8,923 barrels of oil. Which is 131 and bits for every working day (or less than 100bbl/d if you spread that production across the whole quarter). So they’ve now closed that well down for optimization work, which is cute. But don’t worry! They’re going to take all that cash they raised from you and drill some more holes, which are bound to be paydirt and much better than the first one, right Marin?
And John Mauldin, how’s your trade treating you on this thing? Your readers happy about the way you got them in at $1.20? Ah, good…