The company is moving up nicely on it's sleepy developmental drilling of Permain and chalk acreage.
It is known that the company has Eagleford potential. Claytie is drilling his third well in this area and is being low key on the play. From what I see, initial results are just as exciting as other companies that issue a Press release everytime they drill a well with high IP. CWEI is being low key for two reasons IMO. 1) to potentially scoop up more acreage if things look good. 2) His word is important to him and he doesn't want to pump the play up until he has a better handle on the potential.
I do think it is noteworthy that he has included the Eagleford as a new area in his presentations. Remember when the stock ran up to $120 on Haynesville rumors, he consistently shot down any talk that the company may have material exposure to the Haynesville. CWEI has a new presentation out, and it looks like the company has increased EF acreage by about 20% to 166,400. Don't know if this is new acreage or a revised estimate.
CWEI may have other potential in the Permian. The Bonespring and Leonard Shale looks like it is heating up in the Permian Basin. I don't know if Claytie has exposure but my guess is that it is very possible. CWEI has 188,000 acres in the Permian.
With just over 12 million diluted shares O/S a modest hit in either of these areas would send the stock materially higher.
Has anyone heard of other potential around the Permian? Anything about CWEI in this area?