Question-and-Answer Session
Operator
(Operator Instructions) We have no questions at this time.
Clayton Williams
Very good then in summary one thing I would like to say, we’re talking about going forward, you can ask financial question and come back to us. Our company is in pretty good shape. We’re solid with the banks; the banks and the credit seem to be solid. We have accumulated some cash.
We have basically stopped our development drilling, because we’ve lost the margin. With the price coming down and the cost of drilling staying where it is, we’re going to start where we have stopped all development drilling until we regain our margin, which will come either from the price going back up, or the cost of drilling complete wells going down; more likely a combination of the two.
So we basically have no rigs drilling outside of the futuristic drilling we’re going to do, two wells in the Bossier for big potential and one in Utah which we’ll be starting pretty quick. So where are we as a company?
Okay we’re going to lay down dead because more and more liquid and see what opportunities might be involved, within a short period of time we’re going to be very, very liquid. Now the next question what about the Bossier? We have almost 300,000 acres in the Bossier. We have two wild cats drilling in the Bossier today.
That may be a new joke, why are you drilling wild cats instead of development drilling, because we have a great potential in the Bossier with our 300,000 acres. We’re drilling on two prospects deep 18,000, 20,000 feet in the Bossier. We have eight more for sure that we want to drill before we’ve evaluated this major position. Gas prices seem to be stable. We’re going forward with our exploration in the Bossier and we have provision for three more Bossier wells this year in addition to the two.
Okay Utah we have no really update. We’re drilling two seismically controlled wild cats north of the oil discovery by Occidental. We hope to start it before the end of the year, the first one, and we’ll drill the second prospect which is right on trend. We’re pretty optimistic about that.
Going forward we have a few bits and pieces like we had to deal with Brigham. They’re drilling two more wells. We’ll finish that but by in large we’re shutting down all of our drilling except that and the Bossier in Utah. That have high potential and we’re just hoofing our resource, hoofing our cash. Looking forward to where are the opportunities that may come about during this trying period of time.
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