Investing in small cap oil and gas isn't for everyone. Understanding the oil business is difficult enough, but unconventional production is a different business. Valuation is tricky for several reasons. Acreage is the most important. Valuing leaseholds can be difficult, as multiple operators can get a wide range of results. Poor well performance can be from something as easy as drilling outside the interval, or as difficult as using optimal types and amounts of proppant. Without access to well files, it is difficult to know why results can vary. In 2014, pad development will accelerate which should give us a better idea of where the best leaseholds are. The large volume of wells coming on line will provide a better...
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