October 15, 2013: Horizontal drilling is becoming more common in the Illinois Basin. Excellent production is being obtained by drilling new horizontal wells in existing reservoirs. The typical well costs twice as much as traditional vertical wells but yields four times as much oil. Intrepid Petroleum has been paying attention to this new development and will be making a major announcement soon.
December 31, 2013: 2013 Oil production in IPC’s Parnell Field increased by 20.6% over 2012 production.
January 10, 2014: IPC will participate in the formation of a new LLC, it’s primary mission is to develop proven reserves in the Illinois Basin by using new horizontal drilling techniques. This company will accept accredited investors who wish to build a company. We plan on using the majority of the net income from the drilling of new wells to grow the business, while about 25% of the net income will be disbursed to shareholders on a quarterly basis. Send us an email if you would like more information.
January 16, 2014: Our first monthly newsletter will be published on January 31st. The purpose of this newsletter will be to keep people up to-date with Intrepid Petroleum and the oil industry in general. To receive this newsletter just send us a email and put subscribe in the subject. You can unsubscribe at any time.
January 16, 2014: Dividends for 2013 totaled $.19 per share. This represents a 38% return on investment for the original share price of $.50. We project 2014 dividends should total $.23 per share.
January 31, 2014: We had a very successful meeting with a large local company concerning their 3 horizontal wells. We reviewed the drilling and completion methods that they used along with the geology of their oil field. They were also kind enough to open up all of their proprietary production records. The decline curves were very impressive. We have a very similar oil field that produces from the same zone. It is our intention to do our first horizontal well in this area. We have 3 locations on our leases.