We are launching coverage of CircleStar Energy, Inc. with a Strong Buy-Speculative Rating at a $7.50 DCF Valuation on 45MM shares (fully diluted) @3,000 BOE daily production by end of 2014 @$75 net revenue per barrel. In the last 45...
CRCL NBT Initial Report
Circle Star Energy Corp (CRCL)
Circle Star Energy production is moving along nicely.
With two wells, The Lynd 36-1 and The Lynd 36-2, Circle Star is already producing approximately 10 barrels of oil per day...and this is just for one well! Of course, this doesn't even include the initial daily oil rates of 20-25 barrels of oil per day The second well is nearing its completion and at the same depth as the 36-1, we can expect at least the same amount of production.
CRCL CEO Jeff Johnson stated, “Getting our first operated well on line and producing in Kansas is indeed a milestone for Circle Star Energy and its shareholders. Management is encouraged with the initial drilling results and we look forward to further developing our Kansas assets.”
While The Lynd 36-1 is producing, The Lynd 36-2 is nearing its final stages of construction and can be expected to start pumping soon.
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