New strategy for New Standard pays off

A decision by New Standard Energy to focus on the Eagle Ford oil and gas fields of Texas rather than W.A’s Canning Basin is paying off for New Standard Energy.
With a market cap of just $28m New Standard will no doubt be trumpeting their latest proven and probable oil reserve upgrade at Eagle Ford independently valued at $72m.
When possible reserves are thrown into the mix the company says it could have almost $150m in reserves at the project which cost just $24.5m to buy.
New Standard has upgraded its 2P reserves by 83% since January and is currently drilling another 2 producing wells to add to its 7 operating wells.