Only two wells coming off the confidential list today:
- 17308, drl, BR, CCU Meriwether 44-19TFH, Corral Creek,
- 22572, 147, Samson Resources, Saratoga 12-1-161-92H, Black Slough, t9/12; cum --
BNSF’s oil shipments out of the Bakken have grown exponentially, from 1.3 million barrels in 2008 to 90 million barrels in 2012.
Thirty-five facilities for unloading crude oil from trains are under development in several states, and that will lead to even more shipments, Rose said.
Likewise, the railroad is shipping more freight into the Bakken area. Sand used in hydraulic fracturing is in big demand, as well as other products such as lumber used to build new houses, Rose said.
BNSF’s big investment in oil hauling resulted from a shortage of pipeline capacity that has constrained oil shipments out of the Bakken.90 million / 365 --> 250,000 bopd.
Mr. Perkin said he was putting together a group to invest in a unique way in the oil boom in North Dakota: lodging.
“Every oil company in the world is going gaga over the Bakken oil fields,” he said. “The problem is there is zero infrastructure: terrible roads, no restaurants, nowhere to stay, the airport is awful, no hospitals or schools, nothing.”
Despite all that, he said, he has a group of clients investing $60 million into a hotel project with another $40 million of investments planned.
“It’s the kind of thing people are looking for — infrastructure and a hard asset,” he said. “It’s like the California gold rush. Who made the most money on the gold rush? Levi Strauss. We’re looking at the ancillary businesses that come out of the demand for oil.”
This is not without risks beyond the lack of liquidity in the deal. If the price of oil drops below $60 a barrel, the demand for Bakken crude could slow, he said. But now, he said, clients like investments that appear uncorrelated with the market volatility the fiscal cliff could cause.
Go to the link for the rest of the story. I may post some data points later, but the story is too incredible to wait for me to post data points.On September 27, Slawson Exploration (the operator) and its 10% working interest partner PetroShale announced the initial results from their first four test wells in the Mondak field. These four horizontal test wells are noteworthy for having been drilled and completed in the Upper Bakken Shale itself (as opposed to the vast majority of the industry's development activity which has targeted the Middle Bakken dolomite, a reservoir rock sandwiched between the low permeability source rocks, the Upper Bakken Shale and Lower Bakken Shale).
And although this presidential election is not a referendum on energy policy per se, there is an undercurrent of concern.
"I think people in this part of the state are very nervous," Williston Mayor Ward Koeser told CNBC. "There isn't a lot of confidence in President Obama when it comes to understanding the oil industry.
If fracking were to be more tightly regulated, that's one thing. But a moratorium or ban is another story.
"Things would stop here as quick as a thief in the night," said Tom Rolfstad, Williston's head of economic development. "It would just halt it."
Rolfstad is adamant about positive efforts to limit any environmental damage from fracking.
One comment: "If fracking were to be more tightly regulated, that's one thing." -- a slippery slope."I think we’ve made dramatic changes with a great deal of caution and care," he said. "Our cleanup in accordance to laws in the last year or two — that required every well has everything cleaned up after the well has been drilled. It's said to cost $400,000 per well to do that cleanup.
The "lost decade" I was referring to was 2000 - 2010. I had periods of optimism in 2011 that "we" would be moving out of that "lost decade" into a decade of opportunity, but that, too, appears to be a mirage.If killing the Keystone was America's defining moment in 2012, California's defining moment was the decision to throw billions toward the bullet train from LA to San Francisco. Like that will ever happen. The high-speed part.
There will be a generation of Americans who will never work, at least not work in the area for which they had hoped. Another group of Americans, those aged 45+ and having been laid off from their life-long career, will also never work again.
For me, in the field that most interests me (energy), killing the Keystone XL may be the defining moment of 2012. I hope it does not define the entire decade, but one wonders.
After years of planning, the first ground was broken during a ceremony that included civic, county and state aviation leaders. Expected to cost in the neighborhood of $12 million by its completion, the airport will replace the aging Bowman Municipal Airport.
Paid for mostly by the Federal Aviation Administration, the complex is expected to be finished sometime in 2015.
Nordic American Tankers Limited today [October 9, 2012] announced that it expects to release its 3rd quarter 2012 report November 15, 2012, before the opening of trading at the New York Stock Exchange.
At that date the quarterly amount of dividend is expected to be announced. The record date is expected to be November 29, 2012, and the payment of dividend is expected to take place on or about December 12, 2012.
As previously communicated, the 3rd quarter 2012 is expected to be weaker than the 2nd quarter 2012. However, the 3rd quarter 2012 is expected to be well above the same period last year."Well above the same period last year." Hmmm. That only tells us how bad last year was.
February 8, 2010: Magazines' Newstands Sales Fall 9.1%: Newsweek down 41.3% (wow!). Time down 34.9% (wow!). TV Guide -- the whole company -- sold for a dollar in 2008. Reader's Digest is in bankruptcy.And so it goes. Sad. But there was a story somewhere yesterday that regional papers in the United States were actually doing quite well. Warren Buffett is a big investor in regional US newspapers. I still prefer the print edition to the on-line edition.
Time featured Obama on its cover 14 times in 2008. Newsweek was close behind, featuring the president-to-be on 12 of its issues in 2008. Time had 52 issues in 2008, so Obama has been featured on more than one-in-four of its covers, or about 27% of the time.Obama's face or name somehow made it onto the cover of Time just about half of the time in 2008 (25 out of 52 issues -- 48%).
NEXT Frac outperforms traditional hydraulic fracturing techniques as it can easily reach wellbore radial fracture propagation of 180m - 365m, as compared to typical hydraulic fracture propagation of 30m.I may do a stand-alone post on this later. I have mentioned several times on the blog that is appears to me that the radial effectiveness of conventional fracturing is about 500 feet. I may have been way too generous. CLR suggests as much with its study on the Three Forks, and then this link to NEXT Frac in which they suggest that the "typical hydraulic fracture propagation of less than 100 feet."
At Jayar, Alberta, in the northern portion of Celtic's Resthaven land block, the Company has completed a horizontal well located at 4-22-61-3W6 (100% WI). The well was drilled with a horizontal lateral of 1,545 meters in the Montney formation and was completed with a 900 tonne, 18-stage nitrogen foam fracture. The well was flowed on clean-up for 194 hours and during the last 24 hours of the test the well was flowing at 11.7 MMCF per day of raw gas and 362 barrels per day of condensate with a flowing tubing pressure of 8,748 kPa (1,268 psi).2012 guidance:
Celtic re-confirms its exit 2012 production guidance of 29,900 boe per day. In addition, the Company's 2012 net capital expenditure program remains at $322.0 million. Celtic expects production in 2012 to average between 22,000 and 23,000 boe per day.
Average production in 2012 is expected to be weighted 24% oil and 76% gas; however, operating income in 2012 is expected to be weighted 78% oil and 22% gas. At the low end of the range of 2012's average production forecast, this represents a 36% increase from average production of 16,212 boe per day in 2011. On a production per common share basis, the increase would be 26%.XOM with $18 billion in cash.