Thursday, February 5, 2015

ellaruth Provides Update, Recommendation: Strata-X Quietly Cancels Its Permits In North Dakota; No Press Release From Strata-X Or The NDIC -- February 5, 2015

I started off in less than a good mood when I started this post, but then seeing ellaruth's analysis, I am now in a very good mood ... by the way -- if you google Strata-X cancels permits, "ellaruth's instablog" is the number one hit. I cannot make this stuff up.

Original Post

As of a few minutes ago, Strata-X has not updated its webpage regarding "The Sleeping Giant" in North Dakota. I have found no press releases by the company that it has canceled its permits in North Dakota (but I haven't really started looking yet, either).

Call me naive, and maybe this is the way business works in the oil patch, but I am somewhat disillusioned that after all the hype there is no press release and no media coverage regarding the Strata-X wells in North Dakota.

It looks like there was a reason why the first two Strata-X wells went to DRL status last summer and were not fracked/completed. Those two wells, I believe, are still on DRL status. I haven't checked in the last 12 hours.

On the other hand, ellaruth has an "Instablog," dated December 12, 2014, with this title: Strata-X: The Small Oil and Gas Play That Appears To Be Thriving." Perhaps in Illinois, but apparently not in North Dakota. At that link, the company still says it has "opportunities in North Dakota ... "

This is ellaruth's summary (direct cut and paste; English is perhaps not her first language) :
This is a foreign penny stock with a 100% degress of risk. You can loose everything that you invest. Very soon I will probably take a small position. It appears to becoming successful in several projects in both Illinois and North Dakota's Bakken that are most inviting. Also, the company appears to have capable management, Illinois is touted to be feasible with current low oil prices. Its every person for themselves and due your own do diligence. You might wants to sell half of your position, if you appreciate 50% or more.
And there you have it: "Its (sic) every person for themselves (sic) and due (sic) your own do (sic) intelligence. You might wants (sic) to sell half of your position, if you appreciate (sic) 50% or more."

Her instablog says ellaruth is "Employed in healthcare for 35 years. Interested in novel and destructively innovative healthcare technologies."

If she's interested in destructively innovative healthcare... I suggest ... ObamaCare. 

********************************

Related posts:
*****************************************
From Strata-X Website -- February 5, 2015, 1:14 p.m. CT

Sleeping Giang Gas Project -- Williston Basin, North Dakota, USA
Project Highlights/Recent Activity
  • In December 2013 the Company received permits for 4 drilling locations with the North Dakota Industrial Commission.
  • On 20 June 2014, Strata-X spudded one of the permitted locations called the Rohweder #1-11 well, the Company’s first vertical appraisal well in the Sleeping Giant Gas Project, targeting biogenic natural gas from the prolific Upper Cretaceous Niobrara formation in the Williston Basin North Dakota.
  • In drilling the vertical Rohweder #1-11 well to a total depth of 1,450 feet, gas shows were encountered immediately after penetrating the regional hydrocarbon seal. In total, gas shows were encountered over an 80 foot interval of the targeted Niobrara formation, with gas shows peaking at approximately 300 units over a background of 25 units. In drilling portions of the targeted Niobrara formation, oil fluorescence and oil cut were also observed.
  • After casing, the well was shut-in to allow the Company time to design an optimal completion stimulation method utilizing data obtained during the drilling of the well. The Rohweder #1-11 well is the Company’s first proof of concept well on the Sleeping Giant Gas Project.
Strata-X Energy has acquired the rights to and intends to develop four prospective structures for shallow Niobrara gas in the south-eastern Williston Basin, North Dakota, USA. It owns options and leases to a 100% percent working interest in about 115,000 net mineral acres (147,000 gross acres) of currently leased land.

The Sleeping Giant Project is located on relatively flat agricultural lands with existing roads and infrastructure. Two interstate natural gas pipelines transect the prospect providing a sales avenue for developed natural gas. Oil and natural gas field services are readily available in Bismarck and Williston, North Dakota.

The Niobrara Formation is a significant petroleum system in the USA and has produced over 1 TCF of natural gas from shallow accumulations. There has been relatively little drilling in the Sleeping Giant prospect area. The limited drilling there has been located off structure from these gas prospects with prior wells predominantly targeting deeper Cretaceous or Paleozoic targets. The Niobrara Formation in this area has been overlooked despite gas shows and small flares being reported. In the mid 2000’s, four wells were drilled in this part of North Dakota to test shallow gas shows. None of them were completed as all were drilled off-structure for the Niobrara gas play.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.