Halcon's Proved Reserves Up 60% YOY; Surprise Is Bakken Vs Eagle Ford -- February 17, 2015

Tweeting now: DC federal offices closed today because of winter storm - @cnnbrk.

Pretty good article on what's going on with Greece: over at Yahoo!Finance. Key dates and comment:

• loans from 2010 bailout have come due
• without extension, Greece runs out of collateral in about 14 weeks (February, March, April, May)
• Yahoo!Finance says late March is day of reckoning -- that seems much short of 14 weeks
• Europe feels in a much better position now that Spain, Portugal, and EU are all improving

Proved reserves, Halcon's annual update (link here):

The Company's estimated proved reserves as of December 31, 2014 were approximately 189.1 million barrels of oil equivalent (MMBoe), representing approximately 60% reserve growth.

Year-end 2014 estimated proved reserves were 82% oil, 9% natural gas liquids (NGLs) and 9% natural gas on an equivalent basis. Of total estimated proved reserves, 74% were in the Williston Basin, 22% were in the East Texas Eagle Ford ("El Halcon") and 4% were in other areas.

Year-end 2014 estimated proved reserves were approximately 93% Company-operated and 41% proved developed.

Active rigs:

	2/17/2015	02/17/2014	02/17/2013	02/17/2012	02/17/2011
Active Rigs	136	185	181	197	172

RBN Energy: update on the Seaway.

Since December the first significant volume of Canadian heavy crude - an average of 240 Mb/d - has flowed to the Gulf Coast on the Seaway Twin pipeline. It’s been a rocky road to the Gulf Coast for Canadian heavy crude producers – beset with delays and congestion that they probably never envisioned when they planned their oil sands projects (including the wider political battle over Keystone – currently back in the President’s hands.)

And Canadian crude that does make it to Gulf Coast refineries faces stiff competition from incumbent suppliers. Today we chart the progress of the Seaway Twin and Flanagan South pipelines and look at price competition for heavy crude at the Gulf. The opening up in December, 2014, of the Enterprise/Enbridge joint venture 450 Mb/d Seaway Twin pipeline from Cushing to Freeport, TX, in conjunction with the Enbridge 585 Mb/d Flanagan South line from Pontiac, IL, to Cushing has enabled significant pipeline flows of heavy Canadian crude to reach the Texas Gulf Coast.

According to our friends at Genscape, average daily flows on Flanagan South since December 19, 2014 have been 389 Mb/d and average flows on the Seaway Twin have been 240 Mb/d. As we described last year the two new pipelines are part of an extensive expansion project by Enbridge of their Western Gulf Access system, that delivers Western Canadian heavy oil sands crude as well as Canadian conventional crude and shale crude from the northern portions of the Williston Basin into the U.S. Midwest.

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Reuters Spin -- ObamaCare

This from a Reuters article published today ...

 "...Republicans are opposed to ObamaCare..." 

... in an article about the case to be argued before the Supreme Court beginning March 4, 2015.

In fact, a Gallup poll last November, 2014:

Support for Obamacare continues to decline, with the law hitting a new low in approval, and a new high in disapproval, as the second enrollment period has opened for Americans.

Just 37 percent approve of the Affordable Care Act, 1 percentage point less than the previous low recorded in January.

The pollster notes the approval results are a “new numerical low” for Obamacare.

Now that folks are "losing" their annual tax refund because of ObamaCare it is unlikely that the approval rating for ObamaCare is increasing. 

Less then 37% of Americans support ObamaCare and yet Reuters implies that it is only the Republicans who are opposed to ObamaCare.

This explains, by the way, why Texas Democrats are meeting with Jeb Bush in his run to be the 2016 GOP presidential nominee.

This may very well be the video of the ObamaCare Trainwreck if the Supreme Court rules against the federal websites:

ObamaCare TrainWreck If Supreme Court Rules Against Federal Websites

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A Geography Lesson For The Granddaughters

Imagine the Sea of Marmara (Propontis) as a somewhat "squished/flattened" elephant, walking towards the right. The tail is the "Hellespont," now known as the Dardanelles, connecting the body of the elephant (the Propontis/Sea of Marmara) to the Aegean Sea (eastern sea of Greece); the trunk of the elephant extends toward the east (right). But above the eye, this peculiar elephant has a horn, the Bosphorus (a strait) which connects this peculiar elephant, the Sea of Marmara, to the Black Sea. The Bosphorus also has a smaller horn that protrudes into the heart of Istanbul, the "Golden Horn."

Incidentally, the peninsula to the west of the Dardanelles is the Gallipoli peninsula. The Gallipoli Campaign, a notable failed offensive by the Allies in World War I, took place on the Gallipoli peninsula in 1915. The Turkish hero: Mustafa Kemal Atatürk.