Sunday, November 1, 2015

Lime Rock Resources

This is simply some housekeeping. I am adding Lime Rock Resources and Vanguard Natural Resources to one of the sections at the sidebar at the right. This is where these entities will now be tracked. I am not yet sure if Lime Rock Resources is a subsidiary of Vanguard Natural Resources, but that will sort itself out later.

As usual, the background is down below; the updates are below, newest updates listed first.

Updates

December 7, 2016: update on Lime Rock activities back to November 2, 2015:
  • DUCs reported as completed:
  • Permits renewed:
  • Stroh wells: updated through October, 2016 
  • NDIC ArcIMS viewer: no active rigs in Cabernet oil field
  • Bottom line: it appears Lime Rock Resources is "cleaning" up its Fidelity permits (renewing and canceling); and, completing DUCs at the rate of about one/month.
November 2, 2015: analysts are already talking about re-frac opportunity for Lime Rock in the OXY deal in the Bakken. 

Updates prior to end of October, 2015:
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Background

Vanguard Natural Resources
Business Summary from Yahoo!Finance:
Vanguard Natural Resources, LLC, through its subsidiaries, acquires and develops oil and natural gas properties in the United States. It owns properties, and oil and natural gas reserves primarily located in nine operating basins, including the Arkoma Basin in Arkansas and Oklahoma; the Permian Basin in West Texas and New Mexico; the Big Horn Basin in Wyoming and Montana; the Piceance Basin in Colorado; the Gulf Coast Basin in Texas, Louisiana, and Mississippi; the Wind River Basin in Wyoming; the Williston Basin in North Dakota and Montana; the Green River Basin in Wyoming; and the Powder River Basin in Wyoming. As of December 31, 2014, the company had total estimated proved reserves of 2,031.3 million barrels of oil equivalent, as well as owned working interests in 9,759 gross productive wells and approximately 870,140 gross undeveloped acres. Vanguard Natural Resources, LLC was founded in 2006 and is headquartered in Houston, Texas.
Vanguard Natural Resources: website.
Relationship between Vanguard Natural Resources, Lime Rock Energy (LRE), and Lime Rock Resources (my notes are not ready for "Prime Time" but are being posted for my benefit only -- if this information is important to you, go to the source. My information is likely to have typographical and factual errors.

Disclaimer: the usual disclaimer holds. This is not an investment site. Do not make any investment or financial decisions based on anything you read here or think you may have read here. 

From my notes to another reader:
There is an entity called Vanguard Natural Resources.

Recently it merged / bought / whatever / LRR Energy (traded on NYSE as LRE).

At this website it shows Eric Mullins and Charlie Addock as the co-CEOs of LRR Energy: http://www.businesswire.com/news/home/20150420006784/en/Vanguard-Natural-Resources-Announces-Deal-Acquire-LRR.

At the Lime Rock Resources site, it shows the same two (Eric Mullins and Charlie Addock) as co-CEOs of Lime Rock.

At the press release linked above, in August, 2015: "As a result of the transaction, LRR Energy and its general partner will become wholly owned subsidiaries of Vanguard."

Also, at that merger press release linked above: "On the closing of the transaction, LRR Energy will be terminating the existing management services agreement with Lime Rock Management LP and Lime Rock Resources Operating Company, Inc."
I don't know if that means Lime Rock Resources is cut loose to become its own entity or whether it is a subsidiary of Vanguard Natural Resources. I assume the latter.

5 comments:

  1. Hi Bruce, Gene, here Can you see what you can find on Lime Rock what they are doing in the Cabernet. Thank You have a Great Holiday .

    ReplyDelete
    Replies
    1. I will do an update on the Cabernet later. For now, there are no active rigs in the Cabernet according to NDIC map today. A Lime Rock DUC was just reported as completed the other day:

      December 5, 2016: 29600, 299, Lime Rock Resources, Kenneth Stroh 3-12-1H-143-97, Cabernet, t11/16; cum -- . That's an IP of 299 bbls.

      On November 21, 2016, Lime Rock renewed two permits in Cabernet oil field: #30058: State 3-25-36H-144-97 L (which appears to be a unit line wells; and 30059: Kary 5-24-13H-144-97 L, another unit line well based on the name.

      On November 16, 2016, Lime Rock renewed two Stroh permits.

      On October 17, 2016: Lime Rock reported completion of another DUC, #29601, 250, Lime Rock Resources, Kenneth Stroh 5-1H-143-97, Cabernet, t9/16; cum -- ; again, the IP was 250 bbls.

      Bottom line: it looks like Lime Rock is "cleaning" up its Fidelity permits, renewing and canceling the permits. Regardless of whether Lime Rock will be the operator of the wells it drills (I assume it will be), there are no active rigs in the Cabernet today. It appears their first goal is to complete the DUCs which makes sense -- cash flow. The IPs of both those two Lime Rock Cabernet wells were unremarkable, but IPs are often not reflective of 90-day production rates and EURs.

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  2. Thank You Bruce I did find out that Matthew Schmidt 4 is completed we will se how its doing in the next couple months . Also they are going to fix 1 because oxy blew it we went from hundreds of barrels a day to 800 a month so they are fixing it . We are really Happy with Lime Rock very Active Company Hope they Stay that way. Again Thank You.

    ReplyDelete
    Replies
    1. Wow, thank you for the feedback. I have no mineral rights, so I really don't keep track of much (in my mind) -- that's why I have the blog -- to keep some kind of history to help me understand the development of the Bakken.

      You have no idea how much I appreciate your feedback. I can't possibly keep track of what I've posted and when I see a comment to an old post -- it really means a lot -- it provides an opportunity to update issues that might be of interest to others.

      In this case, as you know, right or wrong, I always thought OXY has lousy wells in the Bakken despite "everyone else" able to get great wells. I even had a whole devoted to the incredibly awful OXY wells.

      Hopefully Lime Rock will continue to do well for you.

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    2. This will be followed here:
      http://themilliondollarway.blogspot.com/2016/12/random-update-of-matthew-schmidt-well.html

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