Canceled Permits

BEXP canceled a couple of permits today, both in the Alger field, one in section 11 and one in section 5, both T155-N-92W.  Go to the Alger field link to read more about these cancellations; it looks like there is more to the story. We'll probably never know the whole story but something tells me it required adjudication by the NDIC.

This is a cut and paste from my "wells to watch" page because I'm too busy right now to clean it up:

Special Circumstances: the Alger Excitement

18647 (C): Fidelity, Anderson 11-13H 

17392 (C): BEXP, Anderson 1-11H, is in section 11. PERMIT CANCELED, MARCH 19, 2010. WOW, that's an interesting turn of events.  11-155-92.  A companion permit, Olson 5-6-1-H, 5-155-92, was also canceled same day. The Olson 5-6 1-H well was a permit that was originally granted to Lario.

Comment: the reason these two wells are so important -- an entity called the Irish Oil and Gas Company has just paid the equivalent of $4.7 million for 640 acres, by paying $7300/acre for 120 acres in sections 11, 12, and 13, T155N-92W, Alger Field. This is a better-than-average field but not THAT remarkable. What might be going on? For those who do not follow these things, acres in the township north of this location were going for as little as $600/acre (which "in the old days" was a nice price).

18712 (P): Slawson, Athena 1-36H, SESW 36-155N-92W

CLR also canceled a permit: 18661, Rosenquist 1-13H, Hamlet field, Divide County.