Tuesday, January 22, 2013

Primary Petroleum in Alberta Bakken: Joint Venture Partner is OXY USA; OXY USA Owns 32.5% of Primary Petroleum

Link to Fairfield Sun Times:
It has been one of the worst kept secrets in the Oil Patch, and has led to all types of speculation on the world wide web, in both blogs as well as online reports by “respected” analysts within the industry.

For the first time, The Sun Times is able to report that the “JV” or “Joint Venture” partner that now owns 32.5 percent of Primary Petroleum Company is OXY USA Inc.

The Sun Times uncovered details of the transaction two weeks ago when researching documents related to oil and gas exploration in Teton County. Since the deal took place last year, the rumor mills have been rampant. For the most part, the speculation was close, but not on target.

When the agreement was made last year, The Sun Times was advised by reliable sources that Occidental Petroleum Corporation, based in Los Angeles, California was the new partner. However, the California headquarters refused to confirm the deal when contacted, so it was decided not to go with the story.
I track Primary Petroleum at "other producers."

For newbies: the Alberta Bakken is NOT the same thing as the Williston Basin Bakken.

2 comments:

  1. Thanks bruce for update do you have knowledge of proven production from alberta bakken or is this just another shot in the dark for OXY Maybe should concentrate on better IPS in bakken north dakota

    ReplyDelete
    Replies
    1. I agree with you, but my hunch is I am really, really wrong:

      http://www.petroleumnews.com/pntruncate/690836653.shtml

      It looks like it's a matter of figuring out the Alberta Bakken, just like it took some time to figure out the Williston Basin Bakken.

      But OXY USA sure has erratic results; I used to say "poor" results but every so often they get a good well like the one they reported today with an IP of 1,291.

      Delete

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