Thursday, July 18, 2013


Yahoo!News is reporting:
Flight 007 returned to Boston "as a standard precautionary measure" to check out a maintenance message indicator showing the possible fuel pump problem and landed safely, Japan Airlines spokeswoman Carol Anderson said.
At least they're bringing 'em back before they burst into flames:
A Japan Airlines flight to Tokyo's Narita Airport returned to Boston's Logan Airport on Thursday because of a possible fuel pump issue on the Boeing 787 aircraft.
It's the latest trouble for the new Dreamliner aircraft after a lithium ion battery problem grounded the fleet in January and a fire erupted on an empty Ethiopian Airlines plane parked at Britain's Heathrow Airport last week.

Almost two hours of James Bond, 007:

Five minutes from each of the James Bond movies

US Fuel Exports Surge

Reuters is reporting:
In the middle of July, U.S. refiners are normally doing a brisk business selling their fuel close to home, revving up output to meet peak driving demand.
This year, however, they are in the midst of an unprecedented summer surge in exports of gasoline, diesel and other fuels, as the combination of cheaper shale crude and record-high biofuel credit costs open up new markets overseas.
Refiners like Valero and traders like Vito have raced this month to book more than 77 tankers to ship fuel from the U.S. Gulf Coast to Africa, Argentina and even Asia, nearly surpassing total bookings in all of July last year, according to data from shipbroker Charles R. Weber Company Inc.
RBN Energy had a related story which was posted earlier this morning. 

It looks like America's energy sector is hitting on all twelve cylinders. What a great country!

A Note To The Granddaughters

Speaking of "what a great country," here's a short story.

Tonight we struck up a conversation with a wonderful assistant manager at a Japanese buffet restaurant in west Los Angeles. She happened to be Iranian. She had come to this country when she was three years old via London, England. 

I asked her if she had a British passport / British citizenship. She said it was very, very difficult to get a British passport. She said things were so much easier in this country, and she was not talking just about citizenship. She had come to American in 1982 (if I recall correctly) and she still raves about how wonderful this country is. 

A very refreshing conversation.


Speaking of passports, why would the US allow folks to forge up to two (2) American passports without being charged with a crime? The new immigration bill allows folks to forge up to two (2) American passports. It becomes a crime if one forges three (3) or more passports

It appears I can't make this stuff up. What a great country. Sometimes you just need a passport for a quick trip and cannot way for the US government to send you one. It's times like that you will be glad that you can forge a passport and not be charged with a crime. I assume forged passports are good for ten (10) years, just like the real ones.

One Billion Dollar Charge For Surface Tablets -- Microsoft; We Knew It Was Going To Be Bad, But Did Not Expect It To Be This Bad

Some numbers rounded. 

Reuters is reporting:
Microsoft Corp on Thursday reported lower-than-expected quarterly earnings as slow personal computer sales ate into its Windows business and the company took an unexpected $900 million charge for its inventory of unsold Surface tablets
The massive charge underlines the struggles of the world's largest software company, which last week announced a deep reorganization to transform itself into a "devices and services" leader, but is struggling to make mobile computing as attractive as Apple Inc or Google Inc.
"That's the biggest miss we've ever seen from Microsoft, the biggest that I could remember," said Brendan Barnicle, an analyst at Pacific Crest Securities.
"It looks like everything was weak."
Shocking. And the problem is that although this is a one-time charge, it's unlikely to get any traction. 

Wells Coming Off Confidential List Friday; Liberty Resources Has A Huge Well In The Pronghorn (Arnegard Area)

  • 21274, drl, Enerplus, Chord 148-93-18D-07-3H, McGregory Buttes, no data,
  • 21920, 653, OXY USA, Sharon Rainey 1-17-20H-142-96, Manning, t1/13; cum 26K 5/13;
  • 23499, drl, Hess, BB-Burk-151-95-0718H-2, Blue Buttes, no data,
  • 23535, 574, Liberty Resources, J. Garvin Jacobson 150-101-17-20-1H, Pronghorn, t2/13; cum 57K 5/13
  • 24618, 215, Whiting, Davidson 13-19, Delhi, Red River well; t3/13; 320-acre spacing; cum 8K 5/13;


 21920, see above, OXY USA, Sharon Rainey 1-17-20H-142-96, Manning:

DateOil RunsMCF Sold

23535, see above, Liberty Resources, J. Garvin Jacobson 150-101-17-20-1H, Pronghorn:

DateOil RunsMCF Sold

24618, see above, Whiting, Davidson 13-19, Delhi:

DateOil RunsMCF Sold

Baxter Reports Friday Morning Before The Open

Mixed. Transcript.

Five (5) New Permits -- The Williston Basin, North Dakota, USA

NDIC quietly corrects an error posted yesterday. That Whiting well with an IP of 8,443 bbls of oil was incorrect; the IP for #25105 has been corrected to 843 bbls. 

Active rigs:  189 (no change for several days now)

Five (5) new permits --
  • Operators: XTO (2), HRC, Legacy, Newfield
  • Fields: Haystack Butte (Dunn), Strandahl (Williams), North Souris (Bottineau), Sandrocks (McKenzie)
  • Comments:
Results of wells coming off confidential list have been posted; see sidebar at the right. All Bakken wells coming off the confidential list went to DRL status; one Spearfish/Madison well reported an IP.

Liberty Resources canceled two permits: its Helling well (#25051) and its Red Wing State well (#23927).

One producing well was completed:
  • 23596, 533, HRC, Pasternak Federal 1-2-11H, Strandahl, t2/13; cum 16K 5/13;
Statoil is re-surveying sites for six (6) wells on one pad in section 19-155N-92W, Alger field. Three are Jack Cvancara wells and three are Domaskin wells.  One Cvancara well in this section:
  • 18628, 4,357, Statoil, Jack Cvancara 19-18 1H, Alger, t5/10; cum 300K 5/13; producing 5,000 bbls of oil/month

Finally, An Area That Might Be Free Of Slicers And Dicers

The Oil & Gas Journal is reporting:
The US Fish and Wildlife Service said it will take another 6 months to decide whether to designate the Gunnison sage grouse as an endangered species, and areas of southwestern Colorado and southeastern Utah as critical habitat for the bird.
“We heard loud and clear from many people invested in Gunnison sage grouse conservation that there is additional scientific information we should consider during our decision-making process,” said FWS Mountain-Prairie Regional Director Noreen Walsh on July 15.
I don't know if sage grouse fly high enough to be sliced and diced. 

Detroit Ran Out Of Money To Pay The Lawyers

Regular readers will know what I'm talking about -- the $1,000/hour lawyers advising Detroit on how NOT to declare bankruptcy. Lotta good that did 'em.

So, Detroit declares bankruptcy. It will be interesting to see how this plays out.

The Journal reports:
The city of Detroit filed for federal bankruptcy protection on Thursday afternoon, making the automobile capital and one-time music powerhouse the country's largest-ever municipal bankruptcy case.
The Chapter 9 case filed in U.S. Bankruptcy Court for the Eastern District of Michigan came after Kevyn Orr, the emergency manager, failed to reach agreements with enough of the bondholders, pension funds and other creditors to restructure Detroit's debt outside of court. The final decision rested with Republican Gov. Rick Snyder, who had appointed Mr. Orr as Detroit's overseer in March.

Wow: This Is How One Knows The Surge In Price Of WTI Is Not Due To Geopolitical Events

Platts is tweeting:
At 1900 GMT, the Brent/WTI spread is down to about 40 cts. Brent's up about 10 cents, while WTI is up about $1.85.
See first article linked at this earlier post.

After several years of a wide spread between WTI and Brent, this is quite a picture, from Bloomberg:

Oil Services Company In The Bakken Hurt By Flooding; Phrase For The Day

MarketWatch is reporting:
Superior said flooding in North Dakota curtailed demand for its services. Other factors included downtime associated with switching equipment from Texas to other areas of operation and less business in Mexico.
The Houston-based company said second-quarter earnings are expected to be between 42 cents a share and 44 cents a share. Analysts polled by FactSet had seen earnings of 48 cents a share, compared with earnings of 40 cents a share in the previous quarter. Superior is slated to report July 30.
The wet weather is unlikely to have caused problems for other companies operating in the Bakken, analysts at Sterne Agee said in a note to clients. -- Barron's said the same thing.
“We do not believe that there has been unseasonably severe flooding from the typical ice-pack melt in North Dakota and Montana this spring, and we are comfortable with 2Q earnings estimates for our Bakken-focused coverage companies,” they said.
That includes Whiting Petroleum Corp. WLL, Oasis Petroleum Inc. OAS, and QEP Resources Inc. QEP, which mostly don’t use Superior services. Whiting on Tuesday updated the Street on production, estimating more barrels than the high end of its guidance.
Phrase For The Day

I've run across this little quote several times in the past two weeks; it must mean that "someone" wants me to post it.  From How To Sound Smart: A Quick and Witty Guide, by Norah Vincent Chad Conway, p. 119:

le mot juste [luh-mo-juiced]

Meaning: exactly the right word.

More specifically, it means the best, the one and only word that is appropriate for a certain situation.

Dorothy Parker always came up with le mot juste. Once at a fancy tea with society ladies, Parker was asked to take part in a game in which each person was given a "big" word to use correctly in a sentence. Parker hated pretentious society ladies, so when she got her word, which was "horticulture," she said, "You can lead a horticulture, but you can't make her think."

Stocks Hit All-Time High

Note: some items updated after market close.

I do not agree with this writer that the price of WTI (at $106 and rising) is due to geopolitical events in the mideast. I haven't seen a story on Syria in weeks, and the situation in Egypt is cooling down, if anything. WTI is rising for three other reasons. Regular readers know. 

Be sure to check out CarpeDiem daily

Wow! I was so busy I didn't get to the market until now -- up 111 points and oil up another $1.00+. The oil story is very, very interesting. It is finally playing out as predicted over a year ago; took some time. Many, many story lines. I don't get cable television; in fact, I hardly have access to television -- so I'm missing CNBC but I assume the talking heads are telling viewers oil should be priced at $60 to $70 and they don't understand why it keeps trending up. But regular readers understand what's driving oil up.

From Barron's:
Key themes: 1) ExxonMobil giving back some of its downstream beats as WTI-Brent spreads normalize; 2) George Kirkland [vice chairman and executive vice president of upstream] will be on the Chevron call -- we look for an update of the Australia mega projects and signs of acceleration in their industry-leading Permian shale position; 3) we think the Eagle Ford  is getting better (both the pace of completions and initial productions) -- this should benefit EOG Resources, Marathon Oil, and ConocoPhillips; 4) The European Majors are becoming more attractive alternatives to Chevron and Exxon -- Enersis, Royal Dutch Shell and Total all offer competitive production growth over the next few years and should enjoy an improvement in upstream margins; 5) Restructuring plays will continue to attract attention. We see the greatest near-term potential at Hess , given second-half asset disposals. Occidental Petroleum's California update at the second-quarter call will be important. 

There's a very, very interesting story line developing here, one that I have alluded to or blogged outright over the past couple of years. 

So how are my favorites doing (some I invest in; some I don't; I follow all for various reasons).

Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or what you think you may have read here. I seldom buy or sell shares any more except in automatic reinvestment programs. I do not plan on buying or selling any shares in any company in the next three or four weeks. I don't even plan on buying or selling any shares for the next year although I probably will. 

  • SRE: new 52-week high
  • CNP: new 52-week high
  • MDU: new 52-week high
  • ENB: up a bit; still not back to its high
  • EEP: ditto
  • EPD: up nicely; still not back to its high
  • TPLM: nice
  • SD: up slightly
  • CHK: up slightly
  • KOG: up slightly
  • OAS: up slightly
  • CVX: up very nicely; not back to its high
  • COP: new 52-week high
  • XOM: up very, very nicely, and a new 52-week high
  • EOG: a new 52-week high; incredible
  • PSX: down
  • UNP: reversed; now up nicely; could did hit new 52-week high
  • BRK-B: new 52-week high
  • BAX: new 52-week high
  • XLNX: huge move; new 52-week high (big story behind this one; maybe for another day)
  • BK: new 52-week high
Stodgy telecoms? Verizon's profits surge 23% -- almost as good as the banks on Wall Street. Main Street might not be doing very well, but Wall Street is doing very, very well.

Huge day for the market, and MSFT closed down. Okay. 

Two Stories For The Fun Of It: The Growler; The World Trade Center

I first became acquainted with the growler in 2011 or thereabouts while visiting Gloucester, Massachusetts.

Now a huge WSJ article:
The craft beer craze isn't slowing down, and as the number of breweries grows, so has the popularity of growlers—64-ounce reusable jugs that can be filled to take off the premises. With growlers, you get fresh beer. Often it is beer that is not available in bottles or cans. And you get it in a local, environmentally friendly way.
"I've come to realize that beer from the tap is better than beer from the bottle, and this is the only way of bringing the tap flavor home," says Jonathan Garonce, who last week filled a growler with Goose Island IPA from a beer tap station at a Duane Reade drugstore on New York's Upper West Side. Mr. Garonce owns two growlers, which he refills whenever he's having friends over. He also owns a smaller, 32-ounce growler, sometimes called a growlette.
So many opportunities for young entrepreneurs. 

And then this incredible story, also at the WSJ:
When I heard that Patrick Acton had made a soaring model of the new World Trade Center for Ripley's Believe It Or Not in Times Square—out of 468,000 matchsticks and 17 gallons of glue, the enterprise taking him 2,100 hours—I felt I had to meet the guy.
I suspected we were kindred spirits, even though I'd never attempt such a feat. If I did, it would be doomed to certain failure. I doubt I could make anything out of matchsticks except a fire, and even that only after striking the box a half-dozen times.

Staggering Energy Growth

A reader alerted me to this incredible story. A marketing/advertising story; not a straight news story; take some of it with a grain of salt.

CoStar Group is reporting:
Growth in the domestic energy industry is driving heated demand for prime real estate, predominantly in a handful of cities where the oil and gas industry is booming. That growth is expected to create more than 3.5 million American jobs by 2035, including 700,000 in the next two years alone.

Leonardo Maugeri, a former oil industry executive from Italy who is a fellow at the Kennedy School’s Belfer Center for Science and International Affairs, studied the performance of 4,000 American shale oil wells and the work of about 100 companies involved in shale oil production.

In a paper titled “The Shale Oil Boom: A U.S. Phenomenon,” Maugeri wrote that the unique characteristics of shale oil production are ideal for the U.S. and unlikely to be mirrored elsewhere in the world. These factors include the availability of drilling rigs, and the entrepreneurial nature of the American exploration and production industry, both critical for the thousands of wells required for shale oil exploitation.

Maugeri said the number of American shale oil wells in North Dakota and Texas could soar from the current 10,000 to more than 100,000 working wells by 2030. He said steady improvements in technology and cost would continue to drive industry growth in the shale oil fields in the Dakotas and Texas.

A key distinction between shale oil production and conventional oil wells is the intensity of drilling required to extract shale oil. Maugeri noted that the Bakken-Three Forks region in North Dakota required 90 new wells per month to maintain production of 770,000 barrels per day. Shale oil wells reach peak output almost immediately but quickly decline, so multiple new wells constantly need to be drilled. Maugeri believes only the U.S. oil industry is capable of such drilling intensity, he wrote. 
The consensus is that North Dakota will need 50,000 wells to drill the Bakken, so 100,000 wells for North Dakota and Texas is not unreasonable.

Only "90 new wells per month to maintain production of 770,000 bopd." North Dakota easily has the capability of 200 wells/month. 

Several story lines. The biggest story line: an incredible opportunity for young investors.

Thursday Morning Links, News, And Views; Every Bakken Well Coming Off Confidential List Today Went To DRL Status; British Open Starts Today

What's wrong with this picture? 62-year-old serial rapist is back on the streets, and court supports his bid to move back to his old hunting grounds. Only in California. In and out of prison for decades. Briefly:
responsible for more than two dozen attacks. After his release from a state hospital in 1979, he moved to the Bay Area and sexually assaulted more than 23 women, Los Angeles County prosecutors say. He was convicted again of rape and other charges and imprisoned.
Shortly after his release on parole in 1990, Hubbart assaulted two more victims in San Jose, according to Los Angeles County prosecutors. He was convicted of false imprisonment and sentenced to five years. He was released in 1993 and returned to his home in Claremont.
He was back in prison after breaking parole, but now, released once again. And only 62 years old. He has quite a resume.


On a brighter note, this is an incredible story. The building at 1 Wilshire Boulevard, west Los Angeles sold for almost one-half billion dollars, a record. 
Built in 1966, the building has become one of the world's top three telecommunications centers and is widely regarded in the industry as the single most important telecommunications hub in the Western U.S...
An incredible story. Unfortunately, it requires a subscription. I assume the story will be available elsewhere as the day goes on.

Back to the Bakken and Other Energy Stories

Active rigs: 189 (steady, no change for several days now)

RBN Energy: a fascinating story on state of European refineries; a must read.

Every Bakken well coming off the confidential list today went to DRL status

WSJ Links

Bank of America profit jumps 63%. AMEX profit rose almost 5%; credit card spending by AMEX customers rose 7%.

Ford doing better in California.
For decades, car shoppers in America's coastal states largely spent their money on Japanese and European imports over Ford Motor Co. and other U.S. brands.
But that is changing for Ford, highlighting the success its new models are having hitting the right notes for consumers looking to buy small and medium size passenger cars.
Sales of the 2013 Fusion, redesigned last year with a lengthy list of technology features and a grille that echoes the ultraluxury Aston-Martin sports car, are up nearly 18% over a year ago for the first half of 2013.
Through June, Ford is on pace to sell 300,000 Fusions this year, making it one of Detroit's most successful new sedans since the original Taurus set styling in midprice cars on its ear during the late 1980s.
Huge story; 80 comments; most comments I've seen for an LA Times story of this nature. 

Huge store regarding oil industry and the endangered lesser prairie chickens: if you are an investor in CHK, SD, EOG, CLR, or any other operator drilling from Kansas south to the Permian, you better read this. No mention of slicers and dicers as far as I can tell, but I didn't read the article to the end.

D-Day for Detroit nears. I still argue that bankruptcy won't be declared until law firm gets last bit of dough Detroit has. Earlier "they" said the decision would likely be this week. This is Thursday and they are still saying the decision is near. There must still be some money left in the banks that hasn't been paid to lawyers. The plan:
Detroit's strategy, unveiled last month, is to pay off the majority of what secured creditors such as certain bondholders are owed while offering pennies on the dollar to unsecured bondholders, unions and pension funds. 
Big story on utilities being forced down the renewable path, at higher cost for consumers. It turns out the farmers like wind and solar.

I was a fan of Rolling Stone for the most part due to its relationship with Hunter S Thompson. With its most recent issue, the magazine clearly crossed a boundary that Americans won't tolerate. Walgreens and CVS won't sell this issue; I hope stores across Boston take it off the shelves. It should make his family proud their son is on the "cover of Rolling Stone." At least nine children injured, some seriously, one 8-y/o dead after this monster placed a bomb at his feet. And now, his picture on the cover of Rolling Stone.

The Cover of Rolling Stone, Dr Hook

A Note To The Granddaughters

I just finished Arthur I. Miller's book on the story of the physicist Wolfgang Pauli and the psychologist Carl Jung. About a third of the book was devoted to dream analysis; Pauli submitted more than 200 dreams to Jung to analyze. Over time their provider-"patient" relationship morphed into one of friendship.

As a rule I do not dream. But last night I had a "dream" that simply replayed an event that occurred many, many years ago. It left me quite shaken, almost to the point I thought about not blogging this morning. I will record the dream elsewhere; you can read about it after I die. The journals will all be yours.

May and I reminisced on our way "home" last night -- actually I reminisced out loud; May only listened (she dislikes my monologues and generally falls asleep once I start talking). Unlike Woody Allen, in the big scheme of things, I have no regrets. I would re-live my life just as it was/is. I might have tweaked a couple of life chapters involving relationships, but only slightly. I hope you two get to experience a) relationships to maximum extent possible; and, b) the world to maximum extent.

Sharp Drop In First Time Claims

The poll, where we asked whether first time claims would increase or decrease in today's report:
  • increase: 62%
  • decrease: 38%
In fact, first time claims decreased by a huge number: 24,000.
New claims for jobless benefits dropped last week to their lowest level in four months, a positive sign for hiring that could bolster expectations the Federal Reserve will ease its monetary stimulus this year.

Initial claims for state unemployment benefits fell by 24,000 to a seasonally adjusted 334,000, the Labor Department said on Thursday. It was the lowest reading since March and a steeper fall than analysts had expected.
Still, a four-week average of new claims, which smoothes out volatility, fell 5,250 from a week earlier.
 According to the story, July is a particularly difficult month to sort out, so we will put this number aside for the moment and wait for a) tomorrow's new jobs report; and, b) next month's initial claims, though I would think August would also be a tough month to forecast.

Whatever. Time to move on to other news.

Union Pacific Reports Thursday, 8:45 A.M.

Beat expectations by 2 cents but revenues missed ($4.47 billion vs $4.5 billion). Share price drops.

Eleven Wells In One Spacing Unit

In today's daily activity report, it was reported that WPX will be resurveying seven well sites on one pad in section 12-150N-92W, Van Hook oil field, Mountrail county.

That will put nine wells in that spacing unit (sections 1/12 - 150-92): there are two sites in the northwest corner of the spacing unit (with one rig on site) and seven well sites (the ones that will be re-surveyed) in the southeast section of the spacing unit. These nine wells are all "Olson wells." The only one that has been completed in this spacing unit is:
  • 18754, 2,104, WPX, Olson 1-12H, Van Hook, t12/10; cum 163K 5/13; still producing about 3,000 bbls of oil/month
Just to the west, in sections 2/11 - 150-92, there are already eleven (11) well sites in that 2-section spacing unit: four wells on one pad in the northwest corner of the spacing unit, and seven sites on the southeast corner of the spacing unit. I assume these are all middle Bakken and TF1, and even so, there are large areas of the spacing unit not touched by these eleven current/future horizontal wells. In addition, along the section lines, of course, there are no wells yet. These are the Mason wells in the northwest corner, and George Evans wells in the southeast corner. These wells have lower IPs (Mason and George Evans) than the Olson wells to the east, but are still good wells.

A Note To The Granddaughters

There's a lesson (?) somewhere to be learned in this story

In 2002, or thereabouts, I toyed with the idea of contacting an old flame (as they say). In my heart I knew it was the "right" thing to do. Rationally, however, and after discussing it with others, it was decided "no purpose would be served" by contacting her, and I didn't.

A short time later, completely unexpected, she died of a rare medical condition, in 2006. She would have been 57 years old. Knowing what I know now, the decision not to contact her was the correct decision, but some evenings, I have my doubts.

After reading the story at the link, the doubts seem stronger.

If the linked story is lost, or archived, try googling the lede from the Los Angeles Times:
The search for a Los Angeles woman who 53 years ago was a Sports Illustrated cover girl has ended sadly for a collector of autographs from cover subjects.
Model Dolores Greer, 81, died last month on the same day that cover autograph collector Scott Smith was being interviewed by The Times for a story that was published Tuesday.
Greer's obituary appeared in Sunday's Times.
Of the many notes I write to the granddaughters, this is one I will definitely discuss with them. 

Third Straight Week In Which US Crude Oil Stocks Have Fallen; Draw This Week Was 7 Million Bbls; Analysts Forecast A 2.5 Million-Bbl Draw

Platts is reporting:
US crude inventories fell 7 million barrels last week, as an increase in refinery runs trumped a rise in crude imports, data released by the US Energy Information Administration showed. US crude stocks have fallen roughly 27 million barrels over the past 3 weeks, although NYMEX crude futures were only slightly bullish Wednesday. Bearish for NYMEX RBOB futures, however, was a 3.06 million barrel build in US gasoline stocks.
Platts provides analysis here:
Despite the declines, U.S. crude oil stocks are still nearly 6.5% above the five-year average of EIA data.

Analysts surveyed Monday had been expecting a 2.5 million-barrel draw.

The draw was likely a product of continued strong crude oil runs at U.S. refineries, despite an uptick in imports. While crude oil runs at U.S. refineries have been surging, imports have been below seasonal norms.

Every Bakken Well Coming Off Confidential List Thursday Went To DRL Status

22979, drl, HRC, Fort Berthold 148-94-9C-04-5H, Eagle Nest, no production data,
23631, drl, Statoil, Michael Owan 26-35 3H, Painted Woods, no production data,
23992, drl, Statoil, Beaux 18-19 7H, Banks, no production data,
24554, drl, Great Plains Energy, Wolf 42-21, wildcat, no production data; along with #19705, southeast of Dickinson, near Gladstone; #19705 was a Fidelity Wanner well that does not look promising; this is the first (and only) permit Great Plains Energy has;
24680, 114, Corinthian, Corinthian Kveum 5-32 1-H, Northeast Landa, a Spearfish/Madison;  t3/13; cum 8K 5/13; this is a very good well for a Spearfish well;
24684, drl, QEP, G. Levang 2-32-29TFH, Grail, no production data;


24680, see above, Corinthian, Corinthian Kveum 5-32 1-H, Northeast Landa:

DateOil RunsMCF Sold

Huge Article For Newbies And Investors; 36 Wells From A Single Pad; Pad Drilling Will Become The Norm In The Bakken -- Rigzone

The end of the article provides some "tips" for investors. But first, here are the six tech advances as reported by Rigzone "changing the fossil fuels game."

Pad drilling is one of the six tech advances:
One of the greatest drilling developments of the last decade is multiple well pads, which some like to refer to as “Octopus” technology.
Imagine gaining access to multiple buried wells at the same time, from a single pad site. This is what “Octopus” technology is doing, first in a canyon in northwestern Colorado in the Piceance Shale Formation and then in the Marcellus shale. It's definitely not your traditional horizontal drilling.
Traditionally, to drill a single well, a company needs a pad or land site for each well drilled. Each of these pads covers an average of 7 acres. The Octopus allows for multiple well drilling from a single pad, which can handle between 4 and 18 wells. So, a single pad on 7 acres can now be used to drill on up to 2,000 acres of reserves. More than anything, it means that drilling will be faster, faster, faster … And less expensive in the long run once it renders it unnecessary to break down rigs and put them together again at the next drilling location. It's simple math: 4 pads usually equals 4 wells; now 1 pad can equal between 4 and 18 wells.
Here's how the technology works: A well pad is set up and the first well is drilled, then the rig literally “crawls” on its hydraulic tentacles to another drill location from the same pad, repeatedly. And it's multi-directional. It takes about two hours between each well drilling. With traditional horizontal drilling methods, it takes about five days to move from pad to pad and start drilling a new well.
Last year, Devon Energy (DVN) drilled 36 wells from a single pad site using Octopus technology in the Marcellus Shale. More recently, Encana (ECA) drilled 51 wells covering 640 underground acres from a single pad site with a surface area of only 4.6 acres in Colorado. Multi-well pad drilling is also revolutionizing drilling in Bakken, and this is definitely the long-term outlook for shale. It will become the norm.
It's also good (or at least slightly better) news for the environment because it means less drilling disturbance on the surface as we render more of the process underground.