Monday, April 21, 2014

Hats Off To Bakken Roughnecks; Libya Still Can't Get Its Act To-Get-Her; Biofuel From Corn Waste Causes More Global Warming Than Conventional Gasoline -- President Obama-Financed Government Study -- Of Course, Only If You Believe In Global Warming

[Note: again, the Yahoo!Finance WTI crawler is incorrect. Bloomberg has the correct quote: $104.55, up a few pennies today.]


Just a week ago or so, regular readers will remember all that hype about a Goodrich Petroleum well in Louisiana that "proved" the Tuscaloosa Marine Shale with a well that had an IP of 1,250 bbls of oil, plus natural gas.

The Bakken roughnecks are doing that daily, and no one seems to be writing about them any more. Everyone takes it for granted. Today, these two wells were reported:
  • 26462, 2,224, MRO, Myers 24-35H, Reunion Bay, t3/14; cum --
  • 18120, 2,966, BR, CCU Mainstreeter 14-24TFH, Corral Creek, t2/14; cum 5K 2/14; 
Look how old that one permit is: #18120 was permitted on April 28, 2009. Many more wells are going to report similarly good numbers but went to DRL status. I track "high IP" wells here.

And, "2,966"? 3,000 bbls for all practical purposes. 

Also, note that neither of these were Statoil wells.

I actually blogged about the Goodrich Petroleum company and the Tuscaloosa Marine Shale back in November (2013) when I saw EOG involved

Inappropriate pat on my own back. LOL. This is not an investment site but I get a kick out of all the "stuff" that just happens to flow across the blog -- much of it arriving without rhyme or reason, much of it from readers which I really, really appreciate. After awhile, day-in, day-out, one starts to see trends, opportunities. Again, 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.

Again, a huge shout-out to the Bakken roughnecks, who day-in, day-out are drilling 2,000+ IP wells with little fanfare. Just gettin' the job done.

Just One More Inconvenient Truth In Wonderland

That's the headline: biofuels worse for the environment than gasoline. And he says his study -- repeat, his, the president's, study -- was flawed.

The president also gives a fist pump / spikes the football for his success with ObamaCare rollout, just after he fires Ms Sebelius.

If this is not "Alice in Wonderland," I don't know what is.

White Rabbit, Jefferson Airplane

Libya Still Cannot Get Its Act Together

Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday.
Libya's government badly needs to boost oil exports, revenues from which are the main source for the budget and crucial to funding essential food imports such as wheat.
Parliament has failed to approve a 2014 budget as oil production has slumped to 200,000 bpd from 1.4 million bpd last summer when a wave of protests started. 
If Allah is willing, as they say in the Mideast.
[Added April 26, 2014] By the way, is Iraq about to implode?

More Shovel-Ready Jobs Killed

Thank goodness the president killed the Keystone XL (again). Can you imagine the shortage of welders in the Bakken had they all been pulled away to lay a pipeline? Building the Keystone could literally shut down the Bakken as much as a tough winter.

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