Now I know why some of the super-rich aren't worried about the administration's plan to increase taxes on those with earned income greater than $250,000.
The following all receive annual salaries of $1.00. Their earned income as CEOs of their companies is one buck.
Apple (AAPL) CEO Steve Jobs
Citigroup (C) CEO Vikram Pandit
Google (GOOG) CEO Eric Schmidt
Yahoo (YHOO) CEO Jerry Yang
Oracle (ORCL) CEO Larry Ellison
Berkshire Hathaway (BRK.A) CEO Warren Buffett.
I wonder if pensions will be considered earned income. Some of the very richest also have nice pensions.
My rant for the day.
Update: the information was taken from another (reliable and trusted) site, but not fact-checked. I know the information is accurate for some, but might not be accurate for all names listed. See comments below, as folks "keep me honest."
Tuesday, September 28, 2010
Whiting's Average Cost Per Bakken Acre
There are several good posts today. Don't read just this one. Scroll down to see some very interesting posts, especially the one on the TFS wells by Whiting, announce today.
But I didn't want to lose this little bit of trivia.
Remember the $9,600/acre Enerplus recently paid for acreage in the Fort Berthold Indian Reservation, and the $12,000/acre at a recent North Dakota state lease auction (albeit, a very small tract of land)?
I was checking out the Whiting presentation for recent Enercom 2010 conference. In a footnote, WLL noted the average price it has paid for acreage in the North Dakota / Montana Bakken: ...
.... drum roll .... drum roll .... drum roll ....
... Whiting says they acquired current North Dakota / Montana Bakken acreage at an average price of $168/acre. That is not a typo. The decimal is in the correct location. Less than $200/acre. Whiting has been acquiring acreage since this boom began back in 2006 or thereabouts.
Sure, WLL might have some lousy acres (which I doubt), but WLL practically owns the Sanish, one of the most prolific oil fields in the Williston Basin, where it is putting in four to five wells / section.
But I didn't want to lose this little bit of trivia.
Remember the $9,600/acre Enerplus recently paid for acreage in the Fort Berthold Indian Reservation, and the $12,000/acre at a recent North Dakota state lease auction (albeit, a very small tract of land)?
I was checking out the Whiting presentation for recent Enercom 2010 conference. In a footnote, WLL noted the average price it has paid for acreage in the North Dakota / Montana Bakken: ...
.... drum roll .... drum roll .... drum roll ....
... Whiting says they acquired current North Dakota / Montana Bakken acreage at an average price of $168/acre. That is not a typo. The decimal is in the correct location. Less than $200/acre. Whiting has been acquiring acreage since this boom began back in 2006 or thereabouts.
Sure, WLL might have some lousy acres (which I doubt), but WLL practically owns the Sanish, one of the most prolific oil fields in the Williston Basin, where it is putting in four to five wells / section.
Three Forks Formation Starting to Shine: WLL Announces Two Nice Wells; More On the Way
From a Whiting press release, dated September 28, 2010:
Whiting completed two new producers at its Lewis & Clark Prospect in Stark, Billings, and Golden Valley Counties, North Dakota (USA).
For those who know North Dakota, the Kubas is about 5 miles northeast of Belfield, and the Froehlich is about 1.5 miles southeast of Belfield.
The Froehlich was on the very, very tiny Zenith oil field; the Kubas was a wildcat.
A third well, the Ellison Creek 11-1TFH is currently being completed, located about three miles east of the Federal 32-4TFH well. The results of this well and three other Lewis & Clark wells will be released in mid-November.
WLL has four operated drilling rigs in the Lewis & Clark and plan to add a fifth operated drilling rig by mid-November.
Whiting completed two new producers at its Lewis & Clark Prospect in Stark, Billings, and Golden Valley Counties, North Dakota (USA).
- Three Forks Formation: Froehlich 44-9TFH, 1,832 bopd (24-hour test); 28 fracture stages
- Three Forks Formation: Kubas 11-13TFH, 1,780 bopd (24-hour test); 29 fracture stages
For those who know North Dakota, the Kubas is about 5 miles northeast of Belfield, and the Froehlich is about 1.5 miles southeast of Belfield.
The Froehlich was on the very, very tiny Zenith oil field; the Kubas was a wildcat.
A third well, the Ellison Creek 11-1TFH is currently being completed, located about three miles east of the Federal 32-4TFH well. The results of this well and three other Lewis & Clark wells will be released in mid-November.
WLL has four operated drilling rigs in the Lewis & Clark and plan to add a fifth operated drilling rig by mid-November.
Comment: this was an exciting press release --
- Three Forks formation wells near the WLL discovery well
- One was a wildcat, potentially opening up a whole near TFS area
- Remember: this is very southeast North Dakota, and where the Bakken ends in the southeast, the TFS continues to extend
- WLL has even more wells soon to be announced
- WLL going to add another rig to this area
North Dakota Bakken Acreage
ERF
CLR (total Bakken acreage)
Thoughts on long term investing in the Bakken and acreage.
- 71,500 net acres FBIR, Sept 14, 2010, presentation, includes recent purchase
- + 46,500 acres bought in FBIR, Sept, 2010; $9,600/acre
- EUR: 300 - 500K/well
- Two wells/section
- 70 Bakken/TFS wells
- 4 rigs
- Current as of Sept 27, 2010
CLR (total Bakken acreage)
- 864,559 net acres
- + 47,707 net acres acquired 3Q10
- EUR: 518K/well
- 20 rigs
- Current as of Oct 11, 2010
- 358,000 net acres (includes Montana)
- + 76,000 net acres between December, 2009 - Sept, 2010
- EUR; 500 - 700K/well
- 5 -> 8 rigs
- Current as of Sept 27, 2010
- 428,906 net acres (North Dakota only)
- + 90,174 net acres, Montana, Sept, 2010, purchase, Starbuck
- EUR: 850K/well
- 13 rigs
- Some of the best acreage in the Sanish
- Current as of Sept 27, 2010
- 325,700 net acres (ND and Montana) (by my calculations)
- Includes an additional 16,700 units acquired November 5, 2010
- 5 rigs: four in West Williston; one in East Nesson (November 8, 2010)
- Some of the best acreage in the Bakken, but also some mediocre acreage
- Current as of Sept 30, 2010
- 72,000 net acres
- 2 rigs
- Most acreage in/near FBIR; recent acquisition - exposure north of Williston
- Current as of October 20, 2010; after announcement of acquisition this week
- >100,000 net acres
- 0 rigs; partners with others
- Unique business plan
Thoughts on long term investing in the Bakken and acreage.
Another Orion Belt for Hess, Bakken, North Dakota (USA)
Wow -- today's daily activity report -- thirteen (13) new permits. Three of the permits were for Hess -- multi-well pad in Robinson Lake, Mountrail County:
In addition, Oasis picked up two more permits in Painted Woods, northwest of Williston.
Another incredible day.
"We" are on track for 1,425 permits granted by North Dakota for calendar year 2010.
- 19620, EN-Weyrauch A-154-93-2017H-1, SESW 20-154N-93W
- 19620, EN-Weyrauch A-154-93-2017H-2, SESW 20-154N-93W
- 19620, EN-Weyrauch A-154-93-2017H-3, SESW 20-154N-93W
In addition, Oasis picked up two more permits in Painted Woods, northwest of Williston.
Another incredible day.
"We" are on track for 1,425 permits granted by North Dakota for calendar year 2010.
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