Wednesday, April 25, 2012

Speculators Doing It Again......

Speculators driving down the price of gasoline (futures)

From CarpeDiem.com.
Well now those greedy, market-destabilizing, market-manipulating speculators have changed course, and they're now driving gasoline futures prices down, see chart [at link].

"U.S. gasoline-futures prices have dropped 16 cents a gallon over the past eight trading days, as more U.S. crude becomes available for refining into gasoline and fears about a shortage of refining capacity fade.
Interesting.

Whiting Reports -- in Passing -- a Record IP for a Whiting Three Forks Well in the Sanish Oil Field -- The Bakken, North Dakota, USA

From Whiting's 1Q12 earnings press release (my post) or direct to Whiting's press release.

In that press release:
Highlighting recent drilling results in our Sanish field was the completion of the Stubstad 14-6TFX. This cross-unit well flowed 2,249 BOE per day from the Three Forks formation on April 4, 2012. The Stubstad well, which was drilled on the southwest side of the field, recorded the highest initial production rate for a Whiting-operated Three Forks well in Sanish field.
For newbies: for me, WLL has the most interesting strategy in the Williston Basin. With regard to the North Dakota Bakken, it has its northern ops centered around the Sanish oil field, its cash cow, and the Hidden Bench/Tarpon prospects near the bull's eye of the Bakken; and, it has its southern ops centered around Belfield where some of the highest leases ever have been recorded in the Bakken.  In addition, Whiting has a Montana prospect (Missouri Breaks, in its infancy) and Big Island in southwestern North Dakota with multiple payzones, other than the Bakken/Three Forks, are being tested.

Mobile Water Treatment System to the Bakken - Sionix

From a message board:
Sionix Corporation (OTCBB: SINX) ("Sionix" or the "Company"), a designer of patented water treatment systems, announced today that it has shipped its Mobile Water Treatment System (MWTS) to a staging area in North Dakota under the Water Treatment Agreement with McFall Incorporated announced on March 5, 2012. Designed to treat up to 9,600 barrels per day of contaminated drilling fluids at a drilling site, this MWTS will be deployed to a specific drilling rig and commence treatment operations in early May 2012. When treatment operations commence, further announcements will be made.
This is very interesting. Just the other day someone asked me what the next "big thing" would be in the Bakken for investors. I said "waste management."  

I know nothing more than what is posted above.

Nine (9) New Permits -- The Williston Basin, North Dakota, USA

Daily activity report, April 25, 2012 --

Operators: WPX (3), Whiting (2), Denbury (2), Slawson (2)

Fields: Heart Butte (Dunn), Sanish (Mountrail), Siverston (McKenzie), Boxcar Butte (McKenzie)

Slawson has a permit for a wildcat in McKenzie County.

Seven producing wells completed, including:
  • 19669, 1,179, XTO, Crystal 14X-34, McKenzie, Bakken, Mondak,
  • 19893, 2,112, BR, Gorhman 24-31 MBH, Dunn, Bakken, Bailey oil field,
  • 20324, 1,963, BR, Midnight Run 21-1TFH, McKenzie, Three Forks, Union Center oil field,
  • 20559, 1,675, BR, Shenandoah 34-36 TFH, McKenzie, Bakken/Three Forks, Keene oil field,
  • 20687, 1,482, BR, Capitol 34-7TFH, McKenzie, Three Forks, Westberg oil field,
  • 20832, 1,680, BR, Outlaw Gap 34-23TFH, McKenzie, Three Forks, Sand Creek oil field,
Every one of those BR wells was right in the bull's eye of the Bakken, the northeast corner of McKenzie County. Incredible. 

Six wells released from "tight hole" status; four were completed:
  • 21405, 1,766, QEP, MHA 4-06-01H-149-92, Dunn, Bakken 
Another 21 wells were reported as plugged or producing.

Canceled:
  • 20933, PNC, Fidelity, Perdaems 15-22H, Stark County

Global Warming --> 0.2 mm Rise in Ocean Levels Each Year

Link here to scientific article on undersea volcanic explosions.

There are any number of data points that might interest folks who are interested in an honest discussion of global warming, but this is the paragraph that caught my attention:
Co-author Professor David Vaughan (BAS) says,"This eruption occurred close to Pine Island Glacier on the West Antarctic Ice Sheet. The flow of this glacier towards the coast has speeded up in recent decades and it may be possible that heat from the volcano has caused some of that acceleration. However, it cannot explain the more widespread thinning of West Antarctic glaciers that together are contributing nearly 0.2mm per year to sea-level rise. This wider change most probably has its origin in warming ocean waters."
That was a "cut and paste" -- no typos, unless the original article is in question.

Let me repeat the the specific entry in that paragraph: 
"...the more widespread thinning of West Antarctic glaciers that together are contributing nearly 0.2mm per year to sea-level rise."
I have been visiting beaches along the New England coast for the past three years. There is no way that a 0.2 mm rise in the sea level on an annual basis is predictable or reproducible. And, just for sake of argument, after 100 years, that would be 20 mm? That would be 2 centimeters? Hello.....am I missing something?  One inch = 2.54 centimeters, so we're talking about less than an inch rise in sea level over the course of 100 years assuming every assumption, every prediction for the next 100 years is accurate. Let's say the ocean does rise one inch over the next 100 years; the Dutch handled the sea just fine, and that was in an earlier era.

No doubt I am missing something, but this "0.2 mm" number has been posted before as the scientific prediction in rise in sea level due to global warming. Wow. And on that, the EPA wants to stop the US from shipping coal to China.