Justice Clarence Thomas spoke at a U.S. Supreme Court argument for the first time in almost seven years, evoking laughter as he made a wisecrack during a discussion about Ivy League law schools.
Thomas hadn’t asked a question at argument since Feb. 22, 2006, when he interjected in a South Carolina death penalty case. Since then, he had limited his courtroom comments to summaries of his opinions.
Monday, January 14, 2013
A Man Of Few Words --
Link here to Bloomberg.
Denbury Buys COP Field in the Williston Basin; Wells Coming Off The Confidential List Tuesday; Another Bakken Story From RBN Energy
Updates
May 18, 2013: the wells involved in the COP (BR) - DNR deal were posted in the daily activity report yesterday (May 17, 2013). About 250 wells were transferred. The original price was quoted as $1.05 billion. $1,050,000,000/250 = $4 million/well?
March 28, 2013: press release; update of the acquisition;
February 17, 2013: From slide 13 of DNR's corporate presentation of Februrary 5, 2013:
● $1.05 billion cash, prior to working capital adjustments
● Acquisition expected to close near the end of the first quarter of 2013 with a 1/1/2013 effective date
● The original oil in place of all units in the CCA is estimated at over three billion barrels of oil
● Including this acquisition, we estimate that a CO2 flood of our CCA assets could recover between 260-280 million barrels of oil
● Currently producing ~11,000 barrels of oil equivalent per day (~95% oil, ~4% NGLs)
● Assuming acquisition closes at the end of 1Q 2013, we estimate it to add ~7,700 BOE/d to 2013 production estimates
● Conventional (non-tertiary) reserves ~42 million boe
Original Post
ConocoPhillips said Tuesday it agreed to sell its energy properties in the Cedar Creek Anticline of North Dakota and Montana to Denbury Resources Inc. for $1.05 billion. The deal includes about 86,000 net acres with 2012 net production of 13,000 barrels of oil equivalent per day through November. The sale does not include assets in the Bakken region.This is a Red River formation field, an old field, perfect for CO2 EOR, one would assume.
Denbury said it'll fund the purchase out of the $1.3 billion of cash received from its Bakken sale and asset exchange with Exxon Mobil Corp. completed in December.
Regular readers of the MDW will recall these two items in my top stories for 2012:
Investment story of the year:Can't get much better than that.
The "Other" Williston Basin formation:
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RBN Energy: NuStar's adaptation of storage at the St James, LA, crude terminal to adapt to Bakken oil arriving by rail
So far in this blog series we have described how six crude oil terminals are adapting to a changing supply position in the Gulf Coast region caused by increased domestic US and Canadian production. The first four episodes covered terminals in the Houston area. Episodes five and six focused on the Louisiana Offshore Oil Port. The latest episode was the first of two on the St. James, LA crude terminal – describing NuStar’s adaptation of storage there to facilitate crude by rail traffic from North Dakota.Active rigs: 184
20582, drl, XTO, Ames 31X-13C, Grinnell, no IP yet; cum 21K 11/12;
22431, 380, WPX Energy/Dakota-3, Paul Peter Coffee 35HA, Moccasin Creek, t10/12; cum 14K 11/12;
22978, drl, XTO, Tong 34X-9B, Midway, no IP yet, cum 877 bbls 11/12;
23128, 322, Hess, SC-Norman 154-98-3130H-2, Truax, t12/12; cum --
23217, 335, SM Energy, Tomlinson 3-2HN, West Ambrose, t10/12; cum 13K 11/12;
New Link At The Bottom of the Sidebar -- Quirky
Updates
Later, 12:35 am est: in addition to some quirkiness, there is some really good reporting, great observations of the world / political situation. Perhaps I was too quick to call it quirky. Deserves more exploring, but first impressions --- great site.
Original Post
Interestingly enough, and coincidentally at that link, in the very second article, the writer talks about neolithic cave dwellers in Turkey. Early Christians lived in similar dwellings to escape persecution. My daughter and I visited Cappadocia some years ago when "we" were stationed in eastern Turkey. It truly was one of the most amazing sites I had ever seen. I wonder what Peter Jackson (of The Lord of the Rings fame) could have done with Cappadocia?
More Detail On That Story: A Boston-Area Company Shipping Bakken Oil Direct to Albany, NY; Bayway, NJ
Updates
March 12, 2014: Global Partners ordered to stop expansion in Albany County, New York.
Original Post
Link here to MarketWach.com.
The original post can be found at this link.
Here is additional information, provided by a reader, thank you.
Global Partners LP today announced that it has signed a five-year contract with Phillips 66 under which Global will use its rail transloading, logistics and transportation system to deliver crude oil from the Bakken region of North Dakota to Phillips 66's Bayway, NJ refinery.
The terms of the contract include a take-or-pay commitment from Phillips 66 to receive approximately 91 million barrels of crude oil over the contract term, which equates to approximately 50,000 barrels per day.
The Bakken crude oil is expected to be transloaded at Basin Transload LLC's North Dakota rail facilities. Global has agreed to purchase a 60% interest in Basin Transload.
As a continuation of the partnership between Canadian Pacific and Global, the crude oil will be transported on CP's rail network from the Bakken directly to Global's terminal in Albany, NY.According to the Boston Globe, Basin Transload operates two rail facilities in North Dakota. That link then takes you to a press release which completes the story:
The transloading facilities are approximately 195 miles apart in Columbus and Beulah*, North Dakota. The Columbus facility is located along the Canadian Pacific Railway and provides single line haul service to Global’s recently expanded terminal in Albany, NY.
Basin Transload’s Beulah site, which supports crude oil production efforts in the Williston Basin, is located along the Burlington Northern Santa Fe Railroad with direct long-haul service to the West Coast and Gulf Coast markets. The Partnership owns and operates a 100,000 barrel storage tank and truck offloading rack at the Columbus facility.
Under the purchase agreement, Global will acquire a 60% membership interest in Basin Transload, with the remaining 40% split evenly between current owners TGC, L.P. and MBI Holdings, LLC. Global intends to arrange an optimal financing structure for the transaction, and is currently considering several debt financing options.A huge "thank you" to the reader for sending me an update. I was curious where the transloading facilities where and his/her link ultimately led us to the answer. Whoo-ah!
I try to keep track of all CBR facilities in North Dakota at this site.
*By the way: what's with that "approximately 195 miles apart"? According to Google maps, Beulah and Columbus are 198 miles apart. Why didn't the press release simply say "approximately 200 miles apart"? Enquiring minds would like to know. Rhetorical. Answers not expected. However, this is noteworthy: one facility is in the northern operations of the North Dakota Bakken (Canadian Pacific) and one is in the southern operations of the North Dakota Bakken (BNSF).
Frontier Energy Group, LLC, Buys Rival Canary Wellhead Equipment
Link here to Rigzone.
Frontier Energy Group LLC, a closely held company that builds and maintains oil wells, said it acquired rival Canary Wellhead Equipment Inc. Monday in a move that underscores the ongoing consolidation in the U.S. oilfield-services sector.
Terms of the deal were not disclosed, but Frontier Energy CEO Dan Eberhart said his Denver-based company is paying less than $100 million for privately held Canary, which had headquarters in Oklahoma City, Okla. Canary offers wellhead services and manufactures parts used in oil production.
Advances in drilling methods have allowed energy companies to unlock a wealth of crude oil and natural gas from shale and other deeply buried rock formations once considered too costly to develop. The drilling boom has led to new oilfield-services companies cropping up in places where shale reserves are plentiful, such as Texas, North Dakota and the Midwest.
Denver-based Frontier Energy has been a consolidator, spending $100 million over the past three years prior to the Canary deal to acquire eight small service companies.Go to the link to learn more about the details.
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