Chesapeake Spin-Off -- Seventy Seven Energy To File For Chapter 11 Bankruptcy -- April 29, 2016

Reuters/Rigzone is reporting:

Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26, 2016.

The company, which was spun off from Chesapeake Energy Corp in 2014, said it had entered into a restructuring agreement with certain lenders that would allow it to convert about $1.1 billion of its debt into equity.

Saudi Arabia Takes Out That $10 Billion Loan -- But "We" Don't Actually Need The Money -- LOL -- CNBC -- April 19, 2016

This was posted April 4, 2016:

April 4, 2015: Update on Saudi's biggest ever economic overhaul. The hammer is dropping.

The government is in talks with banks to raise about $10 billion through a syndicated loan, two people familiar with the matter said last month. While Al-Sheikh declined to confirm the details and the potential size of the deal, he said it will be followed by the kingdom’s first international dollar bond as early as September.

“We’re doing it now because we actually don’t need the money but we want to prepare ourselves for the future to make sure that when we actually go to the markets and we really need the money, the markets, the investors, the financial institutions already know us."

Tonight it's being reported that Saudi Arabia has taken out the $10 billion loan. CNBC is reporting:

Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.

The landmark five-year loan, a signal of Riyadh's newfound dependence on foreign capital, opens the way for Saudi to launch its first international bond issue. It comes as the sustained slump in crude encourages other Gulf governments, such as Abu Dhabi, Qatar and Oman, to tap international bond markets.

Come On Eileen, Dexys Midnight Runners

Apple Vs Microsoft; PC Vs Mac -- April 19, 2016; Will The Games Go On?

Will the Games go on? It's not a trivial question, what with Zika and debt crisis. Bloomberg is reporting:

Rio de Janeiro said it’s running out of money to pay for basic services months before the Olympic Games while other Brazilian states warned of similar financial crises if the federal government doesn’t provide debt relief.

Six state governors and a representative for Rio de Janeiro said on Tuesday their fiscal woes are forcing them to make cutbacks that could lead to a breakdown of social services. Rio has been delaying payment of salaries to public servants since the beginning of the year.

The states argued before the Supreme Court on Tuesday that the situation has become so dire that they should be allowed to pay simple rather than compound interest on debts owed to the federal government. The court will rule on the matter April 27. The change would cost the Treasury 313 billion reais ($88 billion) in lost revenue, according to the Finance Ministry.

Brazil’s state debt crisis is deepening as the country faces its worst political crisis in decades and austerity measures are put on hold. The high court’s decision will have a profound impact on the finances of both state and federal governments as tax revenues plunge amid the worst recession in decades.

The crisis comes as the state prepares to host the Olympic Games in August, possibly making it difficult to carry out basic functions such as fueling police cars and maintaining hospitals.

“We’re talking about the image of the country,” he said. “We are nearing a social collapse in our state.”

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The Katie Ledecky Page

TeamUSA is reporting:

Katie Ledecky won the 800-meter freestyle by nearly 15 seconds at the Arena Pro Swim meet Saturday night, her third victory in three days just over two months before the U.S. Olympic swimming trials.

Ledecky swam well ahead of the rest of the field and touched in 8 minutes, 13.20 seconds on the last night of the meet at Skyline Aquatic Center. Conditions were much calmer than Friday when wind gusts up to 30 mph kicked up the water and gave swimmers an extra element to fight against.

Ledecky finished 14.65 seconds ahead of Lotte Friis of Denmark, who touched in 8:27.85. Cierra Runge finished third in 8:32.21.

Ledecky added the 800 free to her earlier victories in the 200 and 400 freestyles. She later finished sixth in the 100 free; her specialty is the longer distances.

Apparently Katie is human.

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Bliss

Five hours of bliss. I am home alone for several hours while the wifely unit is with granddaughter #1 attending a symphony in Dallas tonight.

I am watching the 40th anniversary "edition" of the Rocky Horror Picture Show -- something I've wanted to do for several weeks but can't watch it when May is home; she doesn't care for the movie. Tonight I can watch it and play it loud. Wow.

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Intel Slashes 12,000 Jobs

Just how big is Apple? Let's start here: Microsoft and Intel were joined at the hip(s) some years ago. Apple uses the A9. From wiki:

The Apple A9 is a 64-bit system-on-chip (SoC), designed by Apple Inc. Manufactured for Apple by both Samsung and TSMC, it first appeared in the iPhone 6S and 6S Plus which were introduced on September 9, 2015.

Apple states that it has 70% more CPU performance and 90% more graphics performance compared to its predecessor, the Apple A8, and is currently one of the most powerful mobile chips on the market today along with the Samsung Exynos 8890 and Qualcomm Snapdragon 820.

Intel was not mentioned in that paragraph.

Apple continues to shine.

Intel? Business Insider is reporting that Intel will "slash" 12,000 jobs; take a $1.2 billion write-off.

The iPad Pro uses the A9 chip. My wife doesn't know it yet, but that's the next Apple mobile device I am getting her; I will get her the largest screen possible. It will be used as a television set in the kitchen but so much more.

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Fools Rush In

We were being set up; being told this would be the worse earnings season ever and by implication, a huge, huge disappointment for those invested in equities. So where are we?

CNBC is reporting that the Dow settled at 2016 highs; flirting with all-time highs.

I am inappropriately exuberant about:

• the US economy
• Apple
• the Bakken
• Grapevine, TX

This is not an investment site. Do not make any investment, financial, travel, or relationship decisions based on what you read here or think you may have read here.

At 28, Active Rigs In The Bakken Hit A New Post-Boom Low -- April 19, 2016; Sinclair Remains Active -- Another Five (5) Permits

Active rigs (one can track the record number of active rigs -- high/low -- here):

	4/19/2016	04/19/2015	04/19/2014	04/19/2013	04/19/2012
Active Rigs	28	93	188	185	213

Wells coming off the confidential list Wednesday:

• 30947, 1,928, Whiting, P Bibler 155-99-15W-31-7-14H, Stockyard Creek, a big well, the P Bibler wells are tracked here, t10/15; cum 94K 2/16;
• 31936, 2,204, BR, CCU Plymouth 11-29MBH, Corral Creek, 2/16; cum 6K over 9 days;
• 32051, SI/NC, Enerplus, Dance Hall 14793-06B-07H, Moccasin Creek, no production data,

Five (5) new permits --

• Operator: Sinclair (Sinclair permits tracked here)
• Field: Lone Butte (McKenzie)
• Comments: these brings the total to 13 new permits for Sinclair in the last three days

Five (5) permits renewed --

• Whiting (4), four P Ellis wells, Williams County
• White Rock, a BSMU permit in Billings County 

Newfield cancels two (2) permits, two Sand Creek Federal permits in McKenzie County

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30947, see above, Whiting, P Bibler 155-99-15W-31-7-14H, Stockyard Creek:

Date	Oil Runs	MCF Sold
2-2016	14296	30121
1-2016	20008	29509
12-2015	20955	26668
11-2015	25076	28069
10-2015	12668	3045

Sinclair Permits -- 2016

April 19, 2016: it should be noted that Sinclair has no active rigs in North Dakota at the moment.

Date Permit	File Number	Status/IP		Legal Name	County	Field	Section Sited
15 Jan 16	32461		Sinclair	Crosby Creek 4-5H	DUN	Little Knife	5-146-97
7 Mar 16	32591		Sinclair	Lizzie Rae 8-17-1H	MCK	Lone Butte	8-147-98
7 Mar 16	32592		Sinclair	Lizzie Rae 8-17-2H	MCK	Lone Butte	8-147-98
7 Mar 16	32593		Sinclair	Lizzie Rae 8-17-3H	MCK	Lone Butte	8-147-98
7 Mar 16	32594		Sinclair	Lizzie Rae 8-17-4H	MCK	Lone Butte	8-147-98
7 Mar 16	32595		Sinclair	Lizzie Rae 8-17-5TFH	MCK	Lone Butte	8-147-98
7 Mar 16	32596		Sinclair	Lizzie Rae 8-17-6TFH	MCK	Lone Butte	8-147-98
7 Mar 16	32597		Sinclair	Lizzie Rae 8-17-7TFH	MCK	Lone Butte	8-147-98
14 Apr 16	32654		Sinclair	Yauch 03-04-2H	MCK	Lone Butte	3-147-98
14 Apr 16	32655		Sinclair	Yauch 03-04-3H	MCK	Lone Butte	3-147-98
14 Apr 16	32656		Sinclair	Yauch 03-04-4H	MCK	Lone Butte	3-147-98
14 Apr 16	32657		Sinclair	Yauch 03-04-5H	MCK	Lone Butte	3-147-98
14 Apr 16	32658		Sinclair	Yauch 03-04-6H	MCK	Lone Butte	3-147-98
14 Apr 16	32659		Sinclair	Yauch 03-04-7H	MCK	Lone Butte	3-147-98
18 Apr 16	32660		Sinclair	Horovitz 10-09-2H	MCK	Lone Butte	3-147-98
18 Apr 16	32661		Sinclair	Horovitz 10-09-3TFH	MCK	Lone Butte	3-147-98
19 Apr 16	32662		Sinclair	Forest USA 2-2H	MCK	Lone Butte	3-147-98
19 Apr 16	32663		Sinclair	Forest USA 3-2H	MCK	Lone Butte	3-147-98
19 Apr 16	32664		Sinclair	Forest USA 4-2H	MCK	Lone Butte	3-147-98
19 Apr 16	32665		Sinclair	Forest USA 5-2TFH	MCK	Lone Butte	3-147-98
19 Apr 16	32666		Sinclair	Forest USA 6-2TFH	MCK	Lone Butte	3-147-98

The Sinclair pads in Lone Butte oil field: