February 17, 2016: the NDIC has updated this. The correct IP, as surmised, was/is 1,516.
Original Post
I can't make this stuff up. A screenshot from the NDIC:
For newbies, an IP of 300 to 1,500 is what I expect to see in the Bakken. A very, very good good well in the Bakken will produce 15,000 bbls in a month.
An IP of 15,161 bbls in one 24-hour period is ... well, pretty interesting.
Yes, I know -- it's a typo. Most likely, "1,516 bopd." But, if indeed, it's 15,161, it will be a new record.
It's possible the Director's Cut will be released today. If so, I won't see it until late this evening. The link is here for those waiting.
Most of this was writtenTuesday night, but it was put in draft form and did not "go live" until Wednesday, February 17, 2016.
This is entirely personal and has nothing to do with the Bakken. It is for the granddaughters.
This is why I was off the net last night. Olympic trials for water polo are being held in Lewisville, TX, about 20 minutes north of where we live. Our daughter was part of a group of eight water middle school water polo players invited to participate in the "opening ceremonies."
Below are the notes I took while watching the first two games. We did not stay for the third game (Japan vs Canada). Three games will be held each day through the rest of the week, and then the championship round will be played on Saturday and Sunday.
There are six teams, represented here this week, including China, Australia, and Brazil; all three have qualified for the 2016 Summer Olympics. Others competing but not yet qualified: Japan, USA, and Canada. I assume other water polo teams are competing in other venues around the world.
The notes were written in real-time while watching the games.
First game, China (black/guest) v Australia (white/home).
I was surprised; not particularly exciting. After score went to 2 - 2, I watched more closely to see why it doesn’t seem so exciting compared to high school play. This appears to be the reason: the distance between the defenders and the offense is a good two feet, maybe a meter. Unlike high school water polo where the players seem to literally fight each other making it a contact sport. This hardly seems like a contact sport. I expected a little bit more like our professional NBA, but nothing of the sort.
China started out a bit slow, took the early lead, 2 - 1 but then Australia tied it in the first period. Australia seems to have a stronger throwing arm, from farther out. The “expert” next to me “likes the way China passes the ball around.
The game is little different than what high school water polo teams play — no differences as far as I can tell — except each of the four periods last eight (8) minutes instead of four (4) minutes.
I am incredibly negatively impressed. These are the “finals” for determining who goes to the Olympics, or something to that effect, and the stands are empty. Admission was $5, although this weekend with the championship rounds, the price will go to $10/day.
After an unexciting first half, the score is tied, 5 - 5.
The third period begins. The Australians “break away” in this period, moving to a two-point lead early on. Australia was able to hold onto that margin and the third period ended 9 - 7.
The final period begins. Australia scores with 6 minutes left in the fourth quarter, and a three-point lead, 10 - 7. Less than 30 seconds later, Australia scores again, now an insurmountable 11 - 7 score. It’s just a matter, now, of finishing the game.
The final: 12 - 10, Australia.
Opening ceremonies.
Arianna (our oldest granddaughter, age 12) held the Brazilian placard. Surprisingly and unbelievably she was given a Brazilian warm-up jacket from the team captain, priceless to say the least. Arianna is having the time of her life.
Now, the second game of the tournament: USA (black/guest) vs Brazil (white/home).
The other thing I noticed is how “genteel” the sport is. Swimmers on the bench sit throughout, and those in the second (back) row must crane their necks to see the action at times. During the introductions of the teams, when individuals are introduced by name, there is a quiet, simple short clap.
The first period begins slowly; well into the first period, with less than 5 minutes to play, the game is scoreless.
The stands are now full with the USA playing.
Brazil scored first, but with about 3 minutes left in the first period, USA scored, bringing the crowd to its feet, and with a loudness of cheering that was deafening. At the end of the first period, the US leads 3 - 1. One wonders if they are that good, or if Brazil will find its footing. Remember: Brazil has qualified for the Olympics; the US has not. With less than 30 seconds into the second period, we might have our answer: US just scored another commanding point. But Brazil answers quickly, 4 - 2.
Isn’t this interesting? During the first game I mentioned that the defenders played a full three feet from the offense. I thought that was the college / Olympic style. Apparently not: it was team specific. In the USA vs Brazil game, the one-on-one is very, very lively. A lot of contact. Prior to the game I did not see the individual Brazilians but I did see the individual Americans on the deck. The thing that struck me was how “big,” muscular, the American women were. I was also surprised that this was not an all-white sport that I expected. I would not be surprised if the majority of Americans were not African American.
The Americans are clearly the dominant team. They seem to be scoring at will. One member already has four goals, and another member just scored her first goal from “3-point land.” The Americans are stealing the ball, bringing it the length of the pool, and here again, on a close-in shot, a player scores her first point, making it an American blow-out, 8 - 2, with just over 4 minutes to play in this period. Again, a reminder, periods are 8 minutes long, so this period is just barely half over.
Compared to the first game, China vs Australia, this game is much, much more physical. And much more exciting to watch. The American goalie is quite incredible blocking shots. I can’t tell but it looks like the US has only four swimmers on the bench. It appears Brazil has six. I could be wrong. I missed the last goal, but it’s now 9 - 2. It appears now it’s just a matter of how many goals the US “allows” Brazil to get. Another US score with 3 minutes to play, this player's second goal of the game, 10 - 2.
It’s funny. This is the level of play, the level of competition I expected. When I saw the first game, I was concerned. It seemed our high school players played at a higher level than these college/Olympic players. The Brazilians are now taking wide shots that have no chance of scoring. One minute to play in this half. The US can play keep-away for the full 25 seconds before shooting; the Brazilians, as they say in some sports, are being schooled by the Americans. (For newbies, there is a 30-second shot clock.)
I had not planned to come to any more games — I came today because our granddaughter was in the opening ceremonies — but with this level of play, I may, in fact, come out all week. We will see.
The first half ends 10 - 2.
I got into a sidebar with the facility manager of this natatorium and although I watched the third period, do not remember enough to blog about it. This $21 million facility was opened two years ago. It hosted the US national high school tournament last fall. It was the second year in a row for the national tournament to be held here. Until now, US Water Polo had never held national championships in the same venue two years in a row. The Lewisville Natatorium was the first to score two consecutive national water polo championships and they did it the first two years after the facility opened its doors.
The third period ended with the US on top, 15 - 2.
There has been absolutely no scoring in the fourth period. With only three minutes left to play in the game, the US finally scores. It was the player’s first goal of the game, now 16 - 2.
The game ends with one last shot by the Americans with less than 10 second to play. Yes, 17 - 2.
And that’s the ball game.
The US has yet to qualify for the Olympics.
Brazil has qualified.
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Opening Ceremonies
Granddaughter Arianna is holding the Brazil placard; the Brazilian team captain behind her gave Arianna her warm-up jacket (not shown). The jerkiness is due to long telephoto lens not on a tripod.
While I was up in the Bakken, I was told that Watford City might be in a "better financial" environment than Williston during this slump in oil prices. I don't know. A number of reasons were provided.
Both cities (Williston and Watford City) approved new high schools during the past few years to accommodate the growth. Watford City's new high school officially opened for students today; Williston's new high school is on track to open for the 2016 - 2017 school year. From The Bismarck Tribune:
Every building has a story and the first pages have been turned for the new $53 million Watford City High School.
The school is perhaps the most emblematic new structure of Watford
City’s dynamic growth and stands for its hopes for the future and for
all the children — native residents and newcomers — who will pass
through its doors.
The 160,000-square-foot building may not have as many feet of glass
going vertical as floor going horizontal, but head custodian Nick
Segneri was already pondering the job of keeping it sparkling.
“It’s
going to take lots of Windex,” said Segneri, noting the lighting is a
“daylight harvesting” design, with an automatic eye that can dial the
wattage up or down depending on outside conditions.
Horizontal? I love that word. I wonder if the head custodian make a Freudian slip or knew exactly what he was saying.
Brad Gilbertson is optimistic and knowledgeable about North Dakota's
sheep industry. But even he was surprised to hear the number of sheep in
the state soared 14 percent in 2015, the largest percentage increase in
the nation.
"Really? It was that much? That's a big increase,"
the Sherwood, N.D., sheep producer and state Lamb and Wool Producers
Association spokesman said of the increase.
His best explanation is that a "combination of things," including more young producers, pushed up sheep numbers in the state.
The
sheep industry nationwide -- which had been in long-term decline --
continued to rally in 2015, according to the National Agricultural
Statistics Service, an arm of the U.S. Department of Agriculture.
The
U.S. had 5.32 million sheep and lambs on Jan. 1 -- up 1 percent from a
year earlier. It was the second straight year that sheep numbers rose
nationally.
This is of particular interest to me. My paternal grandfather raised
sheep when he homesteaded south of Newell, South Dakota.
While driving
through Newell last week, I noted one flock of sheep. I have seldom become emotional driving through the Newell area. In fact, I don't recall ever tearing up a bit when driving through Newell -- except if I stopped during "allergy season," but for whatever reason it happened this time. I think it was because while getting the exact mileage between landmarks in the area, I really, really "saw" my grandfather's field in which I ran freely when I was five years old. And six years old. And every year after that until I left for college in the autumn of 1969.
I saw the short grass. I saw the irrigation ditch. I saw the row of trees in the distant. Nothing had changed. It was like seeing myself in one of those montages they do on Cold Case on television. I saw my grandfather behind three horses with a one-blade plow. For a five-year-old the fields were immense; I only recall once running all the way to the tree line. Now the fields look much more manageable. This last trip my dad told me his father gave him, when he was a teenager before he left for Sioux Falls, and then for military (WWII), 2 1/4 acres to farm -- one acre each for two vegetables (I've already forgotten the specifics) and one-fourth acre for strawberries. He gave one of his older sisters a nickel for each pint of strawberries she picked; he sold the strawberries in Rapid City for 25 cents/pint (or whatever size those little boxes are; maybe they are a quart; I don't know; I would not make a good businessman nor a good farmer).
Another digression I see. I don't remember much about the sheep except that they were there. Occasionally we got there early enough in the spring to see the sheep sheared. At the time I thought it must have been painful with all the screaming the sheep did, but obviously they were just frightened or embarrassed but they were not hurt. The sheep even had painless branding unlike their cattle friends. Brands were painted on sheep. My granddad's brand was a red splotch that was supposed to be an "O" I suppose.
Victor Hugo wrote:
When people look back at their childhood or youth, their wistfulness comes from the memory, not of what their lives had been in those years, but of what life had then promised to be. The expectation of some indefinable splendor, of the unusual, the exciting, the great, is an attribute of youth -- and the process of aging is the process of that expectation's gradual extinction.
I disagree with the first assumption. I do agree that the process of aging may include the process of a gradual extinction of one's expectations, in some cases. But not in all cases. My father's expectations, at age 94, have never diminished. He still assumes he will win that new lottery that promises $1,000-a-day-for-life. Which he thinks is unfair to those his age. LOL.
But even more so, I strongly disagree that the wistfulness of looking back comes from memories of what life "then promised to be." While running through my grandfather's fields I recall absolutely no memories of any expectation of the future. Why would I? I was already in heaven.
More than five years after Oklahoma first saw a startling spike in
earthquakes linked to the disposal of huge volumes of wastewater created
by hydraulic fracturing for oil, the state continues to shake at an
unprecedented rate and the number of strong quakes is increasing. In
2009, there were 20 quakes of magnitude 3.0 or higher, according to the
United States Geological Survey. Last year, there were 890. In 2009, no
quake measured 4.0 or greater. Last year, 30 did.
Now, however, after quakes have shaken the homes of some top elected
officials — and those of the worried constituents who vote for them —
the state is taking new steps to address the problem, even as critics
say it is too little, too late.
Last month, the Oklahoma
Corporation Commission, the agency that regulates the oil and gas
industry, asked oil producers operating in the northwest part of the
state to reduce the amount of wastewater they are disposing of deep
underground by 40%.
Scientists say natural faults in the area are
being stirred by billions of gallons of water injected deep into the
ground after it is used for hydraulic fracturing, commonly known as
fracking. Water and chemicals are used to break oil and gas free from
rock formations. A large amount of the water returns to the surface and,
under federal law, must be disposed of in a way that does not affect
freshwater supplies.
On Feb. 13, a quake northwest of Fairview, about two hours away,
registered a magnitude of 5.1, making it the third-strongest quake in
the state's recorded history. The strongest was in 2011. The
second-strongest was in 1952; and scientists now say it, too, may have
been induced by nearby oil production.
Since January 1 of 2016 until February 19 Oklahoma has recorded 339 earthquakes of magnitude 2.5 or greater.
Through the same period last year the state had recorded 389 quakes.
This
year, seven earthquakes of 4.0 magnitude or greater have occurred in
the state.
Through the same time last year, four earthquakes of
magnitude 4.0 occurred.
The strongest earthquake this year was a 5.1 that occurred February 13 in northern Oklahoma.
Original Post
Sierra Club files suit against several oil and gas companies in Oklahoma regarding salt water disposal wells in light of recent tectonic activity. Notably Continental Resources was not named in this suit nor in an earlier suit filed by two homeowners in Guthrie or Choctaw. It is possible CLR was named but it was not mentioned or I missed it.
I did not see the new fields in Oklahoma on my trip to the Bakken, but driving through the legacy fields along I-35 really demonstrates why the Bakken is the Bakken. Without seeing it firsthand, it is impossible to adequately describe the inconsequential (by comparison) the singleton donkey heads along I-35 in southern Oklahoma with the giant (by comparison) pumping units on multi-well pads in the Bakken. Vern Whitten has done an incredible job documenting the history of the Bakken. One can google Vern Whitten on the blog to see what I mean.
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Cashless
While traveling I am able to watch cable television (which I don't have at home except for the four basic networks). I happened to catch a segment on "negative rates" on CNBC. The "expert" suggested that "negative rates" would lead to a cashless society. I was unable to connect the dots.
The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation.
I remember that when the euro was being designed in the late 1990s, I argued with my European G7 colleagues that skirmishing over seigniorage by issuing a 500 euro note was highly irresponsible and mostly would be a boon to corruption and crime. Since the crime and corruption in significant part would happen outside European borders, I suggested that, to paraphrase John Connally, it was their currency, but would be everyone’s problem. And I made clear that in the context of an international agreement, the U.S. would consider policy regarding the $100 bill. But because the Germans were committed to having a high denomination note, the issue was never seriously debated in international forums.
The fact that — as Sands points out — in certain circles the 500 euro note is known as the “Bin Laden” confirms the arguments against it. Sands’ extensive analysis is totally convincing on the linkage between high denomination notes and crime. He is surely right that illicit activities are facilitated when a million dollars weighs 2.2 pounds as with the 500 euro note rather than more than 50 pounds as would be the case if the $20 bill was the high denomination note. And he is equally correct in arguing that technology is obviating whatever need there may ever have been for high denomination notes in legal commerce.
What should happen next? I’d guess the idea of removing existing notes is a step too far. But a moratorium on printing new high denomination notes would make the world a better place. In terms of unilateral steps, the most important actor by far is the European Union. The €500 is almost six times as valuable as the $100. Some actors in Europe, notably the European Commission, have shown sympathy for the idea and European Central Bank chief Mario Draghi has shown interest as well. If Europe moved, pressure could likely be brought on others, notably Switzerland.
With regard to the earlier question, how negative rates relate to a cashless society, Business Insider provides this article from last autumn: People are hiding cash in their microwaves as Sweden gets closer to being the first cashless society with negative interest rates.
Sweden is shaping up to be the first country to plunge its citizens into a fascinating — and terrifying — economic experiment: negative interest rates in a cashless society.
The Swedish central bank, the Sveriges Riksbank, on Wednesday held its benchmark interest rate at -0.35%, the level it has been at since July.
Though retail banks have yet to pass that negative rate on to Swedish consumers, they face increased pressure to do so as long as the rates remain where they are. That's a problem, because Sweden is the closest country on the planet to becoming an all-electronic cashless society.
Remember, Sweden is the place where, if you use too much cash, banks call the police because they think you might be a terrorist or a criminal. Swedish banks have started removing cash ATMs from rural areas, annoying old people and farmers. Credit Suisse says the rule of thumb in Scandinavia is: "If you have to pay in cash, something is wrong."
The dots are still hard to connect (counterintuitive, might be a better word) but I think I understand what the "expert" on CNBC was suggesting.
Near the end of the linked article:
So two trends are converging on Sweden at the same time:
Sweden is using less and less cash.
Sweden is an environment of negative interest rates.
And that means many Swedes have no way to "hide" their money.
So Sweden may become the first country whose citizens may have to accept negative interest rates (probably in the form of higher bank charges or fees) or be forced to spend their money to "save" it from those rates.
A resistance is forming, and some people are protesting the impending extinction of cash.
Events are moving very quickly in the world of money and
banking. One tectonic shift that is being reported on in the alternative
media, but very conveniently ignored by the mainstream media is the
link between the elimination of cash and negative interest rates.
Introducing these two conditions into our economy will bring crushing
financial hardship onto the ordinary citizen – yet few understand the
critical link between the two.
February 18, 2016: an op-ed in The Wall Street Journal. I finally understand how negative rates will lead to a cashless society. But it requires a few more steps, including the end of large paper bills (currency) such as the US $100 bill and the EU's 500 Euro bill.
The real reason the war on cash is gearing up now is political:
Politicians and central bankers fear that holders of currency could
undermine their brave new monetary world of negative interest rates.
Japan and Europe are already deep into negative territory, and U.S.
Federal Reserve Chair Janet Yellen
said last week the U.S. should be prepared for the possibility.
Translation: That’s where the Fed is going in the next recession.
Negative
rates are a tax on deposits with banks, with the goal of prodding
depositors to remove their cash and spend it to increase economic
demand. But that goal will be undermined if citizens hoard cash. And
hoarding cash is easier if you can take your deposits out in
large-denomination bills you can stick in a safe. It’s harder to keep
cash if you can only hold small bills.
So, presto, ban cash. This theme has been pushed by the likes of Bank of England chief economist Andrew Haldane and Harvard’s Kenneth Rogoff,
who wrote in the Financial Times that eliminating paper currency would
be “by far the simplest” way to “get around” the zero interest-rate
bound “that has handcuffed central banks since the financial crisis.” If
the benighted peasants won’t spend on their own, well, make it that
much harder for them to save money even in their own mattresses.
