Could there be two wells? First 2 pics is the Jobe 31-1. The rest of the pics are of the Jobe 31-2H. Access to both wells is from the one entrance. Man in pickup is at the entrance monitoring who enters and leaves. I counted 7 oil storage tanks at the Jobe 31-2H.
Don, The Jobe 1 was drilled earlier this year, it was classified as a vertical test well to the Deese formation, the Deese is below the Hoxbar. After drilling this well EOG then drilled the Jobe 2H in the Hoxbar, the results must have been good on the 2H well because EOG just got the permit to drill the Jobe 3H in the Hoxbar. This is good news for the mineral owners that are west of the Woodford sweet spot. EOG recently drilled a Hoxbar horizontal in Caddo county that came in at 380 bod.
Don, thanks for posting the pictures. Nice to be able to see what's going on there. Is seven oil storage tanks a good number or just average? Can't wait to see what happens now they are putting in the 3H well.
Rumor is 2,000 bbl/oil a day from the Jobe 2H. Seven oil storage tanks is the most I have seen on any of the wells I have looked at. Not surprised to see a Jobe 3H in the works. Not sure why they have a workover rig on the Jobe 1 if it is only a test well? More testing?
An interesting fact about the Jobe 3H is that it will be drilled about 500 feet shallower than the 2H. The lateral will run parallel with the 2H about 200 feet to the east. I would think that they will use the same location for the 3H as they did for the 2H, maybe that would explain all the storage tanks. However, the best explanation would be 2,000 bod, that would be very exciting! The Jobe 1 (test well) sits about the mid section of the laterals and about 500 feet west of 2H.
Vickie C, Driving down the interstate today I could see a drilling rig poking up over the trees in what looks to be near the Jobe 2H, probably the 3H. I was wrong about the depth of the 3H, it will be closer to 1500 feet shallower than the 2H, which will be a completely different formation. Both wells show that they are targeting the Hoxbar formation. I'm a little confused to what the Hoxbar actually is, maybe it covers several different formations?
Yep, my brother said they had a rig up and from hwy 277 it looked like they were right next to where the 2H was.
Scott, that sounds really strange that they would drill 1500' shallower. Maybe the first well showed that level to also be good and now they want to go back and tap into it as well. I guess we wait and see. Any more rumors about production levels on the 2H? If 2000 BOD that would be pretty good right?
Mineral Steve posted the completion results on the main forum today. Tested at 1551. Actual sale numbers will be interesting!
API No. 05123692; Jobe No. 31-2H Well; TD 15,207'; Oil; Hoxbar; 1551 BOPD, 658 MCFPD; Horizontal Hole;
Thanks Rick, 1551 BOPD still sounds good I think.
So is this when the clock starts ticking for a check in 6 months hopefully?
How is 658 on the gas? that's pretty low right?
Vickie, I have some knowledge of oil wells (worked on completions rigs back in the 80's), but definitely not an expert. With that said, this horizontal drilling of the Hoxbar formation is new and experimental. EOG is using your section as a laboratory. They are testing different levels of formations to see what can be produced economically. This is a very good thing for you, if the other formations pay off it is possible to have multiple wells in each formation. With the 2H well producing 1551 bod (this is an amazing well by the way, congratulations on that!) you can bet they will be drilling more wells in that formation. EOG may not drill those wells immediately because they have other leased acreage in the area that they need to drill before those leases expire. But who knows, with this very good well they might decide to drill the other wells sooner to see what they get.
There is a formula to use to get a ballpark figure on what your royalty checks will be, I don't know the formula but you can ask on the forum and someone should respond. Just keep in mind the production rate of the well declines over time and we don't know how fast it will decline.
I think 1551 BOPD is fantastic! I am not sure about the 658 MCFPD. I don't know if the Hoxbar formation produces a lot of gas or not.
The "Permit to Drill" for the 3H has the Hoxbar as the target formation also.
First sales date was 8/4/2013, so I think that is when the clock started ticking. I hope EOG Resources is faster for you than Marathon has been for me. 8 months and counting.
The royalty calculator I have shows $1,550 for a month based on 1 net mineral acre with a 1/4 interest using 1,551 BOPD @ $90 and 658 MCFPD @ $4. Assumes a full 640 acre spacing. $1,162.50 on a 3/16 interest. Of course these are just ballpark numbers. Don't take them to the bank!
I used Dale Wilson's Excel spreadsheet from his thread here:
http://www.mineralrightsforum.com/group/stephens-county-ok-oil-gas/forum/topics/calculating-nma-s
Don Bray - thanks for the link to the Excel spreadsheet - that was very helpful.
Rick Scott - that makes a lot of sense with the third well being drilled less deep. They can spread the drilling out all they like as long as they keep drilling. :)
Rick Howell - talked with some family members tonight and have a cousin who lives near this area who said he heard the well was producing at 2400 BOD. So yes, those sales numbers will be very interesting to watch for.
Thanks for all the help with answering the many questions I've posted on this site.
So now I'm pinching myself and wondering if this can be for real. Super excited at the possibilities ahead.
Thank you for your frequent updates regarding Jobe wells 31-1, 31-2H, and 31-3H. Appreciate your effort. Nice horse.
Charles Hickox
Congratulations Vickie!
Vickie Canham said:
Don Bray - thanks for the link to the Excel spreadsheet - that was very helpful.
Rick Scott - that makes a lot of sense with the third well being drilled less deep. They can spread the drilling out all they like as long as they keep drilling. :)
Rick Howell - talked with some family members tonight and have a cousin who lives near this area who said he heard the well was producing at 2400 BOD. So yes, those sales numbers will be very interesting to watch for.
Thanks for all the help with answering the many questions I've posted on this site.
So now I'm pinching myself and wondering if this can be for real. Super excited at the possibilities ahead.
This is the permit to change the Jobe 1 from a test well to a producing well.
