Both are worth the time...
Art Berman's lecture is about 63 minutes before a Q&A.
The second is about 47 minutes.
As always, please listen to what the other guy is saying about a topic. Use his data to confirm or disprove your own assessments and assumptions. Thanks AJ
AJ said:
Years Not Decades: Proven Reserves of the Shale Revolution
Houston Geological Society - February 23, 2015
https://www.youtube.com/watch?v=5Ae1fg44l7E
The Shocking Data Proving Shale Oil Is Massively Over-Hyped
A reason for this variability of estimates is that "breakeven oil price" and "breakeven economics" are tricky terms that may mean a variety of things.
The risk of confusion can be illustrated by looking at the following three definitions of breakeven oil prices:
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You are welcome!
Ralph T said:
Both are worth the time...
Art Berman's lecture is about 63 minutes before a Q&A.
The second is about 47 minutes.
As always, please listen to what the other guy is saying about a topic. Use his data to confirm or disprove your own assessments and assumptions. Thanks AJ
AJ said:Years Not Decades: Proven Reserves of the Shale Revolution
Houston Geological Society - February 23, 2015
https://www.youtube.com/watch?v=5Ae1fg44l7E
The Shocking Data Proving Shale Oil Is Massively Over-Hyped
"Clint Liles, 73, a frequent poster on “Mineral Rights Forum,” an online chatroom for private citizens coping with the complexities of oil and gas leases, often dispenses advice to royalty owners. Liles thinks he’ll be getting busier as more drillers face down bankruptcy.
“I’ve had several people call me or message me,” Liles said by telephone from his West Texas ranch. “These oil companies -- it’s hard to figure out what they’re going to do.”
http://pbog.zacpubs.com/taking-the-pulse/
AJ thank you for this article, very interesting. Dawson has been conducting a seismic for Tall City on our acreage in Borden County. Tall City has completed 13 wells in the Howard and Borden County area. Looking forward for Tall City to start drilling again which either the price of oil rises or vendor prices come down. We currently have two more wells permitted in our area with one well already producing.
You are welcome, Richard. Glad Good to hear there is activity on your acreage.
Richard Pruitt said:
AJ thank you for this article, very interesting. Dawson has been conducting a seismic for Tall City on our acreage in Borden County. Tall City has completed 13 wells in the Howard and Borden County area. Looking forward for Tall City to start drilling again which either the price of oil rises or vendor prices come down. We currently have two more wells permitted in our area with one well already producing.
There are rumors that another seismic firm is planning a 300+ square mile 3D north Big Spring in Howard County. Could be tied to several companies including EnCana. Oxy and Diamondback.
Any idea how much this would cost per section? $10,000? $100,000?
Can seismic distinguish between a water and oil?
Rock Man said:
There are rumors that another seismic firm is planning a 300+ square mile 3D north Big Spring in Howard County. Could be tied to several companies including EnCana. Oxy and Diamondback.
Probably $50-$60,000 per square mile permitting through processing. As for O&G vs water differentiation, most probably not in these hard consolidated rocks. Two fold purpose for this 3D as I see it - details on structure and possible faulting but most importantly to ID variability in rock properties (e.g. brittleness)
As always, Rock Man, thank you for sharing your knowledge and insights.
Rock Man said:
Probably $50-$60,000 per square mile permitting through processing. As for O&G vs water differentiation, most probably not in these hard consolidated rocks. Two fold purpose for this 3D as I see it - details on structure and possible faulting but most importantly to ID variability in rock properties (e.g. brittleness)
Did you or others see the announcement this week about Ring's purchase of a Delaware Basin property in Reeves and Culberson County? Believe it is the Finley Resources block that was up for sale.
Big step out for them away from the Central Basin Platform.
The following link is to a pdf of an investment package. It is chock full of information including itemized drilling and completion costs for a prospect which appears already to have been drilled. I am not affiliated with the company and am sharing the document for information purposes only. http://www.bigstaroil.com/pdfs/Maverick%20Combined.pdf
Yes, I saw that. Ring Energy also appears to have been leasing this year in Gaines county. The Reeves-Culberson acquisition seems to be a giant step away from a "clean balance sheet" philosophy. Time will tell if bounty will have gone to the bold.
Rock Man said:
Did you or others see the announcement this week about Ring's purchase of a Delaware Basin property in Reeves and Culberson County? Believe it is the Finley Resources block that was up for sale.
Big step out for them away from the Central Basin Platform.
AJ
This prospect summary is from 2013 (note "spudding first well by April 2013") - prior to the explosion that has taken place in Howard County. Big Star O&G has moved on from drilling vertical wells to now having drilled three horizontals on their Howard Co acreage.
One is reportedly making over 1200 BOPD during early post frac flow back testing.
This is in same area where Cobra just sold 11,000 acres to Diamondback for $438 MM
AJ said:
The following link is to a pdf of an investment package. It is chock full of information including itemized drilling and completion costs for a prospect which appears already to have been drilled. I am not affiliated with the company and am sharing the document for information purposes only. http://www.bigstaroil.com/pdfs/Maverick%20Combined.pdf
US Shale Will Not Bounce Back At Current Prices
By Leonard Brecken
Posted on Mon, 01 June 2015 17:13
http://www.rock-drill-bit.com/history-of-oil.html
...The gusher at Spindletop was drilled on January 9, 1901, near Beaumont, TX.This oilwell was NOT the first attempt by man to harness the earth's petroleum. For instance, the first North American oil well was drilled in 1858 in Ontario, Canada, and one in the United States in 1859 at Titusville, PA to a depth of 69 feet.
However, most people don't realize that the history of oil actually began in China in 347 A.D. At this time, the Chinese drilled for oil to depths of up to 800 feet. How? A type of drill bit was attached to the end of bamboo poles. Black gold was also known as "burning water" in the 7th century A.D. in Japan.
http://www.cnbc.com/2015/07/09/boone-pickens-why-im-standing-by-70-oil-by-year-end.html
"Currently, 93 million barrels a day of oil is produced globally, he said, with more than 9 million coming from the U.S. and 31 million coming from OPEC. That leaves about 50 million barrels of oil coming from other sources, including Russia, said Pickens, and he expects a 5 percent to 6 percent decline in that 50 million barrels."
?!
The U.S. “fully burdened exploration and production “break-even” cost is now $51 per barrel, and falling fast. Furthermore, with hundreds of American oil companies having already paid the exploration lease acquisition costs to accumulate tens of thousands of drilling sites, the production-only break-even cost for positive cash-flow is about $29 a barrel. After tacking on a 9 percent profit, U.S. domestic oil companies are now incentivized to produce domestic oil any time the price is above $32 a barrel.
