I am constantly surfing the net and ran across some listings on PLS, not really knowing what PLS is, but it could almost look like they are listing mineral rights and leases??? and it mentions Devon and the Mississippi Woodford. Would I be wrong to think that Devon is trying to sell their holdings in Garfield County Oklahoma. I know I am very green at this but it looks like they are mentioning completed wells, production, etc.
Petroleum Listing Service. News reports, assets for sale
So Bob was I reading something from nothing? I really like to follow oil and gas and I know it will never make me rich, but learning is 1/2 of it. I love to surf the next, do research, but then again I’ve been into genealogy for many years and this is right up my line.
Deborah, The Encyclopedia of Geology 2005, or a newer edition, is a good way to learn oil and gas, but it’s expensive to buy. You could try finding portions of it on websites that are free or less expensive.
http://www.amazon.com/Encyclopedia-Geology-Five-Volume-Series/dp/01…
Also, you can take Petroskills courses on line. They are expensive also, but I think you can select just ones you are interested in. https://www.petroskills.com/?utm_source=Bing&utm_medium=CPC_Bin…}
Devon is leaning towards exiting the region and going to W. & S. Texas…scuttlebutt from the Exploration Managers meeting. Slawson sold out just in time and left Stephens Prod. holding a bag they do not want. They tried to break a drilling commitment but were forced to drill one more well. Rumor has it SandRidge will file bankruptcy.
On section 27 21N 3W our production is held up for a clear title, of which we are working on, has anyone in the near area actually received their 1st check from Devon yet after receiving their Division Orders? I have heard talk of NGL’s, has anyone been paid for any of these as well?
TL, Devon is in great shape and still drilling and producing OK. Their 20% cut is not much of a cut considering the current price of oil and there’s little exploration left for them to do in our area. From DVN’s CEO Earnings Call Transcript Feb 2015: “DVN says it is cutting its 2015 exploration and production budget by 20% from 2014, planning on capital spending $4.1B-$4.4B; however, even with reduced spending, DVN’s Y/Y oil production growth outlook remains unchanged at 20%-25%.” http://seekingalpha.com/article/2928186-devon-energys-dvn-ceo-john-…
As far as SD goes, there’s nothing wrong with our area’s wells. It’s the company that has debt problems and the wells can be sold and produced by a company with less debt. Happens all the time. “In the worst-case scenario, SandRidge could find itself facing bankruptcy if oil prices take a turn for the worse (and stays low for 2 more years). If the company, however, continues on its current upward tangent, the pickings could be rich indeed for bold contrarian investors.”
http://seekingalpha.com/article/2920976-sandridge-energy-an-interes…
What these companies tell Investors is a far cry from what they say to other professionals in meetings like the one I alluded to. Most of these guys - especially the old guys- will tell you that the whole Mississippian-Woodford plays were barely making any money when oil was $90 plus. And there is virtually no way they can predict individual well performance. They tell you about the best wells, but never mention the three doggy ones that they completed in the mean time… I’m just saying, watch what they do, not what they say.
TL, The individual wells are part of an massive oil recovery project. Million of years ago, oil and gas migrated up by buoyancy from the deep Anadarko Basin in Southern Oklahoma through porous and permeable rocks northwards through OK and into KS, filling thousands of big and small traps along the way. Enhanced oil recovery will further drive this oil up into our well bores and where it can be captured. The O/G companies have highly intelligent geologist, like my two cousins, and they know what they are doing. Once all the wells are drilled, they will unitize the huge EOR area and even the “doggy well” mineral owners will greatly benefit. Here’s a 2010 USGS (United States Geological Survey) map and assessment of the targeted areas which shows OK, KS, TX and CO and includes Garfield County OK as well as many other OK Counties. Click on Fact Sheet pdf. http://pubs.usgs.gov/fs/2011/3003/
27-24n-5w woodford well
Ron…shows the Woodford is much better in that particular area.
Is probably south and west of Hunter…
Martha,bummer that we haven’t any minerals in that area.
Close but no cigar.
Martha… what exactly are the sylvan and the viola (re: Woodford) and what is their significance as shown in 24N, 5W?
Linda, good fault trap in 24N-05W
Drew, The Sylvan is a shale formation, but there’s not a lot of it in some areas and it completely thins to nothing in Noble county. The Viola is a lime formation laid down during a time when OK and KS was covered by an extensive sea. Both formations are hydrocarbon bearing formations lying below the Miss Lime and Woodford Shale and are part of the what is called the “Stacked” play in Northern OK, The more formations, the more production.
further drive this oil up into our well bores and where it can be captured. The O/G companies have highly intelligent geologist, like my two cousins, and they know what they are doing.
Yep, but they don’t write the press releases to the mullets…er, I mean clients and investors. And they likely have no idea what the EUR’s being touted are. As for knowing what they are doing, why is Devon in debt up to its ears when it was debt free in 2004? Why has Forest Oil went under basically and had to merge? Marion, Buccaneer, Global, WBH…
I been der, dun dat… And the old heads who survived the 1980s look with Jaded eyes at the people making the same mistakes we did in the 1980s. And I sat in on the 2010 USGA assessment hearing in Norman. Those are “Technically Recoverable Resources”…that means we can squeeze them out of the rocks at some cost…any cost, and $300 a bbl. oil isn’t “economic”. Economically recoverable resources are much less, much more expensive to exploit and isn’t going to happen at $40 a bbl.
http://www.roxnoil.com/news/index.php/78-news-and-views/97-arthur-b…
PS regarding the USGS assessments, as an example. They estimate millions of barrels of oil in the Cambrian rocks of NE Arkansas buried deep. To date not one bbl. of oil has come out of that formation…
Same for much of the deep Arkoma Basin, Ouachita Basin, etc. There is a lot of shallow oil in places like SE OK, NE TX but it is thick and sells for less than half “WTI” prices. But it is claimed as well.
TL, When corruption is all around I find comfort in listening to my pastor Dr. Ed Young. http://www.lightsource.com/ministry/winning-walk-tv/
It is ashame I am in the wrong part of Garfield County, ha. Section 27 21N 3W Devon.