Wall Street Journal reporting from ‘the Olympic oil games’ in London June 17th, 2014 - “North America is on course to produce 20% of the world’s oil supply by the end of this decade, and become a “titan of unprecedented proportions” in oil-products markets.” “The use of techniques such as “fracking” to unlock previously inaccessible oil reserves in the U.S. have transformed the country’s oil industry, putting it on track to become the world’s largest oil producer by 2020, according to the IEA.”
Sir Ron Von, Yes, there are new techniques, but fracking is still considered the best. However, The EPA has to separate the fact from the fiction and been collecting fracking reports from all over North America and Baker Hughes has to announce it’s magic chemical frac formula by Aug 04. The deadline for all EPA frac reports is Aug and there’s rumor that new frac guidelines and rules will be decided in Oct 04. My neighbors here in Houston work for BHI, SLB, NOV, HAL, CAM, XOM, APC and they are brilliant. Frac or no frac, US energy independence is very serious business and, no matter what it takes, it will be accomplished.
Martha, it is most interesting to my own logic and belief that the WSJ uses the words “…the use of TECHNIQUUES…such as fracking…” If one is able, such as myself, to"read between the lines and words," ala pay attention to what I do not say more than what I DO say. All politicians and news reporters of all kinds live by this policy. No one sees or understands the news today because no one can hear the things politicians and news agencies only hint at, but never tell us. WSJ’s choice of wording here, “techniques” being the plural and not the singular, fires my imagination to its upper levels. I know in my mind and kidneys that the oil producers already have new technique, some actually being used right here in Logan Couty this day, that we do not know about. It is all about the most powerful words in English we have ever used, and one I quote here very often. “WHAT IF…” Well. In the coming weeks, maybe even sooner, we are going to see some of the results of oil producers who actually live by the credo of WHAT IF. Just hide and watch.
Number numbers from the ‘Olympic oil games’ where North America will take the gold. “The IEA forecasts global oil demand to rise by 6.58 million barrels a day by 2018, of which 61% is to be met by extra North American supply. That actually represents a slowdown in production growth. But if Iraqi growth slows sharply, that would raise oil prices and likely spur even greater investment in North America.”
Folks, that means long dated oil futures 2018 could be well above the $83 per barrel reflected in futures prices. Get ready to make some money.
Ron my well is across the street from my property, there are signs in front of each well, was wondering if you could explain to me how to read the gauges just to see how many barrels a day so I can look periodically through the month? Also I have only received 1 check so far for 6 months of production, I see on this forum that the wells seem to slow up on production after a short time, can a person ever count on a somewhat regular check each month? My well is in sec 25 19n 2w it is Devon and it is in the woodford. Thanks.
Ron does the oil company decide how much production there will be, say for the month of July? Do I just kinda wait and see what I get each month? I really don’t know what to expect.
I am not the Ron you are asking, but you have some very relavent questions, and as I see it, output is never a certainty at any level, though with horizontals, seems to go for as long as 40 years and even more. I predict longer because we still do not even have a clue as to how much of whatever is down there. If you received a check after only 6 months of production, you have done better than most, as it usually appears to be a year or longer, and the producers, I think, have a book full of phony excuses that fool every judge in the state of Oklahoma.
Todd,
I wouldn’t go near that well unless your lease gives you right to trespass on the property.
As far as how much it is producing. You can call OCC and get the purchaser # and then go on line and see how much is being purchases each month. OCC can walk you through the process.
As far as knowing how much the well will make each month, lots of things can change the check amount. Was the well shut in for additional work, did they drill another well on the pad, etc. Once the well is about 1 year old, it will give you a better idea of how much you may get per month, but it will be a little different each month. Prices of oil, amount that was recovered, etc. I have seen checks from $100 to several thousand differences on the same well. I have never seem the amount that it was tested at. I always figure if it came in at 400 BBD, I will be luck to see it produced at 100 BBD once it settled down. And this maybe the best thing to make the well last longer. Most well should not be produced wide open, or they won’t produce every long. If the pressures are keep checked, they can produce as long as 20 years or more. So, don’t plan on living on your check, it’s put back fun money only. That way, when the well goes dry, you still have fun money.
Jackie, the worth of any minerals in Oklahoma, or anywhere, is never known until the gas explodes in the cylindar heads of our automobiles. I would never sell, especially not as long as I keep getting any kind of offers to purchase my minerals from landmen or landladies who know everything they need to know about purchasing. They do not EVER offer to buy unless they are very, very sure that they will make a pile of profit later down the road, and that is a fact.
Ok thanks, my friend owns the land the wells where drilled from thought maybe he could look for me I see him on the site from time to time thought maybe he had permission since he owned the land but maybe he just does it w/o permission I’ll have to ask him.
Todd Virginia hit the nail on the head .Here is completion report for the well under 25.
http://imaging.occeweb.com/OG/Well%20Records/1DD1BEB5.pdf
The only long term production I could find was for Jan . They said sold 5,240 BO and 4,669 MCF of gas.
Virginia, 2 days ago, Oklahoma announced new 1.5 million grant funding to train oil field workers needed to drill many more wells. More wells = more production
Sir Ron Von, Nine earthquakes registering more than 3.00 occurred in less than 24 hrs on the first day of my 4 day oil and gas related hearing in north central OK this past week. Aftershocks created a harmonic vibration that felt as if the hotel was built on an active rail road track. More quakes followed and I was pitched forward outside a restaurant in Enid on Wed night and almost went face first onto the pavement. It wasn’t just the earthquakes that were highly disconcerting. 200 + quakes have occurred in OK over the last six months.
Martha,
I hope with another 1.5 M grant money they can find someone in Oklahoma to train. They need to bring people in from other states. You can’t find anyone left in Oklahoma as everyone that welds, trucks, D. mechanics, fencers are working for the oil company. I am having to take farmer works, builders, roofers, etc up in order to get work done. Where are all these people on welfare that needs a job? Have an old barn that needs repair and it’s to costly to transport people to fix it, but I sure need some workers. I’m glad that people in OK finally have got some good paying jobs, but they are working 12 hour days and 7 day weeks on pipeline, etc.
With all the earthquakes, I hope the capital building don’t go down a hole before they get it repaired.
Virginia, Mexicans are moving into OK and they have little to no oil and gas knowledge, but they are hard workers and are willing to sleep in tents, and trailers. They are building all the homes in my growing subdivision north of Houston and they amaze me with their self taught skills. Most are highly intelligent and learn quickly. I admire them for their devotion to family and religion.
This isn’t Cathy but----HOORAY !!!, after 12 months of selling oil they sent us our first check. It didn’t matter that Cathy got royalty oil checks back in the 70’s from a well in Logan Co. after probating her Mothers will and filing everything in Guthery, it didn’t matter that she was a mineral owner in Logan county with a known address, and it didn’t matter that she must have owned mineral rights or they wouldn’t have sent her papers wanting to lease those mineral rights, when it came time to pay her for the oil they got paid for, they questioned her ownership of her mineral rights. We have read on the forum that when payment isn’t made in 6 months, their is also interest owed on that money. Our question is–how much interest on how much money, there was no interest money with the check. Do they owe interest on the full amount or just on the amount after the first 6 months? Are we going to have to have to battle them for this too? Is their a state law that says they owe this? Any help would be greatly appreciated–thank you
Martha,
I think we could use a lot more Mexicans in Oklahoma that will work. I know my roofing crew that I took up to put my roof on my farm house was all Mexicans and they are great. I wouldn’t have any floors, granite bath & kitchen top, etc. in my TX home if it wasn’t for Mexicans. That was mostly what I saw working on pipelines in Oklahoma. But, the oil companies has most of them hired in the Enid area as far as I know.
Catherine go to the front page of the forum and under discussions put your question about interest on late royalty payments and your will find the Okla. statue written in several discussions. From experience you will need to write the oil operator and ask for the interest.
Devon will continue to be a highly successful company. Lease and invest wisely…
http://www.halfbridge.com/2014/06/devon-energy-stock-will-continue-…
More fracking also equates to more profit, but it also equates more earthquakes in my own opinion, and I do believe most citizens of Logan County agree with this equation. Of course, the politicians and oil producers simply say “prove it.” Communities in California are not waiting for the overwhelming proof, they are banning fracking, and I have come to the decision that fracking does, in fact cause earthquakes after tons of research. Prove It? This is something evasive because of the huge profits the Oil companies and attorneys are making from just the attempts to prove anything. Myopinion is that Oklahoma City and the region will have all the proof they need in the not too distant future. It is coming, and thisis only one calaminity in our future that Homeland Security is planning for in the very near future. It will happen.