There was a HUGE article today in the Wall Street Journal regarding oil production and the price of oil. I don’t know if it is available on-line. It had a lot of material describing the implications of what it means to different countries and the actions that might be taken by the major players.
Ed, Thank you for all you updates. I guess in about 6 months we will see what the production looks like on the Oceana and Goins.
Ed, I, too, thank you for the current information! Does “flowback” take more than a couple weeks, is it determined by the depth of the well or something else entirely? Is the “6 months” wait for a royalty check based on when fracking ceases or when flowback ceases? thanks to anyone who can enlighten me!
TJAS, it’s not unusual to take that long to post a completion report. Let’s keep in mind that this is one of 6 Boles wells that are multi-unit wells with laterals around 8000ft. This is not to say they aren’t good wells but those big numbers are split between 2 sections. “Dekatherms” of gas really? For us common folk I believe that means mcf (thousand cubic feet).
Thanks again Mr. Hutchison
Boles completions
http://www.occpermit.com/WellBrowse/Webforms/WellInformation.aspx?I…
http://www.occpermit.com/WellBrowse/Webforms/WellInformation.aspx?I…
http://www.occpermit.com/WellBrowse/Webforms/WellInformation.aspx?I…
http://www.occpermit.com/WellBrowse/Webforms/WellInformation.aspx?I…
John E Mosier, do you know how to copy and paste it to the forum?
http://okenergytoday.com/2014/12/oil-and-gas-exploration-underway-d… “A few notables such as two wells that produced more than a thousand barrels of oil a day in Elk City were reported this week here at OK Energy Today. But Tulsa-based Newfield Exploration Mid-Con Inc has some bragging rights as well. The company hit a well recently in the Woodford Shale of Stephens County near the community of Foster and records indicate oil production came in at 1,152.04 barrels of oil a day along with 6,927 dekatherms of gas. Known as the Boles well, it actually came in during August but the completion report was just filed this week.” Is it normal for completion reports to be filed so long after the fact? Merry Christmas everyone, learned lots in 2014 and looking forward to more in 2015.
Found out they’ve had all kinds of trouble on the last Poteet well that the rig is still on but they only lack about 400 feet getting it done now. Ask the same people if they knew anything about the fracking on the other wells and they didn’t.
Has anyone heard any new production figures on the Boles wells?
Linda, I got Tim’s site without a subscription. Hope your back is starting to get better.
Tim, thanks for that site, didn’t know about that and it’s pretty handy.
Whoops, just now saw where you’re not sure if it’s available online. You probably get a hard copy, so that’s not an option, I’m sure.
Jerry,
I don’t know how long they’ve been flaring, sorry.
Vicki – I was in the dentist’s office this morning and had to wait. There was a paper copy of the Wall Street Journal there. That is where I saw the article. I don’t know if those of us without a subscription can read the article. I just checked and it appears that one needs a subscription to read the whole article.
You can get completion reports and intent to drill reports the day after they come out from OCC via www.okenergytoday.com. Click on the link on the left side of the page.
Any word on the new Mashburn wells?
Diane,
The length of flowback, the recovery of fluids used to frac the well, can vary widely based on a number of factors… a couple of which are: the amount of fluid used to frac the well and how aggressively the well is flowed during recovery. Oil and gas production will start while the well is still flowing back frac fluid (this may range from a few days to several weeks). In some cases the flowback period might last a month or more.
The six month period to start paying royalties is set by OK law to prevent the operator from withholding funds for too long without penalty. The clock starts ticking with first sales. If increased density wells are drilled within several years of the original well first royalty payment is usually made much sooner than six months since most, if not all, of the ownership is the same; therefore, less land work is needed to confirm title.
Thanks soonerpe! Great explanation!
wishing you all a blessed and merry Christmas! You have all been such a gift to me!
Drove up to the ‘DIGGINS’ yesterday. What a beautiful sight in Section 17 2N4W to see the Christmas Trees of all the Poteets. One Rig up drilling. Saw the Forrest 2 next to the Poteet #2. It a sight for my old eyes. I didn’t see a house in that part of the section we drove thru. My sister met us and then we drove to Pauls Valley for lunch at ‘Punkins’. The Catfish was delicious. It was a great Christmas for us. Congrats to all mineral owners in Section 17. I don’t own there but have a small interest in Section 8.