A shale formation with general locational characteristics that extend from northern Midland to Lubbock, Texas. Depths range from 9-11,000 feet.
http://www.approachresources.com/approach/files/ab/ab8ea30d-8a05-4f46-be96-d0568bc41784.pdf
Wolfcamp Horizontal article written by Steve Toon for the Oil and Gas Investor. Photography is by Tom Fox.
This will light your fire!
Regards,
Ralpr
Opportunity Knocks article by Becky Frost in PBOG Magazine
FYI - Great article about Jim Henry and Henry Petroleum, et al.
Ralpr
07/27/2012
Apache - Midland Basin Wolfcamp Shale Drilling Economics
Apache Corporation (APA) disclosed for investors and shareholders the economics of drilling and completing horizontal oil and gas wells into the Wolfcamp Shale in the Midland Basin area of the Permian Basin.
Apache estimates that horizontal wells drilled and completed into the Wolfcamp Shale will cost an average of $7.7 million and have an estimated ultimate recovery (EUR) of 598,000 barrels of oil equivalent (BOE).
Apache estimates that 91% of the production from these wells will be crude oil or other liquid hydrocarbons and yield and return 44%. The company estimates that it has 971 drilling locations in the Wolfcamp Shale in the Midland Basin.
Apache has spud seven horizontal wells to date into the Wolfcamp Shale and is operating three rigs in Irion County, Texas, as of June 2012.
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FYI - It appears that Chesapeake Energy may have sold their producing interests in the Midland Basin to EnerVest.
"During the 2012 third quarter, Chesapeake expects to enter into agreements to sell three Permian Basin asset packages. A Purchase and Sale Agreement (PSA) has been signed with affiliates of Houston-based EnerVest, Ltd. for the company’s producing assets in the Midland Basin portion of the Permian Basin. Bids have also been received and accepted on two other packages in the Delaware Basin portion of the Permian Basin. Chesapeake is currently negotiating PSAs for the two Delaware Basin packages with the goal of entering into PSAs in the next 30 days and closing the transactions in the 2012 third quarter. Negotiations for the sale of substantially all of Chesapeake’s remaining midstream assets are also underway with GIP, which has an exclusive offer right until August 13, 2012. Chesapeake also expects to close various other asset sales during the 2012 third quarter."
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A Form 8-K regarding Chesapeake Energy has been filed with the United States Securities and Exchange Commission.
To View the filing please click here |
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If you are unable to click on the link above, please copy and paste the URL below into a web browser http://www.chk.com/Investors/Pages/SEC.aspx |
http://www.chk.com/news/articles/Pages/1734237.aspx
FYI - Chesapeake keeping undeveloped, non producing acreage in Midland Basin for either selling or developing later. Hopefully this is good news.
Regards,
Ralpr
http://seekingalpha.com/article/866271-chesapeake-energy-3-3-billion-permian-asset-sale-disappoints
FYI
Ralpr
According to this link, these energy companies are actively working in the Wolfcamp Shale (Wolfberry Trend): http://oilshalegas.com/wolfcampshale.html
Apache
Approach Resources
Chesapeake Energy
Cimarex Energy
Concho Resources
Conoco Phillips
Devon Energy
Endeavor
El Paso Exploration and Production
EOG Resources
Forest Oil
Linn Energy
Petrohawk Energy
Pioneer Natural Resources
Sandridge Energy
Southwestern Energy
Whiting Petroleum
SandRidge to Sell Permian Basin Oil Assets for $2.6 Billion By Mike Lee December 19, 2012 6:15 PM EST Facebook Twitter LinkedIn Queue SandRidge Energy Inc. (SD), the energy producer that has been fighting shareholder calls to break up the company, agreed to sell assets in the Permian Basin to Sheridan Production Partners II for $2.6 billion. Sheridan, a closely-held producer based in Houston, will pay cash, SandRidge said today in a news release. SandRidge, based in Oklahoma City, produces about 24,500 barrels of oil equivalent a day from 225,000 acres in the Permian’s Central Basin Platform. The sale price exceeds an estimate from John Gerdes, a Canaccord Genuity analyst based in Houston who said in a Dec. 17 note to clients that the acreage might fetch $2.5 billion. “The sale of the Permian assets at this time has allowed us to capitalize on current strong valuations for mature, conventional Permian assets,” SandRidge Chief Executive Officer Tom Ward said in the statement. The transaction is expected to close in the first quarter of 2013. SandRidge will use the proceeds to pay debt and fund drilling at its Mississippian Lime fields in Oklahoma and Kansas, according to the statement. The deal makes SandRidge “more of a bet on the Horizontal Mississippian,” said Jason Wangler, an analyst at Wunderlich Securities Inc. in San Francisco. “If that play works, so does SandRidge,” he said. Wangler rates SandRidge a buy and doesn’t own any of its shares. SandRidge announced the sale after the close of regular trading in New York. SandRidge rose 8.8 percent to $7.07 in late trading after closing at $6.50 in New York. SandRidge’s managers believe “all shareholders should conclude that this is a great outcome for them,” Greg Dewey, a spokesman, said in response to e-mailed questions. “We are simply doing what we said we would do, staying true to our brand and doing things quickly and efficiently and once again making a move that creates tremendous value for the Company and its shareholders.” SandRidge shares have fallen this year as shareholders including TPG-Axon Capital Management LP and Mount Kellett Capital Management LP call for the company to put itself up for sale. TPG-Axon, the hedge fund run by former Goldman Sachs (GS) banker Dinakar Singh, has called for a shareholder vote on replacing SandRidge’s board of directors. TPG owns 6.5 percent of SandRidge, and Mount Kellett owns 4.5 percent, according to data compiled by Bloomberg. SandRidge should avoid “any hasty strategic actions, such as the precipitous sale of the Permian assets,” until a new board can be seated, Mount Kellett Chief Operating Officer Jonathan Fiorello said in a Nov. 15 letter. He estimated the Permian acreage may be worth $4 billion. Wangler said the sale may help SandRidge win over shareholders, since it will allow the company to reduce its debt. Other analysts have criticized the sale because it would increase SandRidge’s reliance on lower-profit natural gas. “Regrettably, a Permian sale does not improve SandRidge’s long-term financial standing,” Gerdes wrote in his note. Selling the assets at $2.5 billion would have funded the company through through 2014, and SandRidge would outspend its cash flow by $1.2 bilion a year from 2014 to 2017, Gerdes wrote. He said in an interview he hasn’t had time to review his calculations based on SandRidge’s higher sales price. To contact the reporter on this story: Mike Lee in Dallas at [email protected] To contact the editor responsible for this story: Susan Warren at [email protected]
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Newswest9.com article Cline Shale Could Create a Super-Boom in the Basin Jan 08, 2013 9:31 PM CST By Jen Kastner FYI
Ralpr
Pioneer budgeting $1B in the Wolfberry and moving North.
Regards,
Ralpr
ralph the well at patricia Is where I put 10,000 acres in to farm land from pasture in 1969 I know most all the farmers around there. there was a few wells there then I will have to look in to it and see what is going on there thank
Mr. Dubose, Yes, Sir!
Regards, Ralpr
http://m.fool.com/investing/general/2013/02/23/why-you-should-pay-attention-to-this-texas-oil-pla
Nice Article - FYI. Ralpr iPhone
Thanks Mr. Dubose. Good Morning, and have a great day! Thanks for starting my day very nicely
Regards,
Ralph “Ralpr”
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Pioneer Natural Resources’ Spraberry/Wolfcamp Field Trip Presentation explains a lot.
Ralpr