BP Outlines Drilling Plans

In the Warren Tribune today, BP sheds a tiny bit of light about their plans for Trumbull County.  Don't waste your time reading the comments, unless you WANT to get mad. 

You can read the article here:

http://www.tribtoday.com/page/content.detail/id/570318/BP-outlines-...

Seems there's one huge positive about BP making the offer:  They want to start drilling way sooner than if Chesapeake would have made an offer.  Early drilling = sooner royalties

 

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Permalink Reply by Amanda on April 10, 2012 at 10:56pm

I couldn't agree with you more, Fang.  & You're welcome.  I was actually surprised that it hadn't been posted earlier, as I saw it this morning.  (I had to wait until I got home from work to post.)

Yeah, it might not be what everyone else got in Columbiana or Mahoning counties, but like my Mom made me understand, it is more than she had yesterday and if it's God's Will, then it will be.  If I understand correctly, 75% of the landowners have to sign up for BP to obligate.  If they do or don't, it is what's supposed to happen.

As the saying goes, "Whatever will be will be."  :-)

Permalink Reply by Jim Litwinowicz on April 10, 2012 at 11:18pm

Fang; not all companies wait a long time to drill Hilcorp is starting one already near Pulaski...and they just signed leases in Sept. Shell is also very active here in Lawrence Co, drilling several wells this year.

CHK has too much land under lease.  They can't possibly drill it all very soon.

Permalink Reply by mike on April 11, 2012 at 9:30am

Fang here it is

Authorization Search Details Search again
Authorization ID: 917844
Permit number: 073-20367
Site: PULASKI WHITING 1 OG WELL
Client: HILCORP ENERGY CO
Authorization type: Drill & Operate Well Permit
Application type: New
Authorization is for: FACILITY
Date received: 02/28/2012
Status: Pending

Sub-Facilities for Authorization
Sub-Facility ID Sub-Facility Name Description eMap PA Location
1073898 PULASKI WHITING 1 Well View Map in eMapPa (IE-only)

Money Back Guarantee Information
Status Countdown Days Remaining
ACTIVE On the Clock 12 of 45

Task • Sub Task Status Start Date Due Date Date Completed
Begin/End Administrative Review
2/28/2012 3/4/2012 3/6/2012
• B/E Appl Complete Review
On the Clock 2/28/2012 3/4/2012 3/6/2012
• Send Deficiency Notice/Receive Response
Off the Clock 3/2/2012 4/2/2012 3/6/2012
Begin/End Technical Review 1
3/6/2012 4/15/2012 4/5/2012
• B/E App Geologic Review
On the Clock 3/6/2012 3/31/2012 4/5/2012
• Complete PNDI Check
On the Clock 3/6/2012 3/6/2012 4/5/2012
• Participate in Phone Call
Off the Clock 3/27/2012 5/27/2012 4/2/2012
• Participate in Phone Call
Off the Clock 4/4/2012 4/4/2012 4/4/2012
Begin/End Technical Review 2
Begin/End Decision Review

Log in to DEP's eNOTICE to track this permit with automatic email updates
Permalink Reply by Jim Litwinowicz on April 11, 2012 at 10:19am

Fang, it takes months to get a permit.  Thats why you've been hearing about them for months but they haven't drilled yet. They plan on starting in May or June, from what I hear.

They have at least three sites they will drill this summer, permitting for three wells on each site. Don't know if they will drill all three right away...depends on what they find.

Permalink Reply by Lance Nimmo on April 11, 2012 at 11:10am

Who in their right mind wants royalties right now??? I mean if you're dying or need them real bad great, but you can keep royalties on $2 gas. Even if it's wet, anything short of Caroll county crude is a downer. I hope if any of my properties get put in a unit they get shut in. I'll wait for a respectable price.

Permalink Reply by Jim Litwinowicz on April 11, 2012 at 11:20am

Lance; your a young wippersnapper and can afford to wait.  Us old guys want it while we can enjoy it!  NGLs are worth about $65/barrel right now. If they hit good wet gas, the royalties will be pretty good. Besides, they are just doing test drilling now to see what is there. It will be a couple of years before good production hits and the gas prices should be better by then.

Permalink Reply by Utica Shale on April 11, 2012 at 11:58am

Jim,

"...  gas prices should be better by then ..."

 

 Why will Nat Gas prices be higher in a few years?

 What do see that will absorb all this new supply of Nat Gas that is coming on-line?

Permalink Reply by Finnbear on April 11, 2012 at 2:28pm
Permalink Reply by Utica Shale on April 11, 2012 at 4:19pm

Finnbear,

 OK,

 Documented here ...

 from $2.089 on Apr 11, 2012

 to $3.301 on Apr 2013 (up 58%)

 to $4.031 on Jan 2014 (up 92%)

 to $4.533 on Jan 2015 (up 117%)

 to $5.606 on Jan 2016 (up 168%)

 

 Let's see how well the numbers can predict the future or not.

 

 If Bernanke keeps "printing" dollars these number could be too low.

 

 

 

Permalink Reply by Finnbear on April 11, 2012 at 4:39pm

I see where gas dipped to $2 today and read somewhere this morning that it could bottom around $1 soon. The market is betting that it will go up however, as evidenced by the futures prices. What the Fed and Washington is currently doing to our economy has a lot to do with what the market is predicting.

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