"I can understand that mineral owners that may have signed early at low bonus would see this bill as a plus, however the current state of gas prices was achieved by continued drilling to hold acreage in the face of signs that said slow down. …"
Read lease carefully. There is usually a clause that stipulates a time frame during which activity to hold the lease may ensue such as, drilling another well. It is usually the time specified by the delay rental payments."
I interpret the completion report as a calculated well test with the gas open flow calculated, but actual oil recovery reported. I've been warned many time, be skeptical of completion reports
This well was reported to be a shallower…"
Barrel oil equivalent (BOE) is an annual report and news release impression term. It is arrived at by dividing Mcf gas by 6 for the "equivalent" barrel. It's just for reporting impressive numbers, BOE cannot be…"
"I responded to this topic yesterday in a now closed thread called Des. Gulfport is reporting very good results for their well in Ohio. Their reporting of barrel oil equivalent for 17.1MMcf gas confuses the report, a BOE of gas does not…"
My experience is not with the Utica, but Clinton in OH.
Generally, a high pressure well will require a series of step down regulators, a drip to collect liquids from the stepdown (cooling) effect, a safety regulator, a…"
The 6Mscf doesn't have anything to do royalty figuring. It's used in financial reporting to convert oil to equivalent gas volumes (Mscfe) or gas to equivalent oil volumes (Boe).
Gas volume (Mscf) * gas…"
scf = standard cubic foot, usually defined at 60F and 14.7psia ( average atmospheric pressure at sea level)
Natural gas measurement nomenclature predates the metric system prefix like kilo = thousand, mega = million.
The old timers used Roman…"
Read carefully company announcements. The Buell well in Harrison Co. OH produced 9.5MMscfg and 1,425bpd of NGL and oil. The 3,010bpd was figured by dividing 9,500Mcfg by 6Mcf/bo to get 1,583 barrel oil equivalent. This is a…"
This is old news, thoroughly hashed out in the past year when USGS came out with their 84Tcf estimate for future recoverable. EIA now using proved reserves plus probable reserves for their new total, not the estimated resource base by…"
"Your lease is held by production by the shallower (Clinton) well. To you it may not seem right but that is how it is in Ohio. An attorney familiar with oil and gas transactions in Ohio will tell you the same."
What Jasper was saying is connect to the Geologic Survey for a chart that shows the relative positions of oil and gas formations in the subsurface. Here a link to the PA-GS online correlation chart and for the Devonian Shales…"
What makes this site so great? Well, I think it's the fact that, quite frankly, we all have a lot at stake in this thing they call shale. But beyond that, this site is made up of individuals who have worked hard for that little yard we call home. Or, that farm on which blood, sweat and tears have fallen.[ Read More ]