Replies to This Discussion

Permalink Reply by Summer Johnston on October 8, 2014 at 2:43am

Anybody able to see / peruse that 'Letter Agreement' ?

No, I see nothing referencing a Letter Agreement on the Trumbull Co. Recorder's site. It's probably similar to recording a memorandum. However, it looks like from an SEC filing dated Sept. 30, 2014 that Halcon may have increased its borrowing ability--but it doesn't say why.

Permalink Reply by Joseph-Ohio on October 8, 2014 at 3:44am

Only reference I saw was within the 'BillofSale.PDF' MJ attached to his reply.

There was a notation within the 'Bill of Sale' that stated (I'm using my words / paraphrasing here to my understanding of the meaning) that if the 'Letter Agreement' contradicts the 'Bill of Sale' that the 'Letter Agreement' would prevail. 

I take that to be the reason why the 'Letter Agreement' was written / exists.

This of course, could render the 'Bill of Sale' without meaning as to any of its terms and conditions (including sale price, retained interest, etc., etc. and so on).

The real terms of the sale / assignment remain private to only those who can access the 'Letter Agreement' as far as I can tell.

And so far that doesn't include any of us.

Permalink Reply by MJ on October 8, 2014 at 5:13am

Anyone know who bought the third well yet? Is it the Lennington?

Permalink Reply by MJ on October 15, 2014 at 4:12pm

Ok - I guess I will answer my own question at this point.  Yes, MJ - the Lennington is now owned by Enervest. 

How about sharing a bit more Craig Stull.  You seem to know a bit more here and there.  Is there anyone in Trumbull left on this site that can speak clearly and soundly(acknowledging Sage here)  about what is known and/or suspected about future development in Trumbull, Ashtabula?

Permalink Reply by john p halloran on October 15, 2014 at 4:29pm

I noticed that that the lennington and zerovich don't have placards anymore.

Permalink Reply by Joseph-Ohio on October 15, 2014 at 4:32pm

My 2 cents :

I can't see why anyone would buy a well unless they were planning on drawing from it or selling it for more at some time myself.

Question is when ?

Still don't know particulars either and wonder when we will on that score too ?

Permalink Reply by Bob Rock on October 16, 2014 at 1:01am

Maybe there looking at land rights that go with the unit. Pipelines?

Permalink Reply by Joseph-Ohio on October 16, 2014 at 1:20am

There's a lot we don't know about what was bought.

All I've read about so far were the sale of a number of wells.

Wonder if they bought other assets, such as other leases, etc.

Wonder if BP maintains interest in the things that were sold.

The 'Letter Agreement' (which as I read over rules the 'Bill of Sale')would probably answer all of that (and more) but, don't think we'll ever have a chance to see it.

Permalink Reply by Sage59 on October 16, 2014 at 12:05pm

MJ, I've been out of the loop for a bit. Enervest bought the Lennington well in Johnston? That's interesting. I t seems like something has to be motivating two separate companies to purchase supposedly terrible wells. I wonder if it is coincidence that Enervest is also working on Butane fracking. At one of the ALOV meetings a speaker mentioned that paraffin would be present, and a by product of drilling in our area. I bet a water/paraffin mix isn't silky smooth. I might run outside and throw a paraffin candle into a bucket of water and see how it reacts. I'm guessing the water will evaporate and leave the candle unchanged. That same candle might turn to liquid in a solvent such as butane. Gets a person to thinking. These companies can't be buying supposedly useless BP wells just for the fun of it. The existing wells at the very least had to prove what the geology is like in their units. Multiple wells can be drilled from the same pad. Maybe new wells and laterals with the new technology will be drilled into (now) known and scrutinized geology. If that geology was bad, (and now they know for sure what it is like), it would make no sense to keep nosing around this area. 

Permalink Reply by MJ on October 17, 2014 at 7:09am

http://www.vindy.com/news/2014/aug/20/potential-oil-window-is-best-...

Permalink Reply by Joseph-Ohio on October 17, 2014 at 7:27am

Seeing that the Vindy article makes no mention (that I could find anyway) of the Butane frac. method recently discussed by EV.

Just now seeing the Vindy article was written back in August, 2014 and prior to EV's Butane frac. discussion.

Permalink Reply by RAY RATELL on October 17, 2014 at 8:03am

THEY USE SOLVENT NOW IN WELLS TO CLEAN OUT PARAFINE, BUT BUTANE WOULD TURN TO GAS AND NOT HURT THE SELLING OF GAS.

I CAN TELL YOU THEY USED TO USE NITROGEN TO CLEAN A WELL OUT AFTER FRACKING BUT WE ONLY USED MAYBE 30,000 GALLON OF WATER. THEY ARE USING BUTANE AS A PROPELANT I BET TO CLEAN OUT THE WELL AFTER FRACKING. 10,000 FEET OF WATER IS HEAVY.

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