Berea Oil Production Set to Top 800,000 Barrels for FY-2015 or >65% Year over Year Possibly >1,000,000 BBL

Lawrence County Berea Production Numbers for FY-2015 Should Top 800,000 Barrels.

Factoring in lower Oil Prices The Numbers Could Be in Excess of 1,000,000 Barrels.

Using  published severance tax data and production numbers from the state.

531,676 barrels = $673,563 in fiscal year 2014 ($673,563/531,676 barrels = $1.267 per barrel)

FY-2015 barrels = $512,599 in the first half of the current 2015 fiscal year x 2 = $1,025,198 est total FY-2015
Production for 2015 ($1,025,198/$1.267) = est 809,154 barrels which is more than a 65% increase from the prior year

 

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Replies to This Discussion

0ym9x5ag7ury2Permalink Reply by 0ym9x5ag7ury2 on June 29, 2015 at 6:12pm

Iron Farmer,

   I hope the landowners are being paid Fair Market Value for their oil in Kentucky.

In Ohio Chesapeake is paying themselves well below market value (then paying a bogus royalty) before selling on the open market.

Rounding to the nearest dollar with one exception, here are the March Self Sale prices per barrel of oil: $32, $11, and $10.69.

I believe Chesapeake is once again trying to save itself by shorting landowner royalties.

These prices will never stand up in a court of law as Fair Market Value.

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