Halcon sells Woodbine assets in Texas so they can keep lights on: they can't find a buyer for Big Dog known as Utica----woof, woof.
Replies to This Discussion
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Permalink Reply by Jim Litwinowicz on -
Jonathon; Then why did Halcon lease 3000 mores acres adjacent to the Allam well just this past summer?
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Permalink Reply by jonathan M. on
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That was 1/2 a year ago when halcon believed the utica would work. Apparently That has changed. It is pretty telling That they have recently removed the utica from their "core" developments list on their website. It has been listed as core for the past year or so but removed last week.
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Permalink Reply by deer spotter on
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If the E&P companies missed the Utica northern play by how much did they miss? 1mile or 100miles? To soon to call the northern play a bust. Just not enough info yet. Looks better to shareholders to spend on more productive plays at this point.
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Permalink Reply by Jim Litwinowicz on
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It was after the Allam well was fracked. It was after several other wells were drilled. And Hilcorp is continuing to expand its footprint in Mercer and is now working adjacent to Venango.
I think the problem is that Halcon is cash starved. Plus, they don't have the proper fracking recipe for the area and don't have the time or money to learn. Seems other companies are very happy there.
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Permalink Reply by Elnathan Cory on
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Don't forget that they are still in litigation with all the landowners in Mercer county that they buggered! Maybe they will go bankrupt to get out of that too!
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Is bp also cash strapped?? They certainly hightailed it out of the utica. The reason halcon left is well results. Plain and simple, wells were bad they left. Bp same thing.
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Permalink Reply by Craig Stull on
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Johnathan,
Where are you getting your information ? Are you just whistling dixie ?
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No just making an observation based on what halcon has said publicly. As far as bp just basing my opinion off of the poor results reported to odnr. Also no more rigs for either company...
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Permalink Reply by Jim Litwinowicz on
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BP was in a different area. And BP was looking for oil.
Hilcorp is very happy in Mercer and expanding its footprint. A new mainline is being built to Mercer along with a separation facility. Lot of mullah being put in an area you claim is bad.
Shell and Chevron have drilled but are not yet online. Are they also partners in the new pipeline? If so it would indicate their future plans.
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Permalink Reply by Paul Butler on
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D & L Energy owned a large lease position in Mercer County.
D & L declared bankruptcy after it got caught up in some type of hazardous waste disposal scandal.
I was hired by an investment bank in Houston to value D & L's Mercer. Crawford, and Clarion leaseholds.
My analysis said the Mercer County leases were worthless. I told the investment bank not to pay ten cents. They agreed.
After a NATIONWIDE promotion, on auction day for the D & L leases, 2 or 3 people showed up. The assets were purchased by some rubes from Colorado.
I'm sure they have been trying to dump the Mercer leases ever since.
Hilcorp people aren't real bright. I think that's why they are happy.
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Permalink Reply by Craig Stull on
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Paul,
I Trust the banks just about as much as these o/g companies !!
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Look, Halcon and BP invested millions to buy the deep rights to leases.
They've pulled the rigs from the area. If they had drilled lucrative wells would it make sense to pull the rigs just to go chase some other field? No, if they had a sure thing here they'd be putting in well pads as we speak.
I don't think it matters much what anyone says, the thing to do is watch what they do. And BP and Halcon have (apparently) left the northern Utica.
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