Comment

Comment by JohnL on January 14, 2014 at 3:22pm

I'll have to go back and check, but I believe Halcon has up to an additional 3 permits for the Phillip site, so it supports the theory of a drilling process failure on the first well. I think Halcon applied for these permits after the initial well was drilled.

jl

Comment by chestnut run on January 14, 2014 at 1:42pm

Phillips well results are poor d/t technological failure in drilling process per workers @ well site this past year.

Comment by Elnathan Cory on January 13, 2014 at 11:25am

Thanks for the great response. While I was reading your response I was thinking about the possibility that the geologist/drill team didn't hit the bull's eye on the Phillips well too. Sometimes it doesn't take much of an error or bad luck to not get maximum results. Nevertheless they are drilling and apparently making money. I was looking at an old map that showed you owned some acreage in Lake twp? In any case all I want is Hilcorp in my back yard! Seriously! Hilcorp has a lot of leases that will start to run out in about 3.5 years. Happy drilling.

Comment by Samuel J. Orr on January 12, 2014 at 5:24am

Elnathan: My take is that the Phillips well numbers are rather poor, but the James numbers are fabulous. If you assume that James will continue to produce at the current rate you can multiply their 7day numbers by 64 / 7 to find a meaningful comparison of what the two wells would theoretically produce over 64 days. Or you could divide the Phillips 64 day production numbers by 64 and the James production numbers by 7. This would give you a comparison of the daily production numbers for each well. James is apparently producing 214 barrels of oil per day which equals $21000 per day if oil is $100 / barrel. It is also producing just under 5000 of natural gas per day. If gas is $4.00 / mcf, this amounts to $20,000 / day. I don't know the size of the unit but the landowners who comprise it must have very large smiles on their faces. Although my land is in Venango County and is unleased, I believe that every good well in Mercer County is a plus for my own prospects. Let us all hope that future wells are even half as good as the James well. Let us also hope that the Phillips results are because of some technological failure in the drilling process, and not from poor geology.

Comment by Elnathan Cory on January 11, 2014 at 3:48pm

So is this good in general for Mercer county?

Comment by JohnL on January 11, 2014 at 3:12am

Checked the DEP website this morning. Found production numbers for the Halcon Phillips well. 64 days -28035Mcf, Condensate Quantity -4365 Bbl, no Oil production. Compared to Hilcorp James well at 34100 Mcf, 1500 Bbl of Oil over 7 days.

jl

https://www.paoilandgasreporting.state.pa.us/publicreports/Modules/...

Comment by JohnL on January 1, 2014 at 12:24am

Drove past the Jefferson McGhee pad this past weekend. There's a small rig on site now. I was surprised to find the pad up a steep hill on a back dirt road. It's really out in the middle of nowhere. Also saw survey stakes on the Montgomery property on Stiester Rd (gathering facility for Hilcorp/Pennant Midstream pipeline).

jl

Comment by Elnathan Cory on December 30, 2013 at 5:16pm

I wish that was in my back yard!

Comment by Bruce H on December 30, 2013 at 4:08pm

Picture of rig at Chevron McCullough well site.

Comment by Archer Man on December 28, 2013 at 2:14am

I forgot about that well. That's the one with the very large rig that you can see from miles away!

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