Comment

Comment by Samuel J. Orr on January 12, 2014 at 6:46am

Unfortunately, I believe the Lippert well had technological problems This has discouraged drilling but has served Range Resources' interests. Their acreage is SW Pennsylvania is simply better  and they are concentrating their drilling efforts there. Crawford County geology is likely quite good. The bad results from Lippert discourage other companies from drilling and thus Range is the only potential player. They can only drill so many wells. If they suddenly drilled several good wells in Crawford County, then other O&G companies might flock to Crawford County driving up leasing values, or leasing and drilling acreage, that Range might otherwise lease and drill in the future. In other words it serves the interest of Range Resources to poor mouth the value of their Crawford County acreage. This is just my opinion, and is not supported by any hard evidence. Perhaps a petroleum geologist can weigh in on the issue. I do think there are previous posts suggesting that technical issues and not bad geology explain the very poor results from the Lippert well. IMHO

Comment by gary smith on December 20, 2013 at 4:21am

I wouldn't give up yet folks. the drillers are heading through Lawrence and mercer headed right at us.

Comment by RJS on December 6, 2013 at 3:45pm

Lippert Well numbers for September - 167.8 barrels of oil at $83.909 and 4171.77 MCF gas at $3.667.  Steak dinner this month instead of pizza and wings.

Comment by j. rick on November 7, 2013 at 10:48am

chip, I was simply answering a question that was asked by james. the email is what it is. I don't believe it either but its not my style to rain on peoples parades.

Comment by Samuel J. Orr on November 7, 2013 at 7:20am

Chip: I have pretty well resigned myself not to see much if any new leasing activity in Crwaford, Mercer, or Venango Counties until 2015 and might be even further down the road than that. The transcript of the Halcon earnings conference which you can pull up on "Seeking Alpha" was discouraging, especially the Q and A portion. I now  anticipate that Halcon may  sell all of its remaining acreage in Mercer, Crawford, and Venango Counties to Shell, or at least as much of said acreage as Shell is willing to purchase. I have no information to support this, but it is a not an unreasonable speculation. Both demand for natural gas and  infrastructure are less than are needed to encourage additional leasing and drilling. It is what it is and there is not much any of us can do about it. Patience is the watchword but having patience is not so easy. Halcon has clearly abandoned their plans to construct a pipeline from the Pilgram well in Mercer County westward to the Ohio line, and also their plan to subsequently construct a pipeline from the Pilgram well in Mercer county eastward to the Allam well in Venango County. None of these facts incline one to be optimistic in the short run.

Comment by justLTD on November 6, 2013 at 12:53pm

What ever happened with the Shell and Williams deal announced in April?  Any new info on that?

Comment by james on November 6, 2013 at 12:09pm

Thanks, I'm surprised they are close to a deal. I wonder what kind of numbers they will get?

Comment by j. rick on November 6, 2013 at 11:09am

according to an email from cx  it could be 5 - 6 weeks when a deal may be offered. which is around the second week of December. will have to wait and see what happens.

Comment by james on November 6, 2013 at 10:48am

Any news on CX Energy, last I heard they had a lot of companies looking at the Crawford acreage and several interested companies? They have been very quiet lately.

Comment by Jack Young on November 6, 2013 at 3:08am

This is just a rumor, of course, but I would caution anyone who thinks that Shell will bail the area out. They are clearly a strong company with great technical capabilities, but also the high cost producer, and so their requirements for profitable drilling will be tougher to meet than most competitors.

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