Comment

Comment by sldouglass on October 25, 2013 at 10:37am

You may or may not be able to tell something from royalty checks.  The producer controls how fast the production come to the surface  to serve business needs.  I would guess that wells in the area are not operating full tilt right now because it does not make sense at the moment.

Comment by sldouglass on October 25, 2013 at 10:30am

The current chit chat sounds a little discouraged.

I can only speculate like everyone else, but I think there is a great future - the question is when!

Drilling in NW PA is certainly not booming and, it would seem for good reason[s].

There are better pickings right now in the wet gas that brings more lucrative returns, but maybe it is more expensive than in the SW corner of the State - where they already have pipes and other infrastructure, including processing plants.  There are a few test wells in and around Crawford County and they are likely checking out the potential of all the strata - not just the Marcellus and Utica.  If they brought the gas to the surface, what would they do with it.  A network of pipes and a market is needed.  If they are planning on drilling for the next 100 years, maybe the area will become more active in year 26.3 [or 35.7].  Meanwhile, if people advertise that they want to lease their properties the producers can pick them up cheap - and fill in blanks in their holdings over time.

I do not think it is question of whether the stuff is there.  Instead, it is a question of when they will need it and pay a decent price and execute a lease that is half reasonable.  Right now they want it all forever.  But they are not even willing to talk about an advance minimum royalty if they do not start producing in a few years.  They will drill a well or two in a big unit if necessary to keep leases in a unit alive.  And the unit configuration is not necessarily going to make sense for production from a geologic and engineering standpoint.

Comment by RJS on October 25, 2013 at 10:28am

The numbers I am reporting for the Lippert well are from my royalty check documentation that I get with each check (which isn't large).  If you read back through my comments, they sold some barrels of oil initially and then it has been all gas each month being in the same ballpark as far as amount.

Comment by Samuel J. Orr on October 25, 2013 at 5:15am

If the well could be otherwise good, why has the well not been restimulated. If a frack is screwed up, is it technologically not possible to fix it? I don't have any Range Resources stock, but for some one who is a stockholder, a call to Range Resources Investor Relations department might yield answers. I called Halcon about their recent Mercer County transactions (lease assignments) to Shell and got a call back rather promptly explaining what was going on. It was just a trade of some acreage in the Utica between the two companies!

 

Comment by JREwing on October 25, 2013 at 3:52am

My God, I wish I had the $$$ I've watched this company piss away...  If I didn't know better, I'd swear there was a complete Jackass running this outfit.

Comment by Greg K on October 25, 2013 at 3:43am

The last I heard Halcon was going to plug Staab well.

Comment by john doe on October 25, 2013 at 2:52am

"Could it be that Range is necking down production?"

I might believe that if Range was actively leasing just in order beat up land owners,But all I hear is crickets.

For a driller to intentionally do that could be fraud...or??? well that would be one for the lawyers.

IMHO ....the well is a loss....

Comment by JREwing on October 25, 2013 at 2:50am

From Range's February 26, 2013 Press Release on 2012:

"In northwest Pennsylvania, Range drilled its first Utica well (50% WI) on its 181,000 net acres. The well encountered 285 feet of Utica/Point Pleasant pay at a depth of approximately 7,000 feet. The well confirmed that we are in the wet gas window and have good pressure. Diagnostics indicate that the well was not effectively stimulated and to date has tested at just over 1.4 Mmcfe per day. However, we are encouraged by the well data and we are monitoring offset activity as we choose the timing of our next test."

They screwed up the frack and they as much as admitted it early in the year.  This is old news.

Comment by Samuel J. Orr on October 25, 2013 at 1:24am

Are you sure those figures are correct? I assume M equals 1000. If so the total production of the well during the month would be worth something less than $20,000!  If I am correct, total royalty at 20% would be slightly less than $4000. (The 20% is a hypothetical figure.) This well for whatever reasons appears to be a BIG DUD !! Does anyone have a good explanation of what happened since the Lippert Well was originally touted as a monster?? Was it all just technical screw-ups, or is the geology less than what it was thought to be??  

Comment by RJS on October 18, 2013 at 12:57am

Lippert Well Report for July - 5,026.53 MCF NG at $3.796.

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