Comment

Comment by RJS on June 12, 2013 at 1:44am

I am not connected with Dominion.

Comment by sldouglass on June 11, 2013 at 10:57am

I do not remember when there was only one company after the Marcellus - unless it was Range, which pioneered in the Appalachian are. Chesapeake came later along with others and not infrequently outbid the competition - not making the competitors particularly happy - but then there has always been room to pay the landowners more.

Comment by sldouglass on June 11, 2013 at 10:51am

Oliver Perry points out that there are many different productive earth layers - which makes the scope and potential of the reserves mind boggling. And the companies cannot drill everywhere and to all the separate layers all at once. There is not that much money around to drill and no market for it all. So they will acquire land and drill where the rewards are most attractive and where they are developing the infrastructure to make things happen. Certainly Crawford County is a rich source - but when?

Comment by RoughRice on June 11, 2013 at 9:00am

RJS, thank you for the information. Are you connected to Dominion?  If so, where is that in relation to your property.  I'm sorta interested in the "take away" capacity in Crawford.

Comment by Greg K on June 11, 2013 at 6:50am

McClendon said they were leasing acres for 1/5 to 1/10 of what they were worth, because they did it when they were the only player....just them and the landowner, and they were going to come out ahead with that matchup most every time.

Comment by Oliver Perry on June 11, 2013 at 4:30am

I commented on Friday about the Crawford Co. vertical well permits likely being shallow wells. I found out that is not the case. I got the well plats for two of those wells and the target formation is the Beekmantown Formation (6,650') which I had never heard of before but I do find it interesting and I copied the following info on it. Also I attached the well plats & 2013 spud report which shows one of these wells has a very recent spud date.

"Oil in Crawford County is found in several different rock strata, including the Venango Sands, a series of shallow sandstones in the southeastern portion of the county, the Medina Sandstone which is a blanket formation existent virtually everywhere underneath Crawford County, and most recently in the deeper rock strata known as the Beekmantown Formation. The Beekmantown is now producing large amounts of oil and natural gas in northwestern Crawford County, notably Spring and Beaver Townships."

Kastle%20-%20Panko-Jamison%20Unit.pdf

Kastle%20-%20Askey%20Unit.pdf

Spud%20Report%20Crawford%20Co.%202013.pdf

Comment by sldouglass on June 11, 2013 at 3:38am

I bought a little Chesapeake stock at $17.50 and believe it is undervalued today [we shall see].  I believe its assets are undervalued by the New Yorkers.  McClendon was given incentives to do what he did.  Chesapeake went from nothing to the 2nd largest producer.  And while he made no bones about not paying what land is worth - he paid more than his competitors and was not loved for that.

Comment by Jim Litwinowicz on June 10, 2013 at 3:15pm

Also from report;  It is important to note that the average lateral lengths and the number of frac stages per well are expected to increase as Halcón transitions into the development phase, which should translate into improved rates and recoveries.  The Company is targeting lateral lengths between 7,000 and 9,000 feet where possible.  Shale play economics generally improve over time due to more effective drilling and completion techniques combined with a better understanding of the reservoir.   Halcón continues to focus on building an inventory of approved/permitted multi-well pads in preparation for a full scale development program.

Those will be some pretty long laterals. The current ones ranged from 3810' to 7800' with most over 5500'  The good news is that the BTU  was over 1200 and they are confident that experience and improved fracking will give even better results.

Comment by Jim Litwinowicz on June 10, 2013 at 3:08pm

Sam; Wilson of Halcon has said all along that they were going to build the company to sell it, just like PetroHawk. No surprise there.  As for the comments by the CEO of CHK paying high prices for land note that he is no longer CEO, that CHK is heavily in dept, that there bonds have a terrible credit rating, and that the company has been desperately selling off assets.

And here is a link to the Halcon report.http://investors.halconresources.com/releasedetail.cfm?ReleaseID=77...

From the report;  The data acquired to date is encouraging.  Based on petrophysics tied to core data, the original gas in place per section is 100 Bcf at the Allam 1H well and 117 Bcf at the Phillips 1H.   The Allam 1H has 266 feet of net pay with an average of 4.4% effective porosity and approximately 75% hydrocarbon saturation, while the Phillips 1H has 304 feet of net pay with an average of 5.1% effective porosity and approximately 72% hydrocarbon saturation.  These values compare favorably to other prolific shale reservoirs.  The Allam 1H and the Phillips 1H wells are both located in the gas/condensate window of the play and have BTU contents of 1,210 and 1,250, respectively.

Comment by sldouglass on June 10, 2013 at 11:46am

Flipper on a grand scale?

http://www.theglobeandmail.com/globe-investor/inside-the-market/sto...

Site bullish on the stock of Halcon [Spanish for hawk] founded by Wilson after turning out a nice profit on the sale os Petrohawk. 

One can speculate that on the possibility that after proving out reserves etc. in the various plays that the company might be available for sale at profits similar to the Petrohawk deal.

http://www.oilandgasinvestor.com/Acquisitions-Divestitures/The-Retu...

The Return Of The Petrohawk  Steve Toon   February 1, 2012

The hawk is back.

Former Petrohawk Energy Corp. founder Floyd Wilson’s newly formed Halcon Resources—Spanish for “hawk”—is set to take over publicly traded, Tulsa-based Ram Energy Resources Inc. February 8 in a reverse merger that will put the build-to-sell Wilson back into the driver’s seat of a public E&P.

 Wilson sold Petrohawk for $15 billion to Australian minerals and mining conglomerate BHP Billiton in August. Shares of Ram have quadrupled since the announcement that he will take the helm.

 In his first public appearances since forming Halcon, Wilson spoke to ...

See:  http://www.forbes.com/profile/floyd-wilson/

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