Comment

Comment by Berk on February 27, 2013 at 1:44pm

Gary,

Any idea what they did wrong?

Comment by gary smith on February 27, 2013 at 12:40pm

this is two wells range has goofed on. the one in venango and this one not being effectively fracked. the btu's and gravity degrees look good according to internet resources.  i don't think i'd like to be the one responsible. lot of money invovled.

Comment by Berk on February 27, 2013 at 10:04am

http://www.rangeresources.com/rangeresources/files/0f/0f523f7b-3005...

RJS is referring to page 46 of the above link. RJS thanks for pointing this information out to us.   

Comment by RJS on February 27, 2013 at 9:47am

More information from the presentation document for the Lippert well results: "Gas Btu of 1200 to 1250 with 63 gravity condensate", "Reservoir pressure gradient of approx. 0.55 psi/ft", and "Well not effectively stimulated. Will spud a second test".  I have no additional information in relation to Bob's questions but it does seem there needs to be more science/discovery done to extract the good stuff.

Comment by Samuel J. Orr on February 27, 2013 at 8:35am

Come on Bob: the one year decline rate may be as much as 90%. If that happens and it surely can, then what do you have to say. The average decline on wells of this type I believe is 75%! Now perhaps you would to modify your last post. And as for whining, I would say you are whining!

Comment by Bob Jenness on February 27, 2013 at 8:13am

For RJS, or anyone?

Thanks for posting the valuable data on Lippert.

So if the po' folks at RRC could connect this puny Lippert well to the nice Dominion pipeline nearby, and if the pipeline could handle the paltry 1.4 mmcfd (minus the liquids trucked out), they'd have to figure out what to do with the paltry $4775 a day or so that it could be sold for (based on today's NG futures at 3.41/mcf).  That's only a million and three quarters next year.  If the well really cost them 5 mil to drill, they'd have to wait a whole 3 years to recoup and become profitable (unless, of course NG prices continue the current upward trend). I bet some Crawford landowners wait a lot longer than that for a fair lease:-)  They can also re-frac it with what they learned and make it pay back faster.  I agree that this isn't the greatest, compared to, for example the rexx well in Butler county, but I think a fairer comparison would be to the first test wells by other drillers in other strata, not to wells further up on the learning curve for well-understood formations.  It would also be nice to see some composition numbers, and perhaps more detail on the stimulation issues (geological complexity or drilling errors?).  I know it's all proprietary, but I thought as long as they're whining, they might whine out a few more verses:-)  On a more serious note, I've heard that there are some unique complexities in the Crawford Utica that might account for the weakness.  Can anybody add any detail to that rumor?

Comment by RJS on February 27, 2013 at 3:13am

It appears the Lippert well results aren't the greatest. If I am reading the following correctly from the Range Resources report, it appears they encountered good stuff down there, they just didn't stimulate it correctly: "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."

Comment by Samuel J. Orr on February 27, 2013 at 12:46am

TO CRAWFORD COUNTY LANDOWNERS: Before signing a marketing agreement with M&P / CX please obtain answers to question raised my post of a few minutes ago to the Venango County Comment Wall. See also page 27 of the thread "M&P being sued" where I have posted a very important question that I believe you should have answers to before doing business with M&P / CX. It is possible that M&P has a good explanation to the question posed!? I have challenged them to provide it on the thread mentioned above.

Comment by sldouglass on February 26, 2013 at 4:27pm

Keep in mind that logical units are based on what goes on underground with wells NNW-SSW probably extending at least 1.5 miles from one or more well pads. The distance between well pads NNE-SSW will depend on how many wells are on each pad. Four wells on a pad [2 NNW and 2 SSE] would draw from a width of maybe 1000 feet suggesting the separation of the well pads might be about 1000 feet. The drill pads will draw from rectangular areas. A two square mile area [1280 acres] might eventually have over 30 wells. But in most cases all the wells will not be drilled at the same time. A couple of wells in a unit will hold it.

Comment by Berk on February 26, 2013 at 5:17am

JREwing;

Thanks for the update.  

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