To: Ronald J. Clark who wrote (302) | 4/11/2000 9:10:00 PM | From: Archie Meeties | | |
Berkley Petroleum Corp. Announces Joint News Release, Update Activities at East Lost Hills CALGARY, ALBERTA-- Berkley Petroleum provides the following activity update at East Lost Hills;
* Berkley East Lost Hills No. 1 has reached a depth of 19,724 feet and a production liner will be run to total depth. The current status for Berkley No. 1 is a potential gas well.
* The current open hole section, extending from 18,280 feet to total depth, has been wireline logged. A total of 2,474 feet of the Temblor Formation was penetrated by Berkley No. 1, with a net sand interval of 1,410 feet. Net hydrocarbon pay within this interval will be determined via production testing.
* Natural gas and condensate has been flared from the current open hole section on four separate occasions while drilling with mud weights in excess of 17 pounds per gallon.
* Mechanical preparation of the wellbore for the production test will commence immediately. Production testing is expected to commence in May and operations will extend for approximately four weeks.
* Two step out wells, Berkley East Lost Hills No. 2 sec 36-25S-20E, and Berkley East Lost Hills No. 3 sec 20-26S-21E will spud in the next two months.
Public Company partners with Berkley Petroleum in the East Lost Hills development are Elk Point Resources Inc. (TSE:ELK - news), Hilton Petroleum Ltd. (CDNX:HTP), Kookaburra Resources Ltd. (TSE:KOB - news), Paramount Resources Ltd. (TSE:POU - news), PYR Energy Corporation (AMEX:PYR - news), Richland Petroleum Corp. (TSE:RLP - news), Trimark Oil & Gas Ltd. (CDNX:TMK), and Westminster Resources Ltd. (TSE:WML - news). Armstrong Resources LLC is a Private Company partner |
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To: PuddleGlum who wrote (301) | 7/26/2000 9:03:23 AM | From: Aggie | | | Hi Puddleglum,
Long time has passed with no posts here - I wonder why. Following is from Schlumberger website, bold face emphasis is mine....
slb.com
This update from our Paris editors 10:43 GMT
Oil & Gas News: Top Story Upstream Investment Falls
HOUSTON, July 26 (Reuters via energy24.com) - The oil industry's upstream capital spending fell 5 percent in 1999 despite increased revenues and profits caused by strong oil and gas prices, according to an annual Arthur Andersen survey.
Combined revenues from oil and gas production of the 163 publicly traded companies covered rose 25 percent to $149 billion in 1999 after a 24 percent drop to $119.2 billion in 1998, according to the Global Exploration & Production Trends survey.
Combined upstream profits jumped to $33.2 billion from $4.5 billion in 1998 when global oil prices slumped.
Despite the rise in revenues and profits, the 163 companies' worldwide upstream capital spending fell to $91.9 billion from $97 billion, the survey said.
Within the overall amount for capital spending, exploration and development spending fell 22 percent to $61.6 billion from $79.4 billion.
"Exploration and production companies have been cautious about increasing capital spending due to a combination of the hard lessons learned during the oil price of 1998," Victor Burk, Arthur Andersen's energy industry managing partner said.
Burk told reporters that while oil and gas companies remained cautious, he expected a "significant increase" in their capital spending this year, fueled by strong cashflows and a tightening of supply and demand conditions for oil and gas.
Companies also felt increasingly comfortable that prices were sustainable at relatively high levels, though perhaps not quite as high as those seen in recent months, he added ============================================= I find it amazing that, given the volatile nature of this business, that the financial instruments which determine spending patterns are so lethargic to respond to market conditions.
If spending mechanisms were able to react instantaneously to market changes (i.e. changes in the price of O&G), it would still take at least 6-9 months to meaningfully ramp up production - and that's just for infill-type development, where much of the infrastructure is already there.
Seems to me that a quick-response oil company would do well with this kind of competition.
Regards and Good Luck to all,
Aggie |
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To: Aggie who wrote (304) | 7/26/2000 12:59:09 PM | From: isopatch | | | Greetings Aggie
This my 1st post on SI.
Your post brings up an issue that many investors, without a window on field operations, are not fully aware of. Many oilmen have definitely been very slow to increase their spending, so far, in the recovery portion of this oil cycle. It's even more pronounced in basins where there is little or no NG.
This is the case, in southern Illinois, where I've been in negotiations to obtain some non-producing lease tracts since Feb of this yr. We finally got our 1st, a nice little 34 acre tract that we hope to augment a parcel to the east and one to the west. Being the keystone of the planned 3 lease prospect it took awhile to dicker over easements and right of way to access one of the adjacent properties which has no road access of its own.
In any case, my landman whose been in the biz 30 yrs tells me he's simply astonished how dead things are. Almost nobody is leasing yet. But that's OK by me. Just hope it stays quiet till I get a full plate.
All the best
Isopatch |
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To: que seria who wrote (306) | 7/27/2000 1:53:51 PM | From: isopatch | | | Not doing much outside the micros. With my own venture just getting legs under it after years of waiting for sustained $25 crude, am looking up to my older brothers as examples of how it's done at the "next level". Pays to think ahead in the biz. So may be an ISO/IPO in a few years if I don't drop dead from overwork first<g>.
Do have some GRL which hasn't done anything so far other than sideways to slightly down. PRZ is the other and that may pop soon. Av into it, basis about 22 n sm cng., after it corrected it's runup to $28. Very light vol. keep me from rec it strongly. Too tricky for most people to play with. But you asked and those are my only two mids right now. No drillers at the moment. Had almost all OS in 99' then switched to almost all sm E&Ps plus couple of tax dodge income plays.
Thanks for the welcome. Like the mkt tools on SI.
Iso |
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To: Aggie who wrote (304) | 7/27/2000 9:48:13 PM | From: PuddleGlum | | | Thanks for resurrecting the thread. My only energy holding now is SFY, which had nine straight down days until yesterday.
I think we'll have one more bump in the road before things resume a nice move up.
I agree with you and am very surprised that even with such favorable prices the drilling hasn't been significant. Now with all of the political pressure that is being placed on the sector by Greenspan and Clinton and so forth we could get some fireworks down the road.
best o' luck
pg |
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To: PuddleGlum who wrote (308) | 7/28/2000 11:50:31 AM | From: isopatch | | | Hi P.G. We all need a little luck. Lot of whipsaws nailing STer guys I know working that end of the holding period. Don't usually do a lot of ST myself. This AM a good ex of why<g>. Had a nice 2 day gain in an E&P have worked with for about a yr. Bid showing 5 7/8 with 2000 in size. Hit the bid with 1k and no fill.
It was a spoof bid. MM drops the bid to 3/4 but shows total vol for the day of 1,200 shs, LOL. Broker challenges MM and MM says his bid was 3/4 during that time. I have 2 real time services. But for SEC and compliance the only monitoring currently is for time and price of executions not size of bid and offer at that time. So there is no recourse for the investor. I'm not even all that angry. See it all the time. Only when regulators upgrade to monitor size of bd & of by MMs for time every order is entered by each investor then this can be properly policed. They'll probably ask for an excise tax on each order executed to pay for the new Cray they'll need to do it<G>.
Until then "just be careful out there" folks.
Isopatch |
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To: John Sladek who wrote (310) | 8/19/2000 3:51:27 AM | From: isopatch | | | John. Am not the guy to ask about the drillers. Will instead defer to several very well informed folks here that, I'm sure, would be glad to help you.
Have done very little with drillers or the rest of the OS to date in 2k. In 99' was almost entirely in OS. But made a big strategic shift Dec/Jan to strongly overweight sm NG E&Ps in the cap gain portion of the portfolio, balanced with more conservative total return but still NG focused issues on the income side.
Recently have added a little more OS exposure with MAVK which was another hat trick when I sold it in April @ 30 1/2. Only had a chance to nibble about a wk ago @ 24 3/16 before the darn critter popped on me, LOL.
MAVK is a good traders stock as well as an excellent longer term play. The merger with Canada's Prudential Steel has taken some time to digest, as is often the case with such things. But long term, the combined companies will be greater than the sum of the parts. So the merger is a big plus, IMHO.
Although have worked with Baker people in my Illinois activities, don't recall if I've ever owned the stock. Don't follow FLC either.
Isopatch |
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