| To: DrAllan who wrote (4657) | 4/11/2008 3:36:35 PM | | From: Edwin S. Fujinaka | | | | 4.3 billion barrels (LOL)
Does Coastal have the rights to the oil shale?
Huge Oil Reservoir May Lie Under Northern Plains
foxnews.com
Thursday , April 10, 2008
The government estimates up to 4.3 billion barrels of oil can be recovered from the Bakken shale formation in North Dakota and Montana, using current technology.
The U.S. Geological Survey calls it the largest continuous oil accumulation it has ever assessed.
An assessment by USGS in 1999 found the Alaska National Wildlife Refuge had 10.3 billion barrels of recoverable oil, said Brenda Pierce, a geologist for the agency
• Click here to visit FOXNews.com's Natural Science Center.
The Bakken Formation encompasses some 25,000 square miles in North Dakota, Montana, Saskatchewan and Manitoba.
About two-thirds of the acreage is in western North Dakota, where the oil is trapped in a thin layer of dense rock nearly two miles beneath the surface.
Companies use pressurized fluid and sand to break pores in the rock and prop them open to recover the oil.
Donald Kessel, vice president of Houston-based Murex Petroleum Corp., said he believes the Geological Survey's assessment of how much oil can be recovered in the Bakken may be a little on the high side.
"That's a lot of zeros," Kessel said Thursday.
Kessel said his company was the first to get a producing well in the Bakken in North Dakota three years ago. The company now has about 20 producing wells.
The report released Thursday by USGS was done at the request of Sen. Byron Dorgan, D-N.D., over the past 18 months.
A study by the USGS in 1995 found 151 million barrels of oil could be recovered from the Bakken using technology at that time.
"This is great news," Dorgan said of the new report. "This is 25 times the amount of the previous assessment." |
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| From: gjc2 | 6/11/2008 4:19:17 PM | | | | | | It's been months since the first well has been "spudded" how long does it take before we know if the well will be productive?
CCO's website has been down for a few days, what does that mean? |
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| To: DrAllan who wrote (4659) | 6/18/2008 1:09:58 PM | | From: mariechoate | | | | | Now that Coastal does not have the Florida leases, Florida's governor is considering allowing drilling off the coast of Florida. I wonder if Coastal has any recourse if the leases are made available to other companies? |
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| To: DrAllan who wrote (4662) | 6/18/2008 2:29:38 PM | | From: mariechoate | | | | Didn't know about the web site. I think that Ed still monitors this board ocassionally. The following is a news article concerning offshore drilling in Florida:
Fla.'s Crist has new view of offshore drilling ban
By BILL KACZOR (Associated Press Writer)
From Associated Press
June 18, 2008 10:06 AM EDT
TALLAHASSEE, Fla. - Gov. Charlie Crist has dropped his long-standing support for the federal government's ban on offshore oil drilling and endorsed Republican presidential nominee-in-waiting John McCain's proposal to let states decide.
The governor said he reversed his position because of rising fuel prices and states' rights. Crist is considered a possible running mate for the Arizona senator.
"I mean, let's face it, the price of gas has gone through the roof, and Florida families are suffering," Crist said Tuesday. "And my heart bleeds for them."
Also backing offshore drilling is President Bush, who urged Congress on Wednesday to lift the drilling moratorium that has been in effect since 1981 in more than 80 percent of the country's Outer Continental Shelf.
Democrats immediately pounced on McCain's proposal, saying countries that allow offshore drilling have even higher prices and that oil companies don't need more offshore drilling areas because they have failed to fully exploit their current leases.
Last year, Crist had urged federal lawmakers to reject legislation, which they did, that would have allowed drilling as close as 45 miles off Florida's beaches. He also supported the ban during his 2006 campaign for governor.
Most Florida politicians have opposed drilling because they fear it would harm beaches vital to the state's tourism economy and interfere with weapons testing and training in and over the Gulf of Mexico by Florida military bases.
Democrats also argued additional offshore drilling would not affect prices set on the world market.
"It would only increase oil companies' record-breaking profits," said Florida Democratic Party spokesman Mark Bubriski.
He compared Crist's reversal to his recent proposal for a temporary reduction of Florida gasoline taxes after McCain made a similar proposal at the national level. Sen. Barack Obama, the presumptive Democratic presidential nominee, criticized it as a campaign gimmick.
"If John McCain jumps off a cliff, will Charlie Crist jump, too?" Bubriski said.
Eric Draper, policy director for Audubon of Florida, said it would take 10 years to produce energy from new offshore leases even if exploration started now. He said conservation is a better solution.
"If you had an oil leak out there, an explosion, you would end up damaging all the beaches on the Gulf Coast," Draper said.
Crist said he was unsure whether the Florida Legislature would approve drilling, but he said it's something lawmakers should at least study.
He said protecting the environment should be balanced against economic factors.
"We're a tourist state," Crist said. "We have to protect the beauty of Florida, but we also need to have people have the opportunity to drive here and be able to afford to do that too."
Crist, though, acknowledged even if Florida decides against drilling the state's beaches could be damaged by pollution from neighboring states. He said he hoped improved technology would reduce the chances of that happening.
David Mica, executive director of the Florida Petroleum Council, said the industry already has changed since the moratoriums were put in place.
"Technologies that we use and the extraction of oil and gases is much more compatible with offshore resources and protection of the environment," Mica said |
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| From: gjc2 | 6/18/2008 6:50:36 PM | | | | | | The website being down means one of two things. Either there will soon be a new “Eureka We Struck Oil” website or Phil Ware doesn’t have the couple hundred bucks needed to pay for the hosting.
I'm hoping for the first option. |
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| To: gjc2 who wrote (4664) | 6/24/2008 2:42:13 PM | | From: DrAllan | | | | To all:
The web site is back up although nothing has changed. I guess Phil Ware came up with the couple of hundred bucks.
Dr Allan |
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| From: Rideli | 6/26/2008 11:50:17 AM | | | | | | I talked to Max (the owner of Cobra) on Tuesday. He said the geo-chem tests will be done soon. He said he has no doubt the wells he puts in will produce. There is some bird whose native habitat is in that area, and they can't drill until its nesting season is over. I know it sounds like malarkey, but it is not.
Cobra has a new working field in California, and two new projects in Oklahoma and Texas. They are real, and just getting started.
Max said they are pulling oil out of the ground on all sides of the properties Coastal has leases on. He also said the leases Coastal has are far bigger than those surrounding them. It is his main priority.
Load up now. Once they start to drill, the long wait for Coastal will be rewarded. Yes, Coastal is strapped, but they will have real revenue in a few months.
We can't cry over or think about the Florida leases, they are gone. Anyway, the real play is the Bakken. Coastal has more land than many other companies that started trading low and are now over $15. We will be rewarded for hanging in there. |
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| To: Rideli who wrote (4666) | 6/27/2008 12:28:28 PM | | From: DrAllan | | | | Rideli
Appreciated the info. If you hear of anything else, please try to keep this thread up to date.
Thanks
Dr Allan |
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