Oil and Gas by the Numbers 03/11/2011

Oil prices have dipped some towards the end of the week.  At the last glance today around noon crude was still holding out at $101.03/bbl.  The slight dip in price doesn't seem to have changed the new drilling interest throughout the US.

Rig Count

update 03/11/11

• United States Total: 1715 (an increase of 8 rigs from last week)
• TX: 737
• LA: 174
• OK: 165
• ND: 153
• PA: 100
• NM: 77
• CO: 66
• WY: 46
• CA: 41
• AK: 05

For more information and other state counts please check out: Baker Hughes Rig Count

Permits Issued for Drilling

03/4/11 thru 03/10/11

• TX: 252 (approved New Drill apps)
• ND: 40
• MT: 3 New / 15 Reissued
• CA: 32

Gasoline Prices

03/11/2011

National Average: $3.526/gal

US Low:  WY $3.228/gal

US High: HI $3.954/gal



Find current prices for your area at: Gas Buddy



Concho Resources and Linn Energy in $196 million Agreement

Concho Resources (CXO) has entered into an agreement with Linn Energy (LINE) to sell to oil and gas assets in the Bakken region.  Purchase price offered to CXO for these assets is reported at $196 million.  Expected closing for this transaction is first quarter of 2011. 

For further review of this transaction please see the following links:
Concho Resources to sell Assests
Linn Energy Acquires Oil Assets in Bakken

Triangle Petroleum (TPLM) enters agreement

Triangle Petroleum has entered an agreement to acquire 15,000 net acres in the Bakken play.  TPLM has had a primary focus in the Nova Scotia area previously, but has a strategy in place to build on the 30,000 net acre base they have in the Bakken.

Full news release at:
Triangle Petroleum Corp. Proposed Acquisition

Oil and Gas Formations in the US

Anybody who has googled Eagle Ford or the Bakken formation knows there are several hits.  Some of this information is solid facts, others however, are based on peoples' ideas and opinions.  In an effort to provide facts to inform my readers, I have been putting together a list of major oil and gas formations in the United States.

This task however, runs into a few stumbling blocks.  It seems that the list I propose could be endless!
So I have come up with the following plan to keep it under control. The USGS has a very extensive database of geologically based energy resources.  With oil being almost always derived from this medium, there listing and organization of the formations makes the most sense to me.

The USGS calls their areas of study provinces.  Some might see these as the basins that are commonly referred to within the oil and gas industry.  As I continue to gather data and news throughout the energy industry, I will link field names, new plays, development areas, and geological formations back to these provinces. US Oil and Gas Formations - Energy Connections US  Please feel free to comment or suggest references for my quest.

Central Montana - Getting in on the Oil Action

Maybe the Boston Cabots have a lead on something way out in remote Montana.
Cabot Corp. has recently completed drilling on a well NE of Melstone, MT.  Several producer/exploration companies are listening on the wire to hear of their results.

The new interest, the Heath formation.  Many suggest this relatively small swath through MT is a mini-Bakken.  Leasing activity in the area could be proof that major energy companies think there is reason to invest in that area.

Further information can be found at:
Billings Gazette-A piece of the oil action

Niobrara Formation Education - Energy on the Rocks

I just happened upon a link that looks to be a really good seminar.  The Rocky Mountain Section of the AAPG (American Association of Petroleum Geologists) is doing a Niobrara focus for their 2011 annual meeting.  They will be offering a field trips, core workshops, plenary session, and a core museum all focused on the Niobrara.  From a glance at the schedule it looks to be a very informative look at the formation, geology behind the oil, and exploration movements in the area.

If you are interested in the 2011 Annual Meeting you can find out more at:
Rocky Mountain Section AAPG Annual Meeting -Niobrara Focus