Energy Connections

Friday, March 11, 2011

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

Thursday, March 10, 2011

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.

Tuesday, March 8, 2011

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

Friday, March 4, 2011

Crude Oil Remains over $100/bbl

To close out the week crude oil signs off at a high note $104.91/bbl. The rest of the markets maybe sliding a little but the concerns in the Mideast continue to boost the price of oil and even stocks of the gas exploration companies of the Bakken.

Mideast Turmoil Affects American Oil

Mideast Turmoil Affects the Bakken

Oil and Gas by the Numbers 03/04/2011

With the price of oil ringing in at $103.93/bbl so far today, one has to wonder which factor is responsible today. There are so many factors to consider, but it has translated to an upswing all the way around.

Rig count:

update 03/04/11

United States Total: 1707 (an increase of 14 rigs from last week)
TX: 733 primarily district 8
LA: 172
OK: 163
ND: 154
PA: 99
NM: 76
CO: 67
WY: 46
CA: 40
AK: 06

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

Permits Issued for Drilling

02/28/11 thru 03/04/11:

TX: 215 (New applications Approved)
ND: 23
MT: 3
CA: No current update

Gasoline Prices

03/4/2011

National Average: $3.483/gal

US Low: Wyoming at $3.13/gal

US High: California at $3.848/gal

Find the average for your area with Gas Buddy.

MonDak Oilfield Review - Bakken updates

I rolled across this podcast today as I was searching for a manageable way to get the new drilling list from Texas. I myself don't quite understand the connection of the two sites, but I am glad that I found it. If your looking for a brief, but informative update to the drilling activity in the Bakken area this is your link.

MonDak Oilfield Review - Rock and Roll Roughneck

Thursday, March 3, 2011

Podcast from USGS on findings in the Bakken

USGS scientists Brenda Pierce and Rich Pollastro

3 to 4.3 Billion Barrels of Oil in North Dakota and Montana

Oil Boom- by Whatever Name You Call It "Rocken the Bakken"

Oil and Gas meets Rural America-

Williston Basin or Bakken Formation, which ever name you prefer, has demanded the attention of those who have the technology advances of horizontal drilling. The USGS calls it an "undiscovered, technically recoverable oil resource." It is by USGS assessment, completed in 2008, the largest oil accumulation in the lower 48. The residents of this tri-state area (MT/ND/SD) refer to the activity that has turned sleepy remote prairies in an ant hill, "Rockin' the Bakken".

If numbers are more to your liking then you might be interested in the following estimates provided by the USGS.

Oil from Continuous Resources: 3.65 BBO
Associated Gas: 1848 billion cubic feet
Natural Gas Liquids: 148 MMB
Oil from Conventional Resources: 4 million barrels of oil

USGS Release: 3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate— (4/10/2008 2:25:36 PM)

For more info on the Bakken one doesn't have to look far. Just google it or even check out ND Bakken on you tube. It has been very popular in the last few years. Other sites include:
http://pubs.usgs.gov/fs/2008/3021/
Million Dollar Way- All Bakken
ND Department of Minerals
MT Board of Oil and Gas

Wednesday, March 2, 2011

Continental Resources, Inc. Announces Public Offering of 10,000,000 Shares of Common Stock

Continetal appears to be acquiring extra capital to accelerate the drilling program in 2011. For full news release please check out the following link: Continental Resources public offering of shares

Additions made to Producer List

As time allows I plan to keep adding to the list of producers in the United States, please check back from time to time.

Tuesday, March 1, 2011

Anadarko Petroleum (APC) - Oil and Gas Exploration Company

Anadarko stands out as one of the top 5 oil and gas exploration companies by 2009 statistics. (Petrostrategies) In the United States (on shore) Anadarko has positioned itself in several key areas: Uinta (UT), Denver-Julesburg (CO-Niobrara), Appalachia (PA-Marcellus), Barnett (TX), and Eagle Ford (TX). This alone is a considerable number of hot development areas at this time, but then coupled with their international opportunities, makes a large developer in world oil and gas. In 2010 on state side alone APC established 1.5 million BOE of net risk resources in the Marcellus and Eagle Ford Shale plays.
Anadarko being a large corporation appears to stay in touch with its human side. Their commitment to keeping valuable employees fresh and efficient was recognized by the Houston Chronicle as a Top Work Place in Houston. Its would be hard for to me to argue that big business has no compassion knowing there is a doctor a couple of floors down to treat a cold or provide your annual checkup within Anadarko's doors. Anadarko has remembered that happy employees make for successful businesses. http://www.chron.com/disp/story.mpl/business/topworkplaces/7260566.html
The outreaches of Anadarko's investments in new technology and ideas can also be seen in the Anadarko Tower. The Tower was one of the first buildings in The Woodlands, Texas to achieve LEED Certification for energy-efficient design and upgrades.
For further information on Anadarko Petroleum

Friday, January 28, 2011

Whiting Petroleum Co. (WLL) Hits New 52-Week High at $123.36

Whiting Petroleum Co Hits 52-Week High at $123.36