Replies to This Discussion

Permalink Reply by Cathaus on May 27, 2009 at 7:31

Sooto's Record Shop is now Shreveport Trading Company Antiques, run by a couple of not quite yet antique women!

Permalink Reply by w.r. frank on May 26, 2009 at 15:35

I sort of agree. CHK will drill 125 wells in 2009 and 175 in 2010 (unless NG price recovers, in which case it will probably drill more than 175). I bet that only 10 to 15% of the 175 wells in 2010 will be to prove/disprove productivity and 80 to 85% will be to HBP. Now, if I drill an $8.5 MM well to HBP, will I drill it in 10N, 12W (Nabors Logan 34 just came in at 6.043 mmcfd IP) or will I drill it in 14N, 12W (Blount Farms just came in at 22 mmcfd).

It seems to me that by far the most important allocation of $ will be to HBP the units in the areas of highest productivity. It adds to the 1P and to the PUD reserves which Wall Street values. New SEC rules enhance PUD reserves from one well in 2010.

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Permalink Reply by Grillin' - MmmMmm on May 27, 2009 at 6:07

Probably right. Although, I would point out that PUD reserves are part of 1P reserves. 1P = Proven=PDP+PUD.

"It adds to the 1P and to the PUD reserves which Wall Street values."

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Permalink Reply by Les Bamburg on May 26, 2009 at 17:38

Mmmarkkk, don't forget that develop will also be paced to match the availability of new gas pipeline takeaway capacity in 2011 & 2012.

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Permalink Reply by Grillin' - MmmMmm on May 27, 2009 at 6:09

Actually, I think if Pipeline takeaway is an issue that companies will choke back existing wells to allow for new wells to enter the system and hold more acreage.

so, if I have P/L capacity for 20 MMCF/day, would I produce one HBP well at 20 MMCF/day, or would I choke back that well to 5 MMCF/day and allow 3 other wells choked at 5 MMCF/day to flow into P/L and hold 3 more units HBP??

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Permalink Reply by The_Baron on May 27, 2009 at 7:09

I agree. I would think the focus will be to drill units and HBP.

Permalink Reply by Les Bamburg on May 26, 2009 at 17:36

Mmmarkkk, small correction but the original core area was in Denton, Wise & Tarrant Counties. Also, Johnson County provided the opportunity for other companies (Chesapeake, XTO, EOG) to enter the play and accelerate the rate of development.

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Permalink Reply by w.r. frank on May 26, 2009 at 17:59

Agree with Les. It was never Dallas. Only late in the game did CHK lease DFW Airport property, but it is not considered Core. Also, in the Barnett, there is Core, Tier I, and Tier II. Plus, most of DFW Airport is in Tarrant County.

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Permalink Reply by Grillin' - MmmMmm on May 27, 2009 at 6:04

Thanks for that catch. You are both right. My bad.

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Permalink Reply by Skip Peel - Mineral Consultant on May 27, 2009 at 7:36

James Melton loved to gamble. Period. His Friday night poker games upstairs at the CUB were legendary. And in one winning Vegas weekend he won enough to build the store on Barksdale Blvd. that had the new company office in back. The story was that James' poker playing buddies would run the bookkeeper off and drag all the paper work off her desk every Friday afternoon and proceed to play until early morning. Of course I was far too young to play in that game. I did sip a Sloe Gin Fizz downstairs when I was 15. But I really craved a Batman at the Carousel. And I never once feel down the stairs. Hah!

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Permalink Reply by Spring Branch,mineral owner on May 28, 2009 at 21:44

Skip/Jay do you remember the name of the liquor store that was located where the pool room is in the CUB? Yes, I know the answer and it is not Thrifty Liquor.

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Permalink Reply by Skip Peel - Mineral Consultant on May 29, 2009 at 3:53

No, Spring Branch. I can not recall the name. I do however remember Jake and TJ. And I'm still waiting for Jay to tell me the origin and meaning of "Sooto". I'm surprised no one has given him the name of the music store yet.

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