Replies to This Discussion

Permalink Reply by Lisa Cherry on March 20, 2013 at 6:34

I'm making a guess that Whiting is in joint venture with SWN? 

Permalink Reply by Skip Peel - Mineral Consultant on March 20, 2013 at 6:51

It hasn't been officially announced but that's a reasonable assumption.  As we will be discussing Whiting more now that they have begun development, I suggest we use their stock symbol as short hand for their corporate name, WLL.  WLL  has leased minerals in Claiborne and Webster parishes so that will expand the foot print of exploration.  And I suspect that WLL will target formations other than the Brown Dense.  Considering the size of the leasehold it will take a lot of wells to find areas that can be economic.  And the clock is ticking on the primary terms of a lot of leases.

Permalink Reply by Francis Mayo on March 20, 2013 at 7:27

Skip: Have you heard anything about WLL and the Millerton? I have heard rumors about this lately. Is that what all of the seismic activity is about? WLL is very serious about this, so I understand or have been told by some of these landowners. 

Permalink Reply by Skip Peel - Mineral Consultant on March 20, 2013 at 7:55

Francis, all I know is that they have been leasing and continue to lease minerals in Webster and Claiborne parishes.  It's a fair assumption that they are serious and involved with the seismic shoot.  We've known they were leasing lands and building pads for months.  This is simply the first step beyond that.  We now know where and for what they plan to drill in their initial wells.

Permalink Reply by tony allen on March 21, 2013 at 13:56

Skip, do you think WLL is the JV partner SWN mentioned in their latest presentation? Also, why do you think the unit in Claiborne is only 960 acres instead of 1280?

Permalink Reply by Skip Peel - Mineral Consultant on March 21, 2013 at 14:05

Yes.  Considering WLL's leasing in close proximity to SWN leasehold they've always been at the top of my list for a SWN JV partner.  I don't have a fault map for that particular part of the world but that would be one possible reason.  Operators have economic models for well cost vs projected production.  WLL may simply be setting up to test different lateral lengths.

Permalink Reply by tony allen on March 21, 2013 at 15:04

I was hoping for a new player with deep pockets.

Permalink Reply by Skip Peel - Mineral Consultant on March 21, 2013 at 15:22

When XTO/XOM, EOG, COG and DVN didn't appear to have any interest in the Brown Dense after their initial wells I thought that was significant.  I think that SWN is lucky to have attracted WLL to help explore the Brown Dense.  3+ years without a commercial LWR SMK well indicates the difficulty involved and points to the likelihood that the formation is not  continuously productive over a large area.  The clock is ticking on lease terms. If there are other pressure fairways where a commercial well is possible the partners need to get busy punching holes to find them.

Permalink Reply by tony allen on March 26, 2013 at 6:46

Skip, I heard today that it was XOM/XTO that was SWN's JV partner. Do you think that has any validity?

Permalink Reply by Cynthia Payne on May 3, 2013 at 13:23

Skip I have received lease offer on 840 acres in North Webster Parish..

Permalink Reply by Skip Peel - Mineral Consultant on May 3, 2013 at 13:27

Congratulations, Cynthia  Would you mind giving us a section-township-range for your lands?

Permalink Reply by Skip Peel - Mineral Consultant on March 26, 2013 at 6:57

One rumor is as good as another until the official announcement is made.  WLL is still at the top of my list.

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