Have you heard of any dry holes with Chesapeake?

Forgive me if this has already been discussed...

I had lunch yesterday with a friend in the oil business who told me he heard that leasing had slowed partly as the result of a few dry holes. I ask in what parish and he thought Red River. Has anyone heard this or am I way behind?

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Oil & Gas ProPermalink Reply by Les Bamburg on October 1, 2008 at 4:27
Caroline, the major players have slowed leasing because they have already built significant acreage inventories that will take several years to develop. Other players will enter as more information becomes available and the leasing activity cools down. Also, there needs to be commitments for the construction of additional gas pipeline takeaway capacity.

landownerPermalink Reply by RAY on October 1, 2008 at 6:55
FACT:
10,000 wells drilled in the Barnett Shale...........not one dry hole.
Permalink Reply by CMI A1 on October 1, 2008 at 11:46
When your on the shale... It's like bobbing for water, you just can't miss!

landownerPermalink Reply by Jack Blake on October 1, 2008 at 12:34
What was the greatest flowrate and what was the worst?

Oil & Gas ProPermalink Reply by The_Baron on October 2, 2008 at 8:29
Not one dry hole, but many wells have not reached pay out.

Oil & Gas ProPermalink Reply by Les Bamburg on October 2, 2008 at 9:21
KB, if you are interested I just posted some production graphs for the Barnett Shale.

http://haynesvilleshale.ning.com/group/gasoilpros/forum/topic/show?...
Permalink Reply by Caroline B on October 1, 2008 at 15:43
Yes, I understand that the major players have built significant acreage etc. I just know that my friend works for a company that services the oil companies and is in the "thick" of things. He had heard there were some dry wells and I had not read that anywhere. No one else seems to have heard it...my friend has no motivation to say something that's not true so I can't figure it out?

landownerPermalink Reply by Checkmateking on October 1, 2008 at 15:57
He probably wasnt talking about HS wells.

landownerPermalink Reply by herman on October 1, 2008 at 14:31
Early on in the reports and forecast by Ches. it was noted that there would be 100% success drilling in the HS.

Oil & Gas ProPermalink Reply by Les Bamburg on October 1, 2008 at 18:16
Caroline, the issue in drilling the Barnett Shale or Haynesville Shale is economic wells rather than dry holes. Most wells will find some thickness of gas pay but the flow rate and/or total gas recovered by the well may be sub-economic (ie never pay-out the cost of drilling). I can assure you there are many Barnett Shale wells that will never reach pay-out status and will be uneconomic to the operator but would not be classified as dry holes. This may be a function of local formation characteristics or a failed frac job.

Oil & Gas ProPermalink Reply by Les Bamburg on October 2, 2008 at 3:41
Caroline, every well drilled to the Haynesville Shale in Red River Parish since 2006 has been completed and produced (ie no dry holes). Most people including your friend do not have access to sufficient information to make such a statement even though they may be in the oil business.
Permalink Reply by The ShaleRider on October 2, 2008 at 16:34
According to information received at the Bossier Bar Assoc meeting, there is presently a shortage of steel, and drilling (and therefore leasing) has slowed because of the steel shortage.

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