landowner

Sonris: Status Code Description #37.....Shut-in waiting on market

I just noticed that two SWEPI wells:

  Rocking G Farms 30 H (#241592) and Rocking G Farms 31 H (#241552), both in 11/12 have recently been completed and have reported IP's of over 20 million/day.  Both wells have Status Code Description # 37, which is "Shut in waiting on market".  What are we dealing with here?  Shut in waiting on pipeline?   OR   Shut in waiting on better price?  I had not noticed a Status Code 37 being used before.

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landownerPermalink Reply by Spring Branch,mineral owner on April 24, 2011 at 14:20
TD,P     I don't mind my heirs getting watever I have when I'm gone, but frankly I'd like to have an income stream while I'm around to enjoy it. 
My father had a liscense plate on the front of his motor home......"Spending my children's Inheritence"  He's gone now but I can tell you that he enjoyed that motor home!

Oil & Gas ProPermalink Reply by Les Bamburg on April 24, 2011 at 14:25
TD, in your example there is still a gas market available.  The Lessee should approach the Lessor and obtain their agreement to keep production shut-in due to market conditions.

landownerPermalink Reply by Spring Branch,mineral owner on April 24, 2011 at 15:08
If I were Lessor, I would not agree!  Sell my gas.  There are more wells in each section which can be drilled when the price is better.  Selling my gas 40 years from now doesn't do me much good!

Oil & Gas ProPermalink Reply by Two Dogs, Pirate on April 24, 2011 at 15:33
SB, I think it would be hard to make a case for anything like 40 years. Maybe 2 consecutive years.

landownerPermalink Reply by Spring Branch,mineral owner on April 25, 2011 at 7:22
Because of the time value of money as well as the desire to see an income stream while alive and able to enjoy it, I'll take my income from the 1st well in each Section now, thank you very much.  I'll wait for a better price with the 6th, 7th, and 8th wells in the Sections where I have an interest, at whatever future date that may be.  If this first well was the only Haynesville well that was ever going to be drilled in the Section.........I might be willing to wait and gamble on a higher price, not that a higher price is guaranteed.  I guess that's called different strokes for different folks.

landownerPermalink Reply by adubu on April 25, 2011 at 7:57
SP---- I vote for that bring on at least one Shale Well now for I'm running out of time at 70+

landownerPermalink Reply by Spring Branch,mineral owner on April 25, 2011 at 8:53
I'm no spring chicken myself, Adubu!

landownerPermalink Reply by ken hatcher on April 25, 2011 at 11:19
Would any of you guys be as old as Les-B ?
Permalink Reply by Pelican on April 25, 2011 at 2:37

Both of the Rocking G Farms 30 & 31 started flowing the last week in December.

 


Oil & Gas ProPermalink Reply by Two Dogs, Pirate on April 24, 2011 at 15:30
Les B that may be what happened, I only saw a few leases in the oldest well and didn't look at the newest one.

landownerPermalink Reply by VSC DeSoto South on April 30, 2011 at 3:04
I must be looking in the wrong place on Sonris, I see a status code 10?

landownerPermalink Reply by Spring Branch,mineral owner on April 30, 2011 at 3:28
No, you are looking in the right place.  It has been changed from #37 to #10 since I started the blog.

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