GoHaynesvilleShale.com2024-03-29T00:09:27ZLukehttps://gohaynesvilleshale.com/profile/Luke215https://storage.ning.com/topology/rest/1.0/file/get/2167650117?profile=original&width=48&height=48&crop=1%3A1https://gohaynesvilleshale.com/group/mississippi/forum/topic/listForContributor?user=091i6uchj8xhp&feed=yes&xn_auth=noHALCON PREPACKAGED BANKRUPTCYtag:gohaynesvilleshale.com,2016-05-19:2117179:Topic:36042732016-05-19T01:09:13.577ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p><b>Halcón reaches pact with creditors on prepackaged bankruptcy plan </b> By <a href="http://www.reuters.com/journalists/ernest-scheyder">Ernest Scheyder</a> reuters.com</p>
<p>Halcón Resources Corp, which produces oil in Texas and North Dakota, said on Wednesday it plans to file for a prepackaged bankruptcy that would wipe out $1.8 billion in debt and help it survive the drop in crude prices.</p>
<p>Shares of the Houston-based company fell 55 percent to 44 cents in after-hours…</p>
<p><b>Halcón reaches pact with creditors on prepackaged bankruptcy plan </b> By <a href="http://www.reuters.com/journalists/ernest-scheyder">Ernest Scheyder</a> reuters.com</p>
<p>Halcón Resources Corp, which produces oil in Texas and North Dakota, said on Wednesday it plans to file for a prepackaged bankruptcy that would wipe out $1.8 billion in debt and help it survive the drop in crude prices.</p>
<p>Shares of the Houston-based company fell 55 percent to 44 cents in after-hours trading.</p>
<p>The bankruptcy marks a setback to Halcón Chief Executive Floyd Wilson's long-running goal to build and then sell the company to the highest bidder, a plan that mimicked Wilson's 2011 sale of Petrohawk to BHP Billiton for more than $12 billion at a 65 percent premium to its shares.</p>
<p>Yet almost from the beginning, Halcón was saddled by high costs and high debt, despite having some quality acreage. Indeed, the value of Halcón's holdings in North Dakota's Bakken shale formation have long eclipsed the market value of the company.</p>
<p>Halcón's restructuring plan will eliminate about $222 million of preferred equity, and reduce the company's annual interest payments by more than $200 million.</p>
<p>Debtholders will hold most of Halcón's shares after it emerges from bankruptcy protection, the company said in a statement, with existing common shareholders getting 4 percent of the new equity and existing preferred shareholders receiving $11.1 million.</p>
<p>In a prepackaged bankruptcy, companies and their creditors agree on a reorganization plan prior to the bankruptcy filing.</p>
<p>Wilson did not immediately respond to a request for comment.</p>
<p>Together with several former colleagues from Petrohawk, Wilson pooled $55 million to form Halcón in 2011. EnCap Investments LP, a private equity firm, together with a subsidiary of Liberty Mutual Holding Co [LBRTE.UL], invested $550 million.</p>
<p>In a 2013 interview with Reuters he boasted: "We will be successful. I've been doing this a long time. Nothing keeps me up at night."</p>
<p>A near-60 percent fall in crude prices has eroded cash flows at oil producers, forcing them to restructure to cut debt and reduce interest payments. More than 60 U.S. oil producers have so far sought bankruptcy protection, though most are not prepackaged.</p>
<p>PJT Partners is the company's financial adviser and Weil, Gotshal & Manges LLP is the legal counsel, while Alvarez & Marsal is the restructuring adviser.</p> Sanchez and Lease Optionstag:gohaynesvilleshale.com,2015-08-14:2117179:Topic:35277152015-08-14T00:11:39.675ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p><span class="font-size-3" style="font-family: book antiqua,palatino;">Hello, We (our family group) are leased to Sanchez - with a 3 year primary and 2 year optional. Does anyone know if Sanchez has been exercising the option on leases having a 3 year primary and 2 year optional extension ? We would appreciate any information out there. We have a ways to go before that time but would like to know what they are doing out there.…</span></p>
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<p><span class="font-size-3" style="font-family: book antiqua,palatino;">Hello, We (our family group) are leased to Sanchez - with a 3 year primary and 2 year optional. Does anyone know if Sanchez has been exercising the option on leases having a 3 year primary and 2 year optional extension ? We would appreciate any information out there. We have a ways to go before that time but would like to know what they are doing out there.</span></p>
<p><span class="font-size-3" style="font-family: book antiqua,palatino;">Thanks, C Bell.</span></p> Goodrich Dropping Leases But Will Target Tangipahoa (And Washington Parishes + Parts Of Wilkinson And Amite)tag:gohaynesvilleshale.com,2015-08-06:2117179:Topic:35244682015-08-06T14:25:06.414ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p>Advocate Staff report Aug. 06, 2015</p>
<p>Goodrich Petroleum Corp. will narrow its focus in the Tuscaloosa Marine Shale, dropping leases on 50,000 acres by the end of the year and concentrating drilling efforts in the Tangipahoa and Washington parishes area.</p>
<p>During a Wednesday conference call, Chief Executive Officer Gil Goodrich said the company will focus on a 150,000-acre core area that covers parts of Wilkinson and Amite counties in Mississippi and extends into Tangipahoa and…</p>
<p>Advocate Staff report Aug. 06, 2015</p>
<p>Goodrich Petroleum Corp. will narrow its focus in the Tuscaloosa Marine Shale, dropping leases on 50,000 acres by the end of the year and concentrating drilling efforts in the Tangipahoa and Washington parishes area.</p>
<p>During a Wednesday conference call, Chief Executive Officer Gil Goodrich said the company will focus on a 150,000-acre core area that covers parts of Wilkinson and Amite counties in Mississippi and extends into Tangipahoa and Washington parishes.</p>
<p>Wells in Tangipahoa area seem to go smoothly, and Goodrich has been able to drill them more quickly, President Rob Turnham said.</p>
<p>Leases in East Feliciana and West Feliciana parishes have lots of potential, but it will take much higher oil prices or sharply lower well costs for Goodrich to drill more, he said.</p>
<p>The Tuscaloosa Marine Shale is an oil-rich formation that crosses the middle of Louisiana and extends into Mississippi. The shale contains an estimated 9 million barrels of oil.</p>
<p>Goodrich has been the biggest player in the formation, with more than 300,000 acres under lease. But the company’s performance, like other energy companies, has suffered with oil prices about half of what they were in June 2014.</p>
<p> </p> GOODRICH SECOND QUARTER RESULTS ANNOUNCEMENTtag:gohaynesvilleshale.com,2015-08-05:2117179:Topic:35235472015-08-05T12:24:41.015ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p><b>Goodrich Petroleum Announces Second Quarter 2015 Financial Results And Operational Update (<u>TMS Excerpt</u>)</b></p>
<p>HOUSTON, Aug. 5, 2015 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) (the "Company") today announced financial results and an operational update for the second quarter ended June 30, 2015. </p>
<p><b>HIGHLIGHTS:</b></p>
<p><b>TUSCALOOSA MARINE SHALE ("TMS"):</b></p>
<ul>
<li>The Company has completed two additional wells on restricted chokes at an average…</li>
</ul>
<p><b>Goodrich Petroleum Announces Second Quarter 2015 Financial Results And Operational Update (<u>TMS Excerpt</u>)</b></p>
<p>HOUSTON, Aug. 5, 2015 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) (the "Company") today announced financial results and an operational update for the second quarter ended June 30, 2015. </p>
<p><b>HIGHLIGHTS:</b></p>
<p><b>TUSCALOOSA MARINE SHALE ("TMS"):</b></p>
<ul>
<li>The Company has completed two additional wells on restricted chokes at an average rate of approximately 875 BOE (99% oil) per day;</li>
<li>Current well costs have been lowered to approximately $10.5 million on the most recent drilled and completed well (B-Nez 48H-2) due to reduced drilling days and lower service costs. Current bids are lower than the last well drilled, as two well pad costs now estimated at approximately $9.3 million per well.</li>
</ul> THE FUTURE OF THE TMS PLAYtag:gohaynesvilleshale.com,2015-06-19:2117179:Topic:35038532015-06-19T18:44:48.049ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p>I <em>am duplicating this discussion in the Mississippi Mineral Owners Group in case any group members are not part of the Tuscaloosa Marine Shale Group where the original is posted. Since we don't want replies in two duplicate discussions, this one is for notice only and is closed to replies. Please use the link at the bottom to go to the original discussion where replies may be…</em></p>
<p>I <em>am duplicating this discussion in the Mississippi Mineral Owners Group in case any group members are not part of the Tuscaloosa Marine Shale Group where the original is posted. Since we don't want replies in two duplicate discussions, this one is for notice only and is closed to replies. Please use the link at the bottom to go to the original discussion where replies may be made.</em></p>
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<p>A recent reply by a MS member reporting a new lease offer at lower than previous terms and a discussion about the possibility of TMS development re-starting made me consider whether a discussion on the future of the TMS Play might be in order. </p>
<p>The State of the Play</p>
<p>If the million acres under lease by all the TMS operators were to be drilled to hold the leases in force it would take about 550 wells. So far less than 90 unit wells have been drilled. Since the play has become uneconomic due to low commodity prices it appears likely that somewhere in the neighborhood of 200,000 acres will be HBP (Held By Production) leaving 800,000 prospective acres, in both state, where many leases will expire unless extension options exist and are executed.</p>
<p>The majority of projections for future commodity prices, particularly crude in the case of the TMS, do not see $100/barrel for many years perhaps a decade or more. There's been a lot of speculation about the minimum price required to make the TMS an attractive investment. I don't know what that number is and I expect it is somewhat different for each TMS operator. Most of the potential future events that could impact the price of crude would add to the existing over supply and prolong the period of depressed prices.</p>
<p>It should be understood that regardless of the reduction in well cost brought on by the collapse in commodity prices the TMS will likely remain a play with one of the highest, if not the highest, well costs relative to all the other plays owing to its extreme depth. In other words there currently does not appear to be any future events that would make TMS investment attractive short of an unexpected and significant increase in the global price of crude.</p>
<p>Mineral owners in the prospective TMS areas should consider whether they wish to help make the development economics work for the companies that have made a commitment to the Play. At the original lease terms for bonus and royalty the TMS is not an attractive investment at $60, $70 or maybe even $80 crude prices depending on specific location. Lower bonus and royalty terms are not what any mineral owner wishes to contemplate. The interests and needs of mineral owners vary quite a bit. My business is built in large part on assisting mineral owners to get fair and beneficial lease terms so I do not broach this subject lightly. It is possible that for the foreseeable future development of the TMS may hinge upon mineral owners accepting lesser terms to facilitate development. I am not advocating just signing the standard lease form. There are lease terms other than bonus and royalty that should remain priorities.</p>
<p>Considering the significant differences in the MS and LA Mineral Codes, LA mineral owners have more to consider and MS mineral owners are subject to laws limiting their ability to negotiate. I am curious of the opinions of the members and look forward to reading your replies.</p>
<p><a href="http://www.gohaynesvilleshale.com/group/tuscaloosamarineshale/forum/topics/the-future-of-the-tms-play">http://www.gohaynesvilleshale.com/group/tuscaloosamarineshale/forum/topics/the-future-of-the-tms-play</a></p> MISSISSIPPI MINERAL RIGHTS REFORM ACT OF 2015tag:gohaynesvilleshale.com,2015-02-02:2117179:Topic:34599082015-02-02T16:38:44.844ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p align="center"><b>Senate Bill 2316 (Proposed)</b></p>
<p>AN ACT TO CREATE THE MISSISSIPPI MINERAL RIGHTS REFORM ACT OF 2015; TO REQUIRE REGISTRATION OF SEVERED MINERAL INTERESTS IN THE OFFICE OF THE CHANCERY CLERK OF THE COUNTY IN WHICH THE MINERAL INTEREST IS LOCATED; TO PROVIDE FOR FORFEITURE TO THE STATE OF ANY SEVERED MINERAL INTEREST NOT SO REGISTERED; AND FOR RELATED PURPOSES.</p>
<p>Link to complete text of bill:…</p>
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<p align="center"><b>Senate Bill 2316 (Proposed)</b></p>
<p>AN ACT TO CREATE THE MISSISSIPPI MINERAL RIGHTS REFORM ACT OF 2015; TO REQUIRE REGISTRATION OF SEVERED MINERAL INTERESTS IN THE OFFICE OF THE CHANCERY CLERK OF THE COUNTY IN WHICH THE MINERAL INTEREST IS LOCATED; TO PROVIDE FOR FORFEITURE TO THE STATE OF ANY SEVERED MINERAL INTEREST NOT SO REGISTERED; AND FOR RELATED PURPOSES.</p>
<p>Link to complete text of bill:</p>
<p><a href="http://billstatus.ls.state.ms.us/documents/2015/pdf/SB/2300-2399/SB2316IN.pdf">http://billstatus.ls.state.ms.us/documents/2015/pdf/SB/2300-2399/SB2316IN.pdf</a></p> TORTUGA RESOURCES: WHAT ARE THEY UP TO WITH THE BURKLEY-PHILLIPS #1?tag:gohaynesvilleshale.com,2014-12-21:2117179:Topic:34438422014-12-21T03:05:45.448ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p>2015-COP-2015 - 12/19/14</p>
<p><a target="_self" href="http://storage.ning.com/topology/rest/1.0/file/get/2059910086?profile=original"><img width="750" class="align-full" src="http://storage.ning.com/topology/rest/1.0/file/get/2059910086?profile=RESIZE_1024x1024" width="750"/></a></p>
<p>2015-COP-2015 - 12/19/14</p>
<p><a target="_self" href="http://storage.ning.com/topology/rest/1.0/file/get/2059910086?profile=original"><img width="750" class="align-full" src="http://storage.ning.com/topology/rest/1.0/file/get/2059910086?profile=RESIZE_1024x1024" width="750"/></a></p> Encana Focuses 2015 Capital Program on Four Strategic Growth Assetstag:gohaynesvilleshale.com,2014-12-16:2117179:Topic:34419972014-12-16T19:48:02.569ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p>December 16, 2014 News Release</p>
<p>Excerpts:</p>
<p><u>2015 objectives for Encana's growth plays</u></p>
<p> </p>
<p><i>Approximately 80 percent of the company's 2015 capital program will be invested in four of its highest margin assets, the Montney, Duvernay, Eagle Ford and Permian. These strategic assets have low supply costs averaging about $35 to $55 per boe and are capable of delivering quality returns in a lower commodity price environment. The company expects them to contribute…</i></p>
<p>December 16, 2014 News Release</p>
<p>Excerpts:</p>
<p><u>2015 objectives for Encana's growth plays</u></p>
<p> </p>
<p><i>Approximately 80 percent of the company's 2015 capital program will be invested in four of its highest margin assets, the Montney, Duvernay, Eagle Ford and Permian. These strategic assets have low supply costs averaging about $35 to $55 per boe and are capable of delivering quality returns in a lower commodity price environment. The company expects them to contribute about 60 percent of total production and 70 percent of total upstream operating cash flow in 2015.</i></p>
<p><i> </i></p>
<p><i>DJ Basin, San Juan and Tuscaloosa Marine Shale (TMS): These three assets underline the flexibility of Encana's portfolio and represent further high-quality investment opportunities. Collectively, the company plans to invest approximately $350 million to $450 million in these assets in 2015 with combined total liquids production expected to be between 25,000 and 28,000 bbls/d.</i></p>
<p><i> </i></p>
<p>Link to full mews release:</p>
<p> </p>
<p> <a href="http://files.shareholder.com/downloads/AMDA-I95FU/3734117232x0x799694/afee710a-4e1f-40b7-be58-58f11a6b92d5/ECA_News_2014_12_16_General_Releases.pdf">http://files.shareholder.com/downloads/AMDA-I95FU/3734117232x0x799694/afee710a-4e1f-40b7-be58-58f11a6b92d5/ECA_News_2014_12_16_General_Releases.pdf</a></p> ROW Offers for Water Tansport Pipingtag:gohaynesvilleshale.com,2014-10-21:2117179:Topic:34123432014-10-21T19:59:12.225ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<div class="xg_module_body"><div class="discussion"><div class="description"><div class="xg_user_generated"><p>Anyone know the going rate for a right of way for the purpose of laying pipe for fracking water and also anything else we need to make sure to have covered in the agreement?</p>
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<div class="xg_module_body"><div class="discussion"><div class="description"><div class="xg_user_generated"><p>Anyone know the going rate for a right of way for the purpose of laying pipe for fracking water and also anything else we need to make sure to have covered in the agreement?</p>
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</div> MS O&G BOARD PUTS TMS OPERATORS ON NOTICEtag:gohaynesvilleshale.com,2014-09-25:2117179:Topic:33962962014-09-25T03:30:32.199ZLukehttps://gohaynesvilleshale.com/profile/Luke215
<p>The board is drawing a line in the sand for TMS operators that have failed to follow certain pooling regulations in their rush to lock up land positions.</p>
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<p><a target="_self" href="http://storage.ning.com/topology/rest/1.0/file/get/2059908473?profile=original">DRAFT%20MS%20TMS%20POLICY.pdf</a></p>
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<p>The board is drawing a line in the sand for TMS operators that have failed to follow certain pooling regulations in their rush to lock up land positions.</p>
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<p><a target="_self" href="http://storage.ning.com/topology/rest/1.0/file/get/2059908473?profile=original">DRAFT%20MS%20TMS%20POLICY.pdf</a></p>
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