Replies to This Discussion

Permalink Reply by herefordsnshale on March 11, 2009 at 12:50

I didn't know Conoco was a player in the HS. I do all their location and pipeline appraisals (for timber) in Panola County and they have been drilling strictly verticals into the CV.

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Permalink Reply by Skip Peel - Mineral Consultant on March 11, 2009 at 12:56

Jim. Is it your opinion that all the Conoco leasehold mentioned is legacy?

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Permalink Reply by Grillin' - MmmMmm on March 11, 2009 at 14:53

And Jim, based on info from folks I know at COP, Burlington is NOT their uncoventional gas play operator. Yes they bought BR but there are very few BR folks left there. They all left or got laid off this past week. I'm guessing from what they told me the BR folks left are less than 25% of what they were at the time of the acquisition. But this is 3rd hand info so take it with a grain of salt.

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Permalink Reply by Grillin' - MmmMmm on March 12, 2009 at 1:35

My point is there is no "Burlington" anymore. Just a name on some paperwork for corporate reasons, but it all flows through CoP now. And there is no actual company of people named Burlington with engineers, etc. They are all CoP now. And most of the old Burlington employees are gone, from the top level down to the engineers/geo's. There are a few, but its not more than 25% of who were there.

And in San Juan, the old Conoco and the old Phillips were in San Juan Basin long before Burlington was acquired. When Conoco and Phillips merged, they were much much larger than Burlington in San Juan.

So to say "Burlington" operates these basins is not really true. Again, for accounting purposes, you'll see Burlington for a little while longer. But as an operation, go look at the trucks that run the leases, the engineers that drill the wells and the geo's that pick the locations. They are CoP folks, by paycheck, benefits, etc.

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Permalink Reply by Grillin' - MmmMmm on March 12, 2009 at 9:53

Thanks for the correction Jim. I work with CoP in another area/project that was previously owned by Burllington. I can tell you that when I call them, I call ConocoPhillips. The people I talk to are ConocoPhillips engineers and have been for 20+ years. All of the Burlington people I used to talk to are now either in other parts of the bigger CoP or have left the company.

Look through the CoP SEC reporting. When they report production, reserves, etc., I don't think they report Burlington separately. Only CoP.

All of the Burlington guys I knew have been moved over to the CoP salaries, benefits, etc. Yes, leases get assigned/conveyed to Burlington in some areas; but to say Burlington "operates" fields for CoP is just not the case. Look at who runs the businesses in Midland, Farmington and Houston.

Permalink Reply by Skip Peel - Mineral Consultant on March 12, 2009 at 1:04

Thanks, Jim. I'll look it up when I have a chance today. One question, if this is Samson's HBP acreage, wouldn't they have producing wells located in the sections where they have applied for unit orders?

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Permalink Reply by Skip Peel - Mineral Consultant on March 12, 2009 at 1:46

Jim, can you provide me with a link or information to help me find the Samson presentation you reference? The latest Press Release listed on the Samson Energy website is for June '07. LOL! And I haven't located any recent presentation by Googling Samson Contour.

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Permalink Reply by Skip Peel - Mineral Consultant on March 12, 2009 at 7:22

Nope. It was about Samson Contour. Just got two discussions crossed. My apology. The ConocoPhillips articles are somewhat confusing. The first I read made no mention of the Haynesviille. It mentioned some other shale plays. Then the second seemed to indicate the Haynesville was an AOI for CoP. Then today's APISmartBrief.com webreport, states that CoP made a point to stay out of the frenzied competition in shale plays where bonuses rose to $25,000 +. That sounds like the Haynesville to me.

Additional acreage

Archibald noted that the company has gained acreage for exploration as well in the Chukchi Sea off Alaska’s northern shore, in the Gulf of Mexico and in U.S. natural gas shale.

He said ConocoPhillips shied away from “feeding frenzies” at high-profile shale plays where some companies rushed in and spent $25,000 or more per acre amid the pre-recession boom in gas production. Those plays included the Haynesville in East Texas and northern Louisiana, and the Marcellus in Pennsylvania, New York, Ohio and West Virginia.

He said ConocoPhillips will keep spending in more established plays, such as the Barnett shale near Fort Worth, and the lesser-known Eagle Ford in South Texas, where the company has a leading acreage position.

“We’re going to be a player in unconventional resources in a big way in the future,” said Jim Gallogly, executive vice president of exploration and production.

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Permalink Reply by Skip Peel - Mineral Consultant on March 12, 2009 at 7:53

Yep. I was going back and forth between this thread and the "Curious Case of Samson Contour" while both were touching on HBP acreage. I would still like to have your opinion of the Samson Contour discussion.

Permalink Reply by Grillin' - MmmMmm on March 11, 2009 at 14:51

What's the "all of their HBP acreage is probably productive in the Haynesville" based on? I haven't been following them in the HS in Texas. Jay, any take on this from the geo side?

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Permalink Reply by Grillin' - MmmMmm on March 12, 2009 at 1:30

No, I was just interested. I haven't been keeping an eye on any of the drilling results in that area. No malice intended with the question, nor was I questioning your conclusion. Just trying to dig in to it a bit more. As an investor in CoP, I hope you are right on!

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Permalink Reply by Bet Crain on March 12, 2009 at 14:26

Phillips Petroleum is putting all its acreage in Red River Parish in 640 acrea plots. They were originally in 320 acre plots. I have part interest in well in Bracky Branch that has been producing since 1989. I get a letter most every week about the 640 acrea plots. This tells me they are getting ready for something. I believe they may be now Conoco-Phillips or Phillips-Conoco. Bet Crain

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