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11-14-2013, 04:11 AM
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#121
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Vintage Kin
Fort Worth
, Texas
Join Date: Nov 2006
Posts: 8,014
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Known as the Red Queen: Running harder and harder just to stay in place.
Tight oil formation wells see a decline as much as 6% per month . . in only a few years they are strippers and sold off. Thus drilling new wells can never cease, so to speak. Bakken and Eagle Ford aren't too different in this. About $10-12 million to drill and complete one well. Both fields may peak in 2015.
The oil game is about bringing in new investors, and oil production only an interesting way to do it.
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11-14-2013, 08:09 AM
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#122
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Rivet Master
2007 30' Classic
Oswego
, Illinois
Join Date: Jul 2010
Posts: 13,657
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Quote:
Originally Posted by Gene
Not too long ago, rejoicing if price for regular was going below $3 would not have happened. Remember when people were predicting a revolt if price went above $2?
I guess we can get used to just about anything for a while anyway.
Requiring vehicles to have better gas mileage plus the wearing out of old gas hogs has a lot to do with dropping gas prices. But as people see lower prices, they will drive more again, causing an increase in demand. We are pumping more oil out of the ground, but that cannot last. Fracking has revived old fields, but there's evidence fracked wells do not produce for very long, a fact that has not received much notice. So, for example, the Bakken formation in N. Dakota is producing a lot of oil and gas now, it can't last the way fields used to produce for decades generations ago.
Gene
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Actually, Gene, I recently traveled and called on several accounts in the Bakken field. They all are planning to be in place for 25 - 30 years.
__________________
-Rich-
"If the women don't find you handsome, they should at least find you handy." - Red Green
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11-14-2013, 08:15 AM
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#123
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Rivet Master
2010 25' FB Flying Cloud
Davenport
, Iowa
Join Date: Sep 2007
Posts: 2,146
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Time: 1958; Place, Iowa Price, $0.11/gal Oh the good old days. And they filled the tank, washed the windows and checked the oil.
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11-14-2013, 09:17 AM
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#124
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Master of Universe
2008 25' Safari FB SE
Grand Junction
, Colorado
Join Date: Sep 2007
Posts: 12,702
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Quote:
Originally Posted by dznf0g
Actually, Gene, I recently traveled and called on several accounts in the Bakken field. They all are planning to be in place for 25 - 30 years.
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They have to say that because if they don't, they won't be able to get top dollar when the sell their interest in the field. They will eventually sell to middle level producers who will eventually sell to bottom feeders.
Gene
__________________
Gene
The Airstream is sold; a 2016 Nash 24M replaced it.
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12-05-2014, 08:46 AM
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#125
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3 Rivet Member
2006 Base Camp
Earlysville
, Virginia
Join Date: Apr 2008
Posts: 143
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Gene
Remember when everyone was worried about $5 gal. Plus Peak Oil...
Haha, $2 gal in the bag forever soon.
Should have "shorted the oil" and bot used ASs.
What is the next big investable trend?
Stay tuned!
__________________
He didn't expect; he was not disappointed!
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