Linda,
Tell me how I can get the same money for condensate,Newfield has only been paying appx. 88 cents a gallon= $37 per barrel.
Daleā¦You must be talking about the propane that comes out of the gas and not the condensate. The condensate is what we used to call ādripā back in my day. They are calling it liquid gas now. They are paying the same (around $100. a barrel for it). That is why they are so active down in the NE Corner of Stephens Co and here south of Lindsay in the SCOOP because thatās where the condensate/oil stuff runs in the Woodford Zone. Ours on the Branch wells have a lot more condensate than oil. Thatās why they say the wet gas is more desirable than dry gas. The wet gas also (I found out on the forum) has propane, butane, etc. in it. If I can find it Iāll send you a link about all of them.
Hutch said that our oil in NE Stephens was actually a little bit too light to sell for the best price but our last check report/stub said it sold for an average of $102.50 so thatās wonderful, I think.
Hubby said that our oil used to be compared to the Texas Intermediate so I guess from what Hutch just said is ours down there is compared to the Light Sweet. SWEEET!!!
Rick,I believe you are exactly correct.My Newfield statements are only for G-dry gas,O-oil,NGL-wet gas.I thought maybe Linda had enough condesate to be paid seperately for it.
Hutch, maybe some of my condensate production numbers are listed as oil and I wouldnāt know. Thanks everyone for the input and info.
Rick and Chris, I would think a lot of sections in 2N 2W would already be HBP which could slow the process some in itself. I think NFX & CR would be concentrating on holding sections by producing, but thatās just my thoughts. I can tell you 2N 3W is getting kinda busy. It may be later on, but 2/2 should see some action @ some point.
Iām sure the oil companies would not shun the oil for the condensate. They both sell for the same price. Actually, someone said that Newfield is planning on moving eastward toward the more oil rich areas.
Anything new going on in section 17 3N 2W? How about the Purdy springer area?
In the NE Stephens Co. Corner the condensate is prevalent. What they were calling āoilā when my husband went down to the well and they were catching it in a jar he said looked clear (he said about like Vodka). That well makes a lot more condensate than oil. But it does sell for the same as oil so who cares. Itās all good!!! When they first flowed our well back they put a couple of very long and large propane tanks there and a large compressor and were separating propane out of the gas on location. Thatās when I ask on here what propane sold for and the answer from my friend Cheryl (whoās husband was manager of RECās propane department at one time) said it sells for about .88 cents a gal. so thatās why Iām thinking thatās what you are thinking is the same as condensate. It isnāt. Now they have taken the propane tanks out and put the wells on the compressor stations that DCP have put around the country and I guess DCP is now separating it out. DCP is having trouble handling all the gas that those Newfield wells are making down in that area (NE Stephens and the west edge of Garvin) and they are actually having to cut the production of some of the wells back or shut them in until DCP gets some more capabilities to handle it. We were told by a oil man that āthey just didnāt dream they would get so much gas down thereā. Iāve been told that Continental uses someone else beside DCP for their gas. Hope this helps.
Condensate can come from oil or gas, the āwetā in wet gas is the NGLs (natural gas liquids) as Linda said propane. ethane, butane etc. For practical purposes in our area the only difference between oil and condensate is the specific gravity; up to about 45 degree is oil, over 45 is condensate. In 3N/4W and the general area we are getting around 60 degree condensate and priced the same as oil. The higher the number the lighter the product. My last check was $104/bbl. for Sept production.
Correction $98.66 for Oct prod
http://en.wikipedia.org/wiki/Natural-gas_condensate
Good explanation and a picture (at lease today).
http://forums.randi.org/showthread.php?t=103085
This is a little more technical.
āleastā not āleaseā. Gremlinsā¦.
Correction on mine to: price was $102.60 on 9-13 so it was, I guess, for part of Aug. and part of Sept. or just for Aug. and reported on 9-13 (donāt know)
I just said to my husband āthen the gasoline we use now is just drip with the benzene removed?ā He said āthe drip made the cars knock because it didnāt have the Octane in itā
Dale, the NGLs are the liquids that are removed from the wet gas resulting in dry gas. The NGLs are liquids sold by the gallon. Some companies sell the gas as is for a higher price. Linda was paid 3.86/mcf for gas and .869/gal NGLs. I got $5.66/mcf gas but no NGLs. I donāt know who got the better deal.
Dale,
My understanding may be flawed, but this is the way I understand it.
Condensate is part of natural gas liquids.
Natural Gas liquids usually sell for about 40% of oil prices.
Condensate is the heavier part of the NGLs. I could see it possibly bringing a higher price based on what it truly is.
We donāt have that many wells that report it and the numbers were always very minor so I never looked at it too deeply.
It is possible the market or composition of product my differ between the two wells. It is also possible it is being handled differently by the operator because of the volumes involved.
The same thing happens with gas processing at the well site. In some cases the separate some of the products on site to sell to different marketers to increase income. In other cases, it is not worth the investment.
Linda, if memory serves me I said it was too light to be called oil but was selling for the same as oil.
I have no idea what that paranormal forum is about, but the explanation of condensate and oil is a pretty good one.
What you get paid for is the BTU value. So depending upon where you are in the reservoir with pressure and depth , the gas and cond/oil ratios will change. It also depends upon whether they split it out on the lease site or at the processing plant and what their contracts are.
When hubby used to say when he heard someoneās car knocking āthey must be using dripā (which sometimes kids stole and probably others too) from the wells to use in their cars is now what we use as gasoline but with the benzene removed. Veeerrry Interrresting (as they used to say on HeeHaw) lol Which you younger ones probably donāt remember either.