America is now the largest oil producer in the WORLD!
_We also know that weekly U.S. crude production has averaged an all-time record 11 million b/d for the past two weeks, a 16% boom since early-January. We’ve passed Russia to become the largest crude oil producer in the world…_
American oil production has almost doubled since 2012.
And that’s the year Scoop was discovered.
Stark (Continental) explains that the company first announced the discovery of the SCOOP Woodford in 2012 and then the SCOOP Springer in 2014
The increase in American oil production since 2012 has been little short of miraculous.
And Scoop has played a big part in that miracle.
The American oil industry and Scoop in the last 6 years, in the face of lots of opposition until the last 2 years, has made America great again in oil production, just like back in the 1920s when Oklahoma produced 10% of the world’s oil.
Many thanks to Continental, Gulfport, Newfield, Devon, Chesapeake and the rest of the Scoop oil companies for their technological innovations and hard work in making Scoop and Grady County a leader in world oil production in only 6 years.
And this incredible achievement, in my opinion, has not been the work of man alone!
Conventional crude discoveries plummeted to a record low last year, one of the world’s top energy policy advisers said.
And it likely won’t get any better any time soon as energy companies gave the green light to the lowest number of new drilling projects in more than 70 years
What a great time for Scoop, Springboard, and Grady County to have RECORD DRILLING!
Continental Resources Inc. will drill 350 wells in a 70-square mile area of south-central Oklahoma, the Oklahoma City-based oil and natural gas producer said Wednesday.
Project SpringBoard includes about 45,000 acres with a gross unrisked reserve potential of more than 400 million barrels of oil equivalent, the company said.
350 wells in a 10 mile by 7 mile block in Grady County is kind of like the early days of Oklahoma drilling when you could walk for miles from derrick to derrick and never touch the ground.
I am saying all this to emphasize the bright future for the oil industry in Grady County.
And to remind those mineral owners who are thinking about selling because they have kids in college, or big medical bills, or just plain need the money, to make sure you don’t sell too cheap and do your best to get TOP DOLLAR!
But here’s a post from M Barnes today about 2 wells spudded one day apart but on different sections.
Ramsey Trust 2-16-9-4XHS was spud in section 21 July 11, 2018.
Ramsey Trust 3-16-9-4XHS was spud in section 16 July 10, 2018.
It takes about four-five months to drill and complete an extended reach well. X means extended; H means horizontal; S probably means Springer based upon what the permit said. You will get the DO about five months after first sales, so guessing you might hear something about April or May 2019. You can watch the OK tax site to see when the wells go “active” and that is a clue to first sales date. You may have to look up the wells by 21 or 16 or 09 or 04. I usually start with the bottom hole location first which would be in 4.
Maybe it is more common than I thought and they may really do it all over Springboard!
Those Ramsey wells are in 16-7-6 and the others were in 25-7-6 .
Looks like Continental is really working hard in 7-6!
Debra, I went back and reread your post about the speed of “2 wells spudded so fast in one section.” There were 2 rigs involved. One was drilling from section 36-7N-6W (PYLE 4-36-25XHW) and one drilling from section 25 (PYLE 5-25-36XHW). Way to go Continental!!!
Right, Don, they are drilling the 2 Pyle wells in the same sections (25 & 36) at the same time but in opposite directions.
And right now they are drilling the 2 Ramsey Trust wells in the same sections (16, 9, and 4) at the same time and in the same direction.
So Continental has 4 wells drilling in 7-6 at the same time right now!
And they may have more wells than this drilling at this time in other sections in 7-6.
I’m going to do some checking.
Continental is really putting their long range plan for Springboard into action.
Continental has been active in this area since 2009. Nearly 100 permits have been approved within the Springboard footprint, mostly for New Drills…
“Keep in mind this is the area where we’re actually going to be able to reduce our costs for doing a Woodford well by $1 million,” Stark said. “Our teams came in and have laid out just a beautiful picture of what it takes to do that and how we accomplish this. It’s been tested and we’re ready to implement that type of drilling design going forward…
And multiple wells drilling at the same time very close to each other in very close sections must mean much lower costs
Way to go Continental.
Edit: The Pyle wells are in the Woodford and the Ramsey Trust wells are in the Springer.
They are planning 250 wells in the Woodford and 100 wells in the Springer.
Final edit: It is interesting that the Pyle wells and the Ramsey Trust wells are only 3 miles apart but they are drilling the Ramsey wells into the Springer, which is 85% oil, and the Pyle wells into the Woodford, which is only 70% oil.
Could be they are going to move up new Pyle wells in the future into the Springer to get that 85% oil or maybe not.
If not, then that may show that a FEW MILES can make a big difference in well productivity.
Debra: This is a little off-topic, but based on the info you kindly posted, I just bought 500 shares of Jericho Oil…they are still a penny stock, at .51/share. I’ve never tried penny stock, and they say smart investors don’t buy them, but this was too tempting. It’s Canadian stock but you can buy it on the American exchange. Hope it doesn’t give me headaches later when I figure my taxes.
My philosophy has always been BUY AMERICAN but good luck to you, Angela.
That “electrical submersible pump” sounds very interesting.
But not all players in the STACK have market caps in the billions. With a market cap of around CA$75 million, Jericho Oil Corp. (JCO:TSX.V; JROOF:OTC) is one of the few publicly traded small-cap companies in the STACK. Small-cap stocks can provide higher returns than larger-cap stocks, as well as greater risk, according to historical data by Ibbotson Associates.
Jericho is surrounded by majors in the field. In addition to ExxonMobil and Alta Mesa, Jericho’s neighbors include Newfield Exploration Co. (NFX:NYSE), Continental Resources Inc. (CLR:NYSE), Devon Energy Corp. (DVN:NYSE), Chesapeake Energy Corp. (CHK:NYSE), Gastar Exploration Ltd. (GST:NYSE) and Marathon Oil Corp. (MRO:NYSE). ………
This second well, Swordspear 23-10-15 H, is located at the border of Major and Alfalfa counties in the northern portion of the STACK. The company reported that after 30 days on an electrical submersible pump, the well is producing an average rate of 400 oil-equivalent barrels (BOE) per day, consisting of 61% oil.
Edit: According to the U.S. Energy Information Administration, in 2016 only 0.7% of the wells in Oklahoma produced more than 400 BOE per day.
So if your well is producing more than that, you are beating 99.3% of the wells in Oklahoma!
Great news for Scoop, Springboard, and Grady County!
Cheniere Energy Obtains Approval to Build Its
_ $1 Billion Midship Pipeline in Oklahoma_
Cheniere Energy Inc. hopes to begin work on its $1 billion Midship Pipeline soon, now that it has obtained approval for the project from the Federal Energy Regulatory Commission.
News OK reported that the 200-mile-long pipeline will start in Kingfisher County and head south and east to southeastern Bryan County on the Oklahoma/Texas line, where it will hook into the nation’s interstate pipeline system.