Damn...more enormous oil finds in Texas

[SpursforSix]

Best is $45. Worst well at $177. Avg is $61.

The best is closer to $30.

[TeyshaBlue]

The best is closer to $30.

My bad. I was reading June's reports which seems to be the most current I can find right now.

[Drachen]

I will add this re: housing. If you can find someone to go to Pecos and build housing, they will make a bundle. There has been a shortage of housing for awhile. This discovery plus the Apache fields that butt against the ft. Davis mountains will be explored from companies which will base out of Pecos. There is no housing, and no warehousing, so there is opportunity... If you want to base out of Pecos which many don't.

[Drachen]

I will add this re: housing. If you can find someone to go to Pecos and build housing, they will make a bundle. There has been a shortage of housing for awhile. This discovery plus the Apache fields that butt against the ft. Davis mountains will be explored from companies which will base out of Pecos. There is no housing, and no warehousing, so there is opportunity... If you want to base out of Pecos which many don't.

Oh fyi, low oil prices haven't negatively changes the city's outlook since they are building a pipeline there. All sorts of activity there, it's just that no one wants to live in Pecos

[MultiTroll]

Good question. Real estate rehabs are not exactly my wheelhouse. The obvious answer would be anywhere in the Permian Basin area, but I really don't know the state of Midland/Odessa anymore. Smaller towns like Andrews, seminole, Lamesa, Post..... and the hundreds of little towns between Odessa/Lubbock might make a good hunting ground, but I would wait a bit until we see some consistent upward movement in petro pricing before I made a move at snapping up properties. Hard line to call...wait too long and owners will start pricing up in anticipation...too soon and your flip will sit waiting for the market to rise.

TeyshaBlue update March 2017 por favor.

[MultiTroll]

Oh fyi, low oil prices haven't negatively changes the city's outlook since they are building a pipeline there. All sorts of activity there, it's just that no one wants to live in Pecos

Drachen update March 2017 por favor.

[TeyshaBlue]

TeyshaBlue update March 2017 por favor.

It's pretty sad right now. There's virtually no movement after a frantic build out of hotels and man camps in some of the outlying towns. They sit mostly empty waiting for the pricing to re energize the market and create the hoped for influx of workers. Real estate pricing did rise and while it has dropped, it's not quite back to previous levels. Potential is still pretty strong but the timetable is a crap shoot. It's definitely a longer play IMO.

[boutons_deux]

hotels are going bankrupt and defaulting? just like the lenders feared, knew they would.

[TeyshaBlue]

Not yet. Don't know how they structured their debt. Cant be good tho.

[Fabbs]

It's pretty sad right now. There's virtually no movement after a frantic build out of hotels and man camps in some of the outlying towns. They sit mostly empty waiting for the pricing to re energize the market and create the hoped for influx of workers. Real estate pricing did rise and while it has dropped, it's not quite back to previous levels. Potential is still pretty strong but the timetable is a crap shoot. It's definitely a longer play IMO.

update Sept 2018?

[Fabbs]

I will add this re: housing. If you can find someone to go to Pecos and build housing, they will make a bundle. There has been a shortage of housing for awhile. This discovery plus the Apache fields that butt against the ft. Davis mountains will be explored from companies which will base out of Pecos. There is no housing, and no warehousing, so there is opportunity... If you want to base out of Pecos which many don't.

What came down the last two years?
What do you forsee coming down the next two?

Economy in Pecos, Texas
Pecos has an unemployment rate of 6.2%. The US average is 5.2%.
Pecos has seen the job market decrease by -2.9% over the last year. Future job growth over the next ten years is predicted to be 28.1%, which is lower than the US average of 38.0%.

[MultiTroll]

http://lubbockonline.com/business/20...m#.ULindoc0V8E

Two years ago, no one had ever heard of the potential of the Cline Shale oil play.

Now, the 140-mile-long and 70-mile-wide oil shale is anticipated to be one of the largest oil plays in American history.

Projections for the Cline Shale contribute to the expectation for the U.S. to become the world leader in oil production by 2017.

As the result of exploration by oil companies Devon Energy and Chesapeake Energy, the Cline Shale is quickly emerging as the richest oil play known. Other development companies with interests include Firewheel Energy, Laredo Petroleum, Exco, and Callon Petroleum, among others.
Deloera said that development is moving too slowly, a fact he attributes to the risk involved. “Developers will have to risk millions of dollars in anticipation of what is about to happen; people are hesitant because of the risk.”

CC is this still stuck in Hurry Up and Wait mode?

[MultiTroll]

Update Oct 2021?

Oil at 70 a barrel.

[Winehole23]

Update Oct 2021?

Oil at 70 a barrel.

according to Deloitte, fracking never turned a profit and investors lost billions

http://priceofoil.org/2020/06/26/wit...lose-billions/

[RandomGuy]

according to Deloitte, fracking never turned a profit and investors lost billions

http://priceofoil.org/2020/06/26/wit...lose-billions/

At some point it may become economically viable.

it is race between electric vehicle development and exhaustion of the saudi fields...

[SnakeBoy]

[pgardn]

Im sure Abbott is terrified.
He may have to join Ted in Cancun.
He is going to purchase a wheelchair that runs off of methane, so he will be more likely to explode; this is a good thing.

[SnakeBoy]

Goldman's new forecast will make the midterms interesting if they're correct

[MultiTroll]

http://lubbockonline.com/business/20...m#.ULindoc0V8E

Two years ago, no one had ever heard of the potential of the Cline Shale oil play.

Now, the 140-mile-long and 70-mile-wide oil shale is anticipated to be one of the largest oil plays in American history.

Projections for the Cline Shale contribute to the expectation for the U.S. to become the world leader in oil production by 2017.



Test wells on the Cline show the shale contains 3.6 million barrels of recoverable oil per square mile, about 300 billion barrels of recoverable oil for the entire shale.

Until recently, the Eagle Ford Shale was considered to be the richest shale play in Texas. The Eagle Ford Shale covers Webb, Dimmit, Lavaca, McMullen, Karnes, DeWitt and Gonzales counties in the southern portion of the state.

Recent advances in horizontal drilling have opened up the possibility of drilling in areas like the Cline.

The Cline’s depth is equivalent to 10 Eagle Ford Shales stacked on top of each other.

Pete Stark, an independent analyst from Englewood, Co., and regarded by the industry as an expert on global oil and gas resources, said, “We haven’t seen billion-barrel numbers onshore since Prudhoe Bay, Alaska, in the ’70s.”

While the buzz surrounding the Cline Shale brings excitement and economic hope, it also presents some challenges to the communities located there.

For weeks, local officials have held public meetings to discuss the effects of the increasing drilling activity.

The shortage of housing in the Cline Shale area continues to be a main concern, according to Lavers.

“Everybody in the entire area is working together more than they ever have. There are no guarantees that anything is going to happen, but when you look at all the growth that has already occurred, it is obvious that something big is going on here,” he said.

Abel Deloera, Snyder councilman and owner of Deloera Realty, said he is busier than he has ever been.



Deloera, who gets 10 to 15 phone calls every day from people looking for housing, said he started trying to address the Snyder housing shortage in October 2008.

“I saw this coming, but no one would listen,” said Deloera, “now we are a good 18 months to two years behind.”

Snyder lacks between 400 and 500 housing units, according to Deloera, and there has been a major increase in land value as a result of recent activity.
”

Not yet. Don't know how they structured their debt. Cant be good tho.

CC and TeyshaBlue,
Did any of this development ever happen /
Anyone getting a stiffy now in these oil field parts now that oils is skyrocketing?

[CosmicCowboy]

CC and TeyshaBlue,
Did any of this development ever happen /
Anyone getting a stiffy now in these oil field parts now that oils is skyrocketing?

I haven't read much about it. I have been to colorado 5 times this year and drive through that area on the way to Lubbock and can only remember seeing a couple wells being drilled. Going skiing next week so will look to see if any new activity

[CosmicCowboy]

Went through there Saturday on the way to spring break skiing. All the old wells are pumping but no new rigs in sight.

[SpursforSix]

Went through there Saturday on the way to spring break skiing. All the old wells are pumping but no new rigs in sight.

Colorado has significantly added more regulations that makes it tough to get horizontal permits.

[MultiTroll]

Colorado has significantly added more regulations that makes it tough to get horizontal permits.

Haven't some Bobert blowjobs fixed that?

[MultiTroll]

Went through there Saturday on the way to spring break skiing. All the old wells are pumping but no new rigs in sight.

Back to Permian Basin, sounds like some activity is ramping up.

Permian Basin poised for 'surge' in oil and gas production (currentargus.com)

I'm interested in flipping properties in areas of US that are going to blow up.

[MultiTroll]

Fact check: Texas oil deposits would not fuel America for 200 years (usatoday.com)

Even if the 66 billion figure – the highest estimate of continuous oil in the Midland and Delaware Basins – were accurate and accessible, it would only be enough to meet Americans' current oil consumption for about nine years.