ADI - Adelphi Energy

[Agentm]

another operator whom is a jvp with TXCO had some things to say, and some interesting "no comment" on particular anadarrko well (TXCO/anadarko have also got a jvp going on the eagleford there)

this from saf.. who has been doing outstanding research lately imho..

St. Mary Land & Exploration Company Q4 2008 Earnings Call Transcript

“Jay Ottoson ( SM ) - EVP and COO

In the Eagle Ford shale program in South Texas, we plan to continue into phase two of our joint venture with TXCO and Anadarko. We expect four horizontal tests will be drilled in 2009 in that JV area. Additionally, we plan to drill four horizontal wells outside of the JV to further test the potential of our acreage. We expect to drill the first operated well here in the second quarter.
As many of you are aware, Petrol has announced two very good Eagle Ford wells just to the east of us. So we’re excited to test our acreage this year. We have the potential to earn up to 210,000 net acres with Eagle Ford potential”

“Mike Scialla – Thomas Weisel Partners

I have a question on South Texas. You talked about the Petro hot [ph] wells. You guys also have some non-operated wells in there. Can you say anything about those at this point?

Jay Ottoson

Well, they’re operated by TXCO in a partnership with Anadarko. At this point, we haven’t released auto data about them. TXCO is the operator and we’ll let them talk about them at the point when the partnership can agree to release data. All I can really say at this point is that the results are fairly encouraging”

“Tony Best ( SM )– President and CEO

……………But then what I’m really excited about are the emerging resource plays that we’ve mentioned. And that’s why, even in a difficult market, we are going to invest over $80 million in those three emerging plays, in the Marcellus, the Haynesville, and the Eagle Ford. And we’ve got great running room in all three. And a year ago, those three weren’t even on our radar screen. And now, with success in those plays, it has tremendous opportunity to strengthen and grow our inventory”

http://seekingalpha.com/article/122...mpany-q4-2008-earnings-call-transcript?page=5

http://www.stmaryland.com/Investors/Feb 2009 IR Presentation 2-23-09.pdf


These wells will be of interest to the JVP & could influence the timing of the next set of Block B wells. The CEO of TCEI is a main board member at Anadarko ( APC )

 

[Agentm]

looking at the region i am following 60 different wells in the eagleford/chalks

this larger map fills in the region a little better than the smaller maps the various operators put out.

[/IMG]

 

[seasprite]

Agentm , who is drilling in McMullen County at the moment and are there any results to date , thanks.

 

[jestex12]

Agentm,

Appreciate the indepth coverage of the area. The bigger map gives a great snapshot of the exploration in Southern Texas. All of the wells confirm what all the big players in area are looking for. One can gather the published maps of TXCO, Weber, Pioneer, Meridian, etc, etc, and the area's they are hot on align perfectly with tracking you have shown in the last post. Keep up the great informatio!!!!


jestex

 

[Agentm]

seasprite

the well is a horizontal completion, and was completed late last year to a length of xxxx feet, its called xxxxxxx 1 and it has xxxxxxxx as the operator.


xxxxx can mean 4000 donnell and petrohawk

no completion reports yet that i have seen, and imho they have it ready for test at the moment..

so you get a visual, the one i neglected in mcmullen (just for a laugh, and its probably why you ask..) was the AZZ well they call yellow rose, its jsut north of the petrohawk well.. i failed to put a lot of smaller operators in the search and list of wells, as i was feelin lazy..

jestex

the wells are really interesting to follow. plenty have been absolutely critical of me for posting the information. it seems its upsets some to know about the region greatly. (like mentioning pogue as a well tcei purchased off devon energy, and i didnt put it on the map.. which has drilled and tested the rock we like.. and is in the ipanema acreages for AUT. why the secrecy?? and why not tell the shareholders whats in pogue in any case?? was it no good??).

anyway it bodes well imho for your acreages in dewitt thats for sure, with the pioneer well up the road from your ranch still going ahead.. and a chalks horizontal completion only a mile or so from it as well..

 

[jestex12]

Agentm,

Well not sure why all the "secrecy" especially to those shareholder who have invested large sums of money. Without such shareholders these type of operations could not take place. Even in my limited experience I have been able to put together the pieces and come to a pretty good guess as to how these players are exploring the area. But, thanks to your indepth information it has only shed more light on the operations taking place. So, many thanks for the efforts you make!!!!

 

[jestex12]

Agentm,

Here's today's W-1 filed by Winn Exploration. Very close to my acreage.

http://webapps.rrc.state.tx.us/DP/d...ery=Y&name=GREEN+GAS+UNIT&univDocNo=485465235

 

[estseon]

"Well not sure why all the "secrecy" especially to those shareholder who have invested large sums of money. Without such shareholders these type of operations could not take place."
============================================================

Glad that somebody else finds it a bit of a puzzle. Understandable if there was competition to secure acreage but only to a point. One look at the RRC applications and approvals would give away much to somebody in the industry. What are they frightened of: over-supply?

We found out that the two Baker wells had been hooked up from the RRC production reports weeks before the company disclosed anything.

They could all make more money and less mistakes if they shared technology. We might even make some money...........

 

[seasprite]

has everyone missed the latest news http://www.asx.com.au/asxpdf/20090227/pdf/31g9qfj7bqywyk.pdf on Yemen sale

 

[Agentm]

this is what TXCO think they will get,, and on listening to their webcast the talk is that the recovery of 20% from the formation is possibly very conservative, they hav been getting 30% from the deeper shale and they are convinced with their extensive core sampling and frac techniques that they are alraedy way abve the 20% threshold..

TXCO and its partners also are drilling the
Eagleford. The company has so far successfully tested
three Eagleford wells. TXCO has 783,400 gross
(497,300 net) acres in its Eagleford project area. It
estimates 80- to 110 Bcf of gas per section, or 16- to
22 Bcf per section with a 20% recovery factor. Thus,
TXCO’s potential net asset in the Eagleford could be
7- to 10 Tcf of gas equivalent


http://www.txco.com/OGI0109_UnconventionalGas_TXCO.pdf

 

[Agentm]

another participant.. nice backer on this one.. they have a well in mcmullen to drill now.. all on trend.

DALLAS, Texas, November 7, 2006 – Broad Oak Energy, Inc. announced today that it has received an equity commitment of up to $150 million from company management and Warburg Pincus to pursue the acquisition, exploration and development of oil and gas leasehold interests in certain onshore regions of the United States.

Broad Oak Energy will explore for and develop oil and gas resources in selected proven hydrocarbon basins between the Texas Gulf Coast, northern Louisiana and New Mexico, a region recognized as one of the world’s most prolific hydrocarbon producing areas. Initially, Broad Oak Energy is concentrating on identified tight gas opportunities in southern Texas and in northern Louisiana, but over time will draw on the previous experience of its management team to target other unconventional opportunities where it believes significant value can be created through infill and repeat drilling.

Chairman and Chief Executive Officer David Braddock, a former executive with Pioneer Natural Resources, said: “I am delighted to be teaming with Warburg Pincus, a leader in the field of private equity investing in the energy sector. With the firm’s financial backing and expertise, I am confident that our management team is in the best possible position to create and realize value.”

Mr. Braddock is joined by President John Coss, formerly Vice President of Acquisitions at Pioneer Natural Resources and Exploration Manager at Conoco, and by Vice President of Operations Robert Skinner, who previously held the same position at Camden Resources. This executive team has been complemented by strong hires in the areas of geology and geophysics, land and engineering.

Commenting on the investment, Peter R. Kagan, a Warburg Pincus Managing Director, said: “Led by a senior management team with extensive technical experience in all of its targeted areas, Broad Oak Energy has the operational capability and financial foundation to pursue multiple exploration projects and developments simultaneously and to succeed in the competitive environment of onshore oil and gas exploration in the United States.” Mr. Kagan added: “And, this investment is entirely consistent with our practice of backing strong management teams to build companies of meaningful scale.”

About Broad Oak Energy:
Broad Oak Energy, Inc. is a privately held oil and gas exploration and production company with a focus on certain onshore regions of the United States. Formed with financial support from Warburg Pincus, Broad Oak Energy is led by a seasoned management and technical team with extensive relevant experience and a proven record of finding and developing hydrocarbon reserves. For additional information, please call (469) 522-7800 or visit www.broadoakenergy.com.

 

[Hatchy]

At the risk of sounding like i'm having a winge,

Why has this thread turned into a "any company looking for oil/gas in texas" thread?

We seem to be missing the point, which is ADI.

No mention of the 4m raised by the sale of yemen - which could have been worth a heck of a lot more.

 

[noco]

At the risk of sounding like i'm having a winge,

Why has this thread turned into a "any company looking for oil/gas in texas" thread?

We seem to be missing the point, which is ADI.

No mention of the 4m raised by the sale of yemen - which could have been worth a heck of a lot more.

Yes Hatchy, I have often wondered the same thing.

Have become confused as to what wells ADI are actually involved.

Perhaps AGENT-M is trying to compare other plays with wells ajoining ADI's area. Agent-M may care to elaborate.

 

[prawn_86]

Good question hatchy.

Perhaps its because ADI doesnt seem to be doing anything or getting anywhere so people are just talking about nearology, just like back in the bull market...

 

[Agentm]

i thought it was pretty clear..

i posted this before the article..

"another participant.. nice backer on this one.. they have a well in mcmullen to drill now.. all on trend."

i see its bothering you all to have info on the new wells going after the eagleford.. so i wont post anything..

as for why you guys didnt discuss seasprites message about adi getting $6million?? beats me why no one wants to discuss it or even sees it as worth discussing. so hatchy, why not discuss it with adi investors??

it appears to me the only thing of interest being discussed right now, is not the regional operators, nor the recent sale of yemen, but only criticism of me.. with the usual childish mod taking his earliest opportunity to have a go at me as usual..

happy to leave the thread.. just let me know..

 

[Lucky_Country]

Well I must say that even though AgentM's research is pretty in depth and full on maybe some dont think it is that relevant I must say I would rather read the info than not have it at all.

On the research seems like many explorers have their eye on the region spending vast ammounts of dollars exploring for whatr ADI are confident they have found.

Looks like not to much happening with ADI at the momment but they have a habit of suprising.

Yemen sale give some certainty to the financing and one would think it maybe lockdown time until the recession ends.

 

[Agentm]

Lucky_Country, regionally there are 60 wells i am following, just been posting a little bit here and there on the operators entering the arena..

originally mainly the top secret conocophillips was discussed in the early stages, and later the other participant in the play became public on it as they secured their acreages over the last few years.

if you look at the presentations of AUT and ADI you will see plenty of slides from pioneer, petrohawk etc that i have posted here also in their presentations. its not just me looking at the other regional players, its evident that the jvp itself is also doing it.

We know that our jvp operator TCEI, headed up by Mr Fluor, also has a massive jvp with conoco, and also sits on the board of anadarko, which also has entered into the eagleford play. i know some here want to be insular, but its just not a play specific to our acreages..

i didnt mention too many of the smaller outfits, like AZZ recent yellow rose permit, but the team in the broad oak energy camp are extremely interesting people indeed..

i have not seen much chatter on this site anyway, i last posted last friday..
jestex from dewitt county and estseon were talking about a few things last week.. but apart from that there is only occasional chatter criticising me for posting research.. cant see anyone discussing anything on adi much,, i thought it was all about laying low for a good while now?? waiting to see how many jvp partners can make it through without cash?

i have not even heard the jvp discuss testing the laterals.. just raising capital and keeping afloat is the name of the game now.. how many small caps without any cash will survive this?? i mean bare bones it costs $400K - $600K to run a asx listed company for a year.. how many have that in the bank?

 

[solomon]

Agentm I would like you to keep posting even when I don't fully understand the implications of your posts, I've learnt as much or more on this thread as any other source on the eagleford. Thanks.

As for the prospects lets hope the Yemen sale is completed (ie. ADI get the cash in the bank), something good comes of the indonesian mess and that the company can weather the current storm.

 

[jestex12]

Agentm,

I agree with Lucky_Country and solomon. Though I am new to this site your information has been very insightful. I am not a share holder nor do I invest in ADI but I do own land in southern Texas and Agentm's posts have been very helpful in understanding what lies beneath the soil. In addition, I am willing to share what information I have regarding the area and what I've managed to compile over the last year in researching the area. Once, again thanks again to Agentm!!!!!

 

[seasprite]

keep it comin AgentM , sometimes this forum is like talking to a box at a McDonalds drive thru 1 minute to closing time . At least there is a bit of chatter now.