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ADI - Adelphi Energy

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EOG is really getting after it in the trend. One more new area of activity for them is north of Hawkville Field in LaSalle County. EOG has permitted the #1 and #2H Hoff Ranch wells (42-283-32224 & 42-283-32225)
 

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Did you buy ultimately today ? How is your feeling after you bought. Sorry just extending the sentence for 100 characters
 
Miner said:
Did you buy ultimately today ? How is your feeling after you bought. Sorry just extending the sentence for 100 characters
Click to expand...

Yes bought more.. had a profit i had left in from 6c to run which had good returns doubled the size of this parcel.. have an average price of 15.2c ..
would like to see more news out otherwise I too think we could dwindle back to 7/8c... Think a serious re rating of this stock is required
 
Article as it appeared in Rigzone today 10/26/09:


Pioneer Pleased with Eagle Ford Shale Well's Initial Rate
Pioneer Natural Resources Co.|Monday, October 26, 2009

Pioneer Natural Resources has announced a significant discovery in the Eagle Ford Shale in South Texas. The Sinor #5 well, which is located in Live Oak County, Texas, flowed at an initial rate of approximately 11.3 million cubic feet of natural gas equivalent per day (approximately 8.3 million cubic feet of natural gas per day and 500 barrels of condensate per day) on a 22/64 inch choke with 4,550 pounds per square inch wellhead flowing pressure. The liquids-rich gas contains 1,200 British thermal units per cubic foot. The well was drilled to a true vertical depth of approximately 13,000 feet and completed in a 2,600-foot lateral section with a nine-stage fracture stimulation (frac). The well is currently producing to sales.

Scott Sheffield, Chairman and CEO, stated, "The initial results of the Sinor #5 discovery are very encouraging, especially considering the significant volume of higher-valued condensate and natural gas liquids. This discovery, coupled with the Eagle Ford Shale wells recently completed by others, reinforces our expectation that this shale play will be very prolific. Our South Texas team has extensive experience drilling horizontal wells in the Edwards formation, which lies directly below the Eagle Ford formation. When combined with our greater than 2,000 square miles of 3-D seismic data, logs from more than 150 operated wells, proprietary core samples and existing infrastructure, we are confident in our ability to unlock the significant resource potential contained within our 310,000 gross acres in the play."

The Sinor #5 well is the first of a five-well program initiated by Pioneer in August to assess the resource potential across the Company's Eagle Ford acreage. Pioneer now plans to expand the five-well program by continuously operating one rig in the play through 2010 and will evaluate a further expansion as additional drilling results become known. The Company has spud its second well and expects to test the benefits of longer laterals and additional frac stages going forward.
 
Pioneer Natural Resources Drills Successful Eagle Ford Shale Well

DALLAS--(BUSINESS WIRE)--Oct. 26, 2009-- Pioneer Natural Resources Company (NYSEXD) today announced a significant discovery in the Eagle Ford Shale in South Texas. The Sinor #5 well, which is located in Live Oak County, Texas, flowed at an initial rate of approximately 11.3 million cubic feet of natural gas equivalent per day (approximately 8.3 million cubic feet of natural gas per day and 500 barrels of condensate per day) on a 22/64 inch choke with 4,550 pounds per square inch wellhead flowing pressure. The liquids-rich gas contains 1,200 British thermal units per cubic foot. The well was drilled to a true vertical depth of approximately 13,000 feet and completed in a 2,600-foot lateral section with a nine-stage fracture stimulation (frac). The well is currently producing to sales.
Scott Sheffield, Chairman and CEO, stated, “The initial results of the Sinor #5 discovery are very encouraging, especially considering the significant volume of higher-valued condensate and natural gas liquids. This discovery, coupled with the Eagle Ford Shale wells recently completed by others, reinforces our expectation that this shale play will be very prolific. Our South Texas team has extensive experience drilling horizontal wells in the Edwards formation, which lies directly below the Eagle Ford formation. When combined with our greater than 2,000 square miles of 3-D seismic data, logs from more than 150 operated wells, proprietary core samples and existing infrastructure, we are confident in our ability to unlock the significant resource potential contained within our 310,000 gross acres in the play.”

The Sinor #5 well is the first of a five-well program initiated by Pioneer in August to assess the resource potential across the Company’s Eagle Ford acreage. Pioneer now plans to expand the five-well program by continuously operating one rig in the play through 2010 and will evaluate a further expansion as additional drilling results become known. The Company has spud its second well and expects to test the benefits of longer laterals and additional frac stages going forward.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States, South Africa and Tunisia. For more information, visit Pioneer’s website at www.pxd.com.
Source: Pioneer Natural Resources Company

its an interesting result imho



2600 feet long

8.3 mcfpd and 500 bopd on a 22/64 inch choke with 4,550 pounds per square inch wellhead flowing pressure



and the next well the ROBERT CRAWLEY GAS UNIT, which is drilling atm, has a permit for it to be 5425 feet long

what are your thoughts bubba or fscmark?

pioneer are confident they can extract the resource

 

I think you could be right Adobee. Started to dwindle back last week & without anything positive coming out it just may go back to where it was. Pity it doesn't have the same interest as BCC.
 


Hi Agentm

Could you please advise what is the relationship between Pioneer Resources and ADI?
If both of them being same region then TXN (please refer to TXN thread posted by Seaspirite) is facing some difficulty.

So from risk management perspective should we see both the stories?
Also ADI is showing some sliding down trend contrary to expected better result.
 

Agentm,

I would say the test on the Sinor well is encouraging in that a high rate of production was achieved with a relatively short lateral (2600') and a nine stage frac. A longer lateral in the Robert Crawley GU with more frac stages should be significantly better. This is important for adi because their acreage position is on trend.
 
bubba

we got our answers on bordovsky.. which was still flaring the last few days on dual towers

conocophillips released their pr on the last quarter and did a conference call

jim puts the eagleford in the highlights and mentions it specifically in the press release as exploration success


ConocoPhillips Reports Third-Quarter Earnings of $1.5 Billion or $1.00 Per Share
Wed Oct 28, 2009 8:30am EDT


http://www.businesswire.com/news/home/20091028005698/en

Year-to-date E&P production up more than 5 percent

HOUSTON--(Business Wire)--
ConocoPhillips (NYSE:COP):

Highlights

* Third-quarter earnings of $1.5 billion, or $1.00 per share, a decrease of 71 percent, compared with the same period in 2008

* E&P production up more than 5 percent year to date, with international crude oil projects adding approximately 130,000 BOE per day

* Ramp up of SAGD oil sands projects with quarterly production of more than 50,000 BBLs per day and approval to expand the Christina Lake development

* Exploration success with the Tiber discovery and Eagle Ford shale play

* San Francisco hydrocracker commissioned in late September

ConocoPhillips (NYSE:COP) Chairman and Chief Executive Officer Jim Mulva commented, "We operated very well during the third quarter, with E&P production and R&M refinery utilization rates higher than a year ago. Through September year to date, our E&P production has increased nearly 100,000 BOE per day, or more than 5 percent, compared with the same period in 2008."

Year-to-date production in Exploration and Production (E&P) was 1.86 million barrels of oil equivalent (BOE) per day, compared with 1.76 million BOE per day in the same period of 2008. The increase was mainly due to new production from major project developments in the United Kingdom, Russia, China, Canada, Vietnam and Norway. Production also increased due to higher operating efficiency and lower production sharing and royalty volumes, partially offset by base field decline and planned downtime.

For the quarter, total production, including the company`s share of LUKOIL, was 2.2 million BOE per day and worldwide refining crude oil capacity utilization rate was 90 percent. Third-quarter production was impacted by the partial shut-in of the Ekofisk field in Norway due to the previously communicated platform incident. Ekofisk resumed full operations in mid-September.

Mulva added, "Although we operated well, we were adversely impacted by low North American natural gas prices and worldwide refining margins, which led us to curtail approximately 300 MMCFD of natural gas production starting in late August and reduce refinery runs. During the quarter, R&M returned to positive earnings, and both R&M and Chemicals continue to benefit from low utility costs.
In addition, for the third consecutive quarter, our operating costs were down compared with 2008, and our full-year cost reduction target of $1.4 billion has been achieved.

"Our refocused exploration program is delivering strong results so far this year. During the third quarter, the BP-operated Tiber discovery was announced.
This is our second discovery in the Lower Tertiary play in the Gulf of Mexico this year, and we are currently drilling the Rickenbacker prospect. In the Eagle Ford shale play, we have seen encouraging drilling results and are pleased with our large acreage position. Off the northwest coast of Australia, although the Kontiki well, which tested a separate structure in the Browse Basin, was unsuccessful, the basin remains promising and we are continuing with appraisal of our Poseidon discovery. Finally, during the quarter we executed new agreements for exploration opportunities in Indonesia, coalbed methane in China,
and shale gas in Poland."




the Q&A section of the call is on this page



http://www.conocophillips.com/EN/investor/presentations_ccalls/Pages/index.aspx


go in 21 minutes, (saves you some time)

discusses farming out, but yet to have a good offer..

one rig atm

also will ramp up next year

he talks about bordovsky and the ip flow rates

4 mmcfpd and 1500 bopd was given

375 bopd per 1 mmcfpd is the highest so far interms of condensate levels


go to 26 minutes in they talk about the eagleford further. a bit of history.. how promising it is.. they said the majority is term leasehold and they said they have to ramp up there drilling...

cheers
 
It's pleasing to hear the continuing stream of good news/drill results coming out of the Eagleford from other companies.

Our turn will come soon...

In the meantime, has anyone any idea why ADI has not yet received it's cash from the sale of its 8.5% working interest in Yemen block 7? It's 8 months since the deal was done and it seems a very long time to get the final payments from Mitsui...or am I being unduly impatient?
 

ton

last i heard they were same as b4.. waiting on one last process.

adi has no liability to the yemen block in terms of capital, mitsui will cover it i understand. adi cant access the cash until yemen sign off and mitsui authorises its release

just a small update on how close the regional eagleford is going

adi has been ignored in terms of its potential and the share has gone down some 33% this week.. i intend adding more as the sell off brings the sp down further..

conoco, petrohawk, eog, pioneer are all getting the eagleford, ADI have it flowing in kennedy and there is nil given for it atm.. waiting for some great buying opportunities in the coming days as the world markets correct..

 
Hi Agentm
All sounds good for ADI but what makes you think the market will correct in the next few days? Could we be finally having the correction that a lot people have been expecting? If so there would be better buying opportunies later.
 
yeah i actually believed the markets would correct jancha.

i also chose adi for the stock tipping comp this month, my view is that any success in weston may cause a rerating of the share prices on all jvp partners.

the quarterly was pretty positive imho some very interesting days ahead, within a week or so..

HIGHLIGHTS

Adelphi has successfully farmed out the Sugarloaf AMI and will be substantially freecarried through three stimulations of existing horizontal wells and three new completed and tied-in horizontal wells in return for farming out up to half of Adelphi’s 20% interest.

Preparatory work on the stimulations of existing horizontal wells has commenced at Weston – 1H, Kowalik – 1H and Kennedy – 1H. The first stimulation is expected to commence in November 2009 and planning has commenced for the 2010 drilling program.

High levels of drilling activity and leasing of land continue on trend to the Sugarloaf AMI. This activity is primarily focused on the Eagle Ford Shale which is evolving into a premier shale play in the USA – in part because of its exceptionally high liquids yield.

During the quarter the majority of the funds from the Block 7 sale were received from Mitsui, with final settlement of this transaction expected to occur shortly pending finalisation of a number of administrative matters relating to the sale.

Yemen Block 74 2D or 3D seismic will be acquired early in 2010. A new prospective trend has been identified adjacent to mature source rock and will be the focus of the new seismic. Drilling is expected to commence in late 2010.

Adelphi’s current cash position is $5.5 million following receipt of Block 7 sales proceeds.


Well Horizontal Length
Status
Forward Plan

Kennedy -1H 3,800 ft

Currently producing from a lightly stimulated 600 ft interval at the toe of the
well.

Fracture stimulate the entire 3,800 ft lateral with up to 14 stages.


Kowalik – 1H 4,600 ft

Until early October was producing unstimulated from uncemented slotted liner.

Acid stimulation or large single stage fracture stimulation or both.

Weston -1H 3,000 ft

Liner cemented in place.

Fracture stimulate the entire 3,800 ft lateral with up to 14 stages.



later on a bit of regional info was released

• The rocks comprising the Eagle Ford shale, and where present the Austin Chalk, are gas and condensate saturated across a wide area. The resource size is therefore very large.

• Completed well costs are in the range US$5 – 8 million per well.

• Multi-stage fracs (10 – 20 individual fracs) applied over >3,000’ of horizontal hole appear to yield the best initial rates and overall recoveries

• Hydrocarbon recovery per well is typically in the range of 5 – 6 BCFe but can be significantly more in geological sweet spots or when liquid yields are high. ConocoPhillips recently announced that one of its Eagle Ford (Sugarkane) wells located ~30km northeast of the Sugarloaf AMI tested at 4 MMCFGPD and 1,500 BOPD – an excellent initial rate which further confirms productivity and the high liquids yields in the area.

• There is intense competition for land with both major and mid-cap companies seeking liquids rich resource plays such as the Eagle Ford, with long-term stable cash-flow.
 
great post agent m..

good research


i noticed this article on the role technology plays in shale development and its a nice read, it fits with what adi has been saying in its quarterly re the costs

a lot of people of course dont believe the shale play has any potential, and regardless of its maturity, its becoming increasingly hard to dispute some of the outstanding results that technology is delivering in the mature oil play in the karnes trough, with the likes of EOG and dan hughes, then there is the less mature plays of condensate/ oil that conoco and TCEI and ADI are following and the more mature dry gas plays like pioneer have tapped into like the sinor ranch which is more southerly on the trend.

i am remaining optimistic at this point that the upcoming efforts on the wells by the jvp may indeed release the potential there in...

plenty still clambering for the exit..
 
interesting jvp in the eagleford..


Swift Energy Company and Petrohawk Energy Corporation Announce Joint Venture to Develop Eagle Ford Shale

HOUSTON--(BUSINESS WIRE)--Nov. 2, 2009-- Swift Energy Company (NYSE: SFY) (“Swift Energy”) and Petrohawk Energy Corporation (NYSE: HK) (“Petrohawk”) have executed a definitive agreement to jointly develop and operate an approximate 26,000 acre portion of Swift Energy’s Eagle Ford Shale acreage in McMullen County, Texas.

Swift Energy received approximately $26 million in cash consideration upon closing of the agreement. Petrohawk will also fund approximately $13 million of capital expenditures on Swift Energy’s behalf within the first twelve months of the joint venture. If any portion of this amount is not expended during the first twelve months, it will be paid to Swift Energy as cash consideration.

Swift Energy retains a 50% interest in the joint venture that calls for joint development of this approximate 26,000 acre prospect area located in Swift Energy’s AWP field and covers leasehold interests beneath the Olmos formation (including the Eagle Ford Shale formation) extending to the base of the Pearsall formation. Petrohawk will serve as operator during the drilling and completion phase of the joint development, and Swift Energy will operate the wells drilled once they have entered the production phase, subject to terms of the agreement. The appraisal drilling program covered by the agreement will begin before the end of 2009 with an acceleration of activity anticipated in 2010.

Terry Swift, CEO of Swift Energy, remarked, “We have found an excellent partner to jointly develop with us a portion of our highly prospective Eagle Ford shale acreage. Petrohawk is one of the leaders in developing natural gas from shale formations responsibly, efficiently and cost effectively. Their technical and commercial expertise has already produced strong operational results in the Eagle Ford Shale, making Petrohawk an excellent choice as a partner for this project. Both organizations are committed to aggressively pursuing a strategy that will maximize production and reserves growth. This transaction is another step forward in Swift Energy’s plan to build operational momentum and strengthen its balance sheet entering 2010. We look forward to a long and fruitful relationship with Petrohawk.”

“We are very pleased to have the opportunity to develop this very prospective area of the Eagle Ford Shale," said Floyd C. Wilson, Chairman, President and Chief Executive Officer of Petrohawk. “Swift Energy’s position, geologically speaking, is in what we believe to be an ideal depositional location and contiguous to our rapidly growing program in Hawkville field. We will waste no time in bringing the experience derived from our established Eagle Ford drilling program, as well as our access to processing and transportation in the area, to this new acreage for the mutual benefit of our two companies.”

Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Louisiana and Texas and in the inland waters of Louisiana.

Petrohawk Energy Corporation is an independent energy company engaged in the acquisition, production, exploration and development of natural gas and oil with properties concentrated in North Louisiana, Arkansas, East Texas, South Texas, and Oklahoma.
 
just for clarity.. i noticed comment about me on HC.. am in the cooler on hc for posting a three letter abbreviation wtf.. i apologised and asked for reconsideration but its not replied to. you can write lmfao and plenty of other abbreviations, the wtf one was not personal, just in a sentence... pity as theres some good news flowing on the eagleford the moment


back on topic.. st mary announced its flow rates on the eagleford also last night

they are noticing regions of dry gas and further looking at a region that will yield more condensate

ST. MARY PROVIDES OPERATIONAL UPDATE;
UPDATES PERFORMANCE GUIDANCE FOR 2009

• Strong Eagle Ford wells result in additional operated rig in fourth quarter

• Positive developments in East Texas Haynesville shale position

• Exploratory Marcellus shale wells drilled and completed; sales line in process of being completed


DENVER, November 2, 2009 – St. Mary Land & Exploration Company (NYSE: SM) today provides an update on the Company’s operational activity, capital investment levels for 2009, and financial guidance for 2009. Additionally, a new presentation for this operational update and third quarter 2009 earnings has been posted on the home page of the Company’s website at stmaryland.com. This presentation will be referenced in the conference call scheduled for 8:00 a.m. Mountain time (10:00 a.m. Eastern time) on November 3, 2009.


MANAGEMENT COMMENTARY

Tony Best, CEO and President, remarked, “The past quarter has been an important period for the company. I am very excited about the well results in the Eagle Ford shale that we are announcing today and the recent results in our East Texas Haynesville program are encouraging. We are continuing to make great strides in expanding our inventory and are quickly moving the company into a position to be able to organically grow production and proved reserves every year. As we begin planning for 2010, we do so with a solid balance sheet and a greatly improved portfolio of projects that we can exploit to create value for our shareholders.”


OPERATIONS UPDATE

Eagle Ford shale – Since its last update, St. Mary has drilled and completed an additional 3 horizontal wells on its 100% working interest acreage in South Texas with sufficient production history to provide a meaningful update.

• The Galvan Ranch 1H (SM 100% WI) was spud in early June and was drilled to a vertical depth of approximately 8,500 feet. The well had an effective lateral of 5,005 feet and used a 17 stage completion. The well had a maximum seven day sales average of 8.0 MMCFED. This well is the farthest south of any of the wells drilled to date and has 1,000 BTU/SCF gas with essentially no condensate yield.
• The Briscoe Apache Ranch 1H (SM 100% WI) spud in mid-July, and was drilled to a vertical depth of approximately 7,900 feet. The well had an effective lateral length of roughly 4,000 feet and used a 14 stage completion. The well had a maximum seven day sales average of 7.1 MMCFED. The Apache Ranch well was drilled south of our first well in this program, the Briscoe G 1H, and north of the second well in this program, the Galvan Ranch 1H. Consistent with the Company’s expectation, the well has a richer stream of gas at approximately 1,200 BTU/SCF.
• The Galvan Ranch 4H (SM 100% WI) spud in late August and was drilled to a vertical depth of roughly 9,100 feet. The well had an effective lateral length of 5,000 feet and used a fifteen stage completion. The well’s sales rate has been constrained by temporary pipeline limitations. Currently the well is flowing at a rate of 7.0 MMCFED at a flowing wellhead pressure of 3,600 psi. Similar to the Galvan Ranch 1H well, the production from this well is very dry with little condensate.
St. Mary’s first well in this program, the Briscoe G 1H (SM 100% WI), was initially reported to have an average sales rate over its initial seven day flow period of 5.6 MMCFED. Using the same methodology for calculating average production rates as the wells above, the maximum seven day sales average for this well was 6.4 MMCFED.
The well design being used by the Company on its 100% acreage has evolved to one that utilizes a longer lateral and more completion stages. Completed well costs are now estimated to be between $4.5 to $5.5 million per well, depending on well depth.
St. Mary will be completing the Briscoe G 2H (SM 100% WI) and the Briscoe B 1H (SM 100% WI) in the coming weeks. The Company will be adding a second drilling rig in the play during November. The seventh and eighth wells in the program, the Galvan Ranch 7H and Briscoe G 3H (both SM 100% WI) will spud early this month.
In the joint venture acreage north of the Company’s 100% working interest position, St. Mary took over from TXCO as the drilling operator in the JV earlier this year and drilled and completed the remaining three earn-in wells in Phase II of the joint venture with Anadarko Petroleum Corporation. Consistent with the Company’s prior statements, it is clear from the initial flowback results from these wells that this portion of the play will have high condensate yields. Anadarko is installing additional sales infrastructure to facilitate further testing. With Phase II complete, Anadarko will take over full operatorship of the JV acreage and St. Mary plans on participating in Phase III and the subsequent development of this acreage.

St. Mary has leased or optioned 225,000 net acres in the Eagle Ford shale, with roughly 159,000 net acres of operated, high working interest acreage and approximately 66,000 net acres in the joint venture.
 
they need to get some market sensitive announcements out otherwise nobody is going to take any notice of this one or give any re rating ..
 
adobee said:
they need to get some market sensitive announcements out otherwise nobody is going to take any notice of this one or give any re rating ..
Click to expand...

would expect the next news once the weston well commences its frac operations

imho a week or so from now

cant think of any other market sensitive news other than the sale of the second yemen block thats in negotiations

cash is in for the first block. yet market caps and sp on the jvp partners are all over the shop,

adi

market cap $19 mill, ($5 mill cash)

EKA

market cap is $9.9 mill, (limited cash reserves)

adi has no value given for the cash nor for the second yemen block
 
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