Oil Slides, Gasoline Gains as Hurricane Sandy Nears U.S. at Bloomberg.
Energy chart of the day: Shale oil production in North Dakota and Texas has boosted US oil production to a 17-year high by Mark Perry.
Off topic: North Dakota’s oil boom in pictures at Reuters.
OPEC’s oil production has spent the last 9 years between 30 and 32 million barrels a day. Through July 2012 production has been over 33 MMbbl. EIA Yet, IEA says call on OPEC oil to rise slowly over next five years at Platts.
Non-OPEC Average Annual Crude Oil Supply in mbpd 2001-2012 at Peak Fish.
Canada’s Energy Stumble as an editorial in Friday’s WSJ.
The U.S. rig count was down: Haynesville Play.
RJ raised its natural gas price outlook but is still bearish: Raymond James.
With an already stretched balance sheet and the latest acquisition, sounds like MHR will be selling it’s Eagle Ford position. Oil Gas 360
From my local newspaper: Find out where oil and gas leasing activity is booming across Lower Michigan (Mlive). What you need to know before you lease your land for oil and gas exploration (Mlive).
Nice look at those Bankken (damm a new misspelled name) pictures! I have another link of the area which I will post…
Thanks for the update of MHR…I have them on our watch list, however, I do not know what to make of this. I will have to finish reading the article…
Remember the Benghazi Four! May they sit in the Kingdom of God!
I haven’t dug in yet, but Gary Evans may be about to zig into the natural gas direction in a big way…
I finished reading the article and I am not pleased. Simply, why does not management state why they have decided to move into a NG play and give up on Eagle-Ford.
21k net acres is to small? Please!
I think this decision is a mistake, as crude is a much more stable comod and provides for a high IRR over the long term…
Furthermore, why are they acquiring these leaseholds for a 60% discount?
How much debt is MHR taking on and do they have enough cash for a robust CAP-EX program..
There currently CAP-EX is minor league and they are burning 60+ million dollars to do this deal..
From this perspective, it is a trading vehicle only and not an extended investment…
Investors are drawn to MHR in part because of Gary Evans. Not knowing what he is up to means the shareholder must do a lot of trusting. Speculators only!
Regarding Peak Fish, (something smelly hear) is that 80% of world reserves are held by NOCs..(Mr Likevern)…
Draw your own conclusions…
‘Reserves’ is a funny word. But the chart is good and reflects the horizontal drilling boom.
Mr Butler, I hope they find a plenty oil and gas in Michigan…The Tigers could sure use some gas to pep up their play in the field…
‘Small ball’ beats ‘long ball’…AGAIN!