The Bakken Shale and Three Forks formation in the Williston Basin in Montana, North Dakota and South Dakota contain a combined estimated 7.4 billion bbl of undiscovered, technically recoverable oil, 6.7 Tcf of undiscovered, technically recoverable natural gas and 530 million bbl of undiscovered, technically recoverable natural gas liquids (NGL), according to an assessment released Tuesday by the United States Geological Survey (USGS).
Articles from Geographic
Penn Virginia Corp. (PVA) is opening its Eagle Ford Shale oil window wider with the acquisition of 40,600 gross acres (19,000 net) in Gonzales and Lavaca counties, TX, for $401 million from Magnum Hunter Resources Corp. (MHR), which has set its sights, in part, on the Pearsall Shale.
Unconventional oil and gas activities and production continued to make their significance felt in mergers and acquisitions (M&A) in the oil and gas sector last year, with much of the new domestic investment coming from foreign companies, according to Deloitte.
The Eagle Ford Shale of South Texas is likely the biggest potential driver of U.S. oil production growth for the next five to 10 years with production on track to pass 1 million b/d by the middle of next year and 1.7 million b/d by the end of 2015, analyst at Raymond James & Associates said in a note Monday.
Littleton, CO-based American Eagle Energy Corp. expanded its existing carry agreement to accelerate drilling. Last May the company entered into a six-well carry agreement; the amended agreement extends the terms of the financing to an additional four wells, all of which will be drilled in the Bakken or Three Forks zones of its Spyglass Project. “The expansion of our existing carry agreement…allows us to continue aggressively pursuing our development program within the Spyglass Property while minimizing our capital outlay,” said President Brad Colby. The expansion of the scope of the agreement allows American Eagle to contract a second drilling rig to begin drilling infill locations on the Spyglass property. American Eagle expects a second Nabors Drilling rig to arrive by the middle of September and anticipates drilling and completing a total of 12 gross wells (4.2 net) with the two rigs by the end of 2012, including all 10 wells covered by the amended carry agreement.
Even with the huge Marcellus Shale, the high cost of natural gas vehicles and a lack of infrastructure to fuel the vehicles may deter growth in the state, according to the Allegheny Conference on Community Development.
Unconventional oil and natural gas resources are an increasingly bigger piece of the pie for domestic energy companies, according to a new survey.
Tenaska Marketing Ventures (TMV)/Tenaska Marketing Canada, one of the top natural gas marketers in North America, has promoted several personnel to align its geographic and functional activities and consolidate decision-making authority into each area’s management structure. Terry Cameron was promoted to senior vice president, north, where he will oversee the midwestern and eastern market areas. Mark Whitt takes over as senior vice president, west, where he will oversee western activities. David Schettler is the new senior vice president, south, where he will oversee the Midcontinent and southern U.S. region. Marty Titus was promoted to senior vice president, risk and structured products, which includes risk management, project marketing, deal structuring and valuation functions. John Obermiller, as senior vice president, finance, will manage TMV’s mid- and back-office activities. The five new senior vice presidents will report to President Fred Hunzeker. Tenaska also promoted Janet Corritore to vice president, gas scheduling; Kristen Gould, to vice president, Tenaska Marketing Canada; and Chris Forsman to regional director, Midcontinent.
Monday’s price movement saw a reversal of geographic orientation from the previous Friday. On Monday it was the East that was mostly softer, while most western points rallied from Friday’s overall declines. Freezing temperatures were still in the forecast for Tuesday from the Northeast through the Midcontinent/Midwest and Great Plains into the Rockies, but relatively moderate weather is in play across the southern tier of states.
Three-year-old research by two Princeton University professors given new life in the climate change-focused October issue of National Geographic Magazine (NGM) gives hope that with a technology explosion in the next 50 years, the world can start getting its arms around the global climate change conundrum. And part of the answer may lie in replacing most of the current coal-fired electric generation with a combination of natural gas and carbon sequestration.