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Author has a degree in Engineering and is an avid investor in the market. Experience in industrial materials and structures. In college studied atomic & nuclear physics as well as material engineering. Eastern European
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  • GeoResources should double in 2011 (Little known Bakken Oil Play) 3 comments
    Jan 11, 2011 10:16 AM | about stocks: GEOI, FOR, TPLM, NOG, STO, KOG, LINE, CHK, XOM, CVX, BP, COP, PTR, CEO, EC, APA, OXY, SNP, SU, APC, RIG, NOV, DO, EOG, DVN, NFX, FST, UPL, PXP, COG, SM, BRY, SFY, SGY, ATPAQ
    GEOI just announced a share offering today and is down this morning, but that is a great chance to jump on shares. Why? Its planning on using some of the proceeds to drill mostly in the Bakken trend oil play of North Dakota & Montana.

    (GeoResources expects to utilize the net proceeds it receives from the offering to pay down the $87.0 million outstanding balance under its credit agreement. GeoResources expects to use any of its remaining net proceeds from the offering along with its cash flow and credit facility availability, primarily to fund its drilling and development expenditures on its acreage in the Bakken Trend in North Dakota and Montana, and its acreage in the Eagle Ford Trend in Texas, and for incremental leasehold acquisitions and general corporate purposes.)

    The money is being used wisely, and should bring in a big payoff for their investment. Why? The Bakken oil find in North Dakota and Montana is fast becoming the biggest Oil find since Texas.

    (NASDAQ:GEOI) has accumulated 24,000 acres in the Oil Rich Bakken Area:

    GeoResources is active in the Bakken on both an operated and non-operated basis. The company has a 24,000 net acre project in Williams County, North Dakota. The company just started drilling its first well at this project, targeting the Middle Bakken formation. It plans two more wells here in 2010. GeoResources also just spud its first well at its Rip Rap project in Roosevelt County, Montana.

    On a non-operated basis, GeoResources is involved with Slawson Exploration on a 100,000 gross acre position in Mountrail County, North Dakota. The company has participated in 72 wells here to date, and it plans another 100 over the next two years.


    Today Credo Petroleum Completes Third Consecutive High Rate Bakken Discovery -  http://yhoo.it/dPlLd2

     APNewsBreak: Officials say North Dakota's oil patch poised to double production

    By JAMES MacPHERSON , Associated Press

    Last update: January 2, 2011 - 2:30 PM


    BISMARCK, N.D. - Government and industry officials believe North Dakota's oil patch contains more than twice the amount of oil previously estimated and that the state's already record crude production will double within the decade.

    If the forecast is correct, North Dakota could leapfrog in a few years from the fourth-biggest oil producing state to No. 2, trailing only Texas.

    "It's a pretty rosy picture," said Lynn Helms, director of the North Dakota Department of Mineral Resources. "We have a huge amount of drilling still in front of us."

    Helms said the state currently is pumping about 350,000 barrels of crude per day and was on pace to produce about 110 million barrels in 2010, up from 79.7 million last year and more than double the amount produced less than three years ago.

    Record rig activity pushed by strong crude prices and refinements in drilling technology could result in North Dakota seeing a twofold increase in production. The drilling technology alone has cut the amount of time needed to complete a well from 65 days in 2008 to about 25 days.

    "We are now looking at the possibility of 700,000 barrels a day and we see that coming in the next four to seven years," Helms said.

    At that rate, North Dakota would surpass California and Alaska based on those states' current production, said Steven Grape, the domestic reserves project manager for the U.S. Department of Energy's information administration.

    "That would be pretty amazing in my book," Grape said.

    North Dakota's oil patch now accounts for about 6 percent of total U.S. crude oil production. That's up from 1 percent less than three years ago.

    Federal and state estimates had pegged North Dakota's portion of the Bakken shale and underlying Three Forks-Sanish oil formations in western North Dakota at about 5 billion barrels of oil, using current horizontal drilling technology.

    Helms said that estimate has more than doubled based on drilling success and current production rates.

    "We're starting to see indications that we could reasonably get 11 billion barrels," Helms said.

    North Dakota has about 5,300 producing oil wells. About 2,000 of those have spudded in just more than three years, aimed at the Bakken and Three Forks.

    About 95 percent of rigs drilling in North Dakota are aimed at those formations, and 99 percent of them hit oil, while nine of 10 are profitable, Helms said.

    Ron Ness, president of the North Dakota Petroleum Council, said about 650 new wells were drilled in 2010. He and Helms expect up to 2,000 new wells in 2011, which would double the number of Bakken and Three Forks wells to date.

    A record 168 wells were drilling in the state's oil patch last month but dipped to 156 last week, hampered by winter weather. Ness and Helms expect about 200 rigs to be drilling in 2011.

    "We are going to be drilling a lot of wells in the next year and production is going to go up, barring any unforeseen problems," Ness said. "We're all pretty bullish on 2011."

    North Dakota has risen from being the ninth-largest oil-producing state in 2006 because of the Bakken and the Three Forks beneath it. Helms said nothing surprises him anymore about the state's prolific oil patch.

    "I'm running out of superlatives," Helms said. "We're going to have to invent some new ones."




    Stocks: GEOI, FOR, TPLM, NOG, STO, KOG, LINE, CHK, XOM, CVX, BP, COP, PTR, CEO, EC, APA, OXY, SNP, SU, APC, RIG, NOV, DO, EOG, DVN, NFX, FST, UPL, PXP, COG, SM, BRY, SFY, SGY, ATPAQ
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Comments (3)
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  • Al Einstein
    , contributor
    Comments (3) | Send Message
     
    Oil is not a fossil fuel. Oil is being made deep inside the earth's core and will replenish the oil that is taken. The oil supply is endless and the propaganda of oil being a fossil fuel is being used to brainwash the masses into thinking we are in short supply to drive up prices. This is why the US government has drilling bans in our largest known pools. Also reports on the reserves at Gull Island, Alaska and other areas have been classified State Secret so not even congress can learn about the massive reserves of oil there. This is done by bribery from oil industry criminals to increase profits at the expense of destroying our nation.

     

    The US Government needs to be thrown off and replaced with an honest constitutional government. Corruption is so out of control, reform is impossible because of mainstream media corruption and failure to tell the truth to the brainwashed zombie American public. Government propaganda is parroted throughout media. The global awakening of the masses is being brought about through the internet which is why governments worldwide are beginning to censor the internet. This is happening in the USA at an alarming pace as homeland security is installing a fascist police state dictatorship over the American people.
    3 Feb 2011, 03:42 PM Reply Like
  • tcossairt
    , contributor
    Comments (2) | Send Message
     
    like this article 1/2 million barrels per day here we come!
    2 Mar 2011, 02:54 PM Reply Like
  • Jay Draiman
    , contributor
    Comments (38) | Send Message
     
    Generating Energy Storage & A Combination Renewable Energy System

     

    “It is cheaper to save energy than make energy”

     

    Any renewable energy system that is installed should have extra capacity and be able to convert water into hydrogen which will be used to power a hydrogen generator as a back-up power source.

     

    We should install a renewable energy system that utilizes solar & wind, when possible add geothermal to the mix.

     

    A design is needed for a renewable energy system that can generate electricity and heat water with a step down mixer allowing the system to provide water hot enough for radiant heating and at the same time utilize a step down mixing valve to reduce the water temperature to be able its use for hot water in normal consumption.

     

    A thermal renewable energy system may be able to provide both.

     

    Prior to sizing up a renewable energy system, an energy audit should be conducted and energy efficiency recommendations should be implemented, that includes changing habits in utilizing energy and utilities in general.

     

    Habitual changes can save between 20 to 50% of energy & utility consumption.
    When people are considerate not to waste, they save resources and money.

     

    YJ Draiman, Energy/Utility Analyst
    24 Mar 2011, 08:18 PM Reply Like
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