Apache (APA +1.7%) says it has discovered "probably the best shale gas reservoir in the world"...


Apache (APA +1.7%) says it has discovered "probably the best shale gas reservoir in the world" in a remote corner of northeast British Columbia, a massive field containing as much as 48 tcf of recoverable natural gas. One of three wells it drilled in the area delivered 21.3 mcf of gas/day over its first 30 days of production, which APA says is the most prolific shale gas test well it ever drilled.

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Comments (7)
  • TruffelPig
    , contributor
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    This is probably going to boost the price......not. Couple years ago this would have been big news, maybe in a couple years again.
    15 Jun 2012, 03:00 PM Reply Like
  • Loophole69
    , contributor
    Comments (261) | Send Message
     
    TruffelPig you hit the nail on the head. I've owned this stock since about 100 and watched it drop and drop as better and better news comes out every week.
    16 Jun 2012, 04:18 PM Reply Like
  • April May
    , contributor
    Comments (688) | Send Message
     
    Good news, but would have been better had they hit oil !
    15 Jun 2012, 04:54 PM Reply Like
  • ruby07410
    , contributor
    Comments (14) | Send Message
     
    Tom Chambers said during the ist qtr earnings conference call:
    "First quarter earnings were impacted by a $390 million non-cash after tax write down of our Canadian Oil and Gas Property balance. Just to reiterate what most of you are familiar with, full cost accounting requires us to calculate the 10% discounted after-tax value of our proved reserves using period end comps and a 12 month average for commodity prices in effect of the first day of the month."
    The British Columbia huge natural gas play should catapult Canadian "proved reserves" sky high. Shouldn't that and the spike
    higher in natural gas prices since the first quarter benefit the profit
    numbers for the 2nd quarter. Mr Chambers uses the word "requires" so shouldn't Apache recover some or all that 390 million
    in the second quarter with these gargantuan Canadian changes?
    i.e. higher prices,and higher proved reserves.
    16 Jun 2012, 08:51 AM Reply Like
  • threeleaves
    , contributor
    Comments (96) | Send Message
     
    I was wondering the same thing.
    19 Jun 2012, 05:17 PM Reply Like
  • olde pablo
    , contributor
    Comments (5) | Send Message
     
    Hang in there boys, Apache will rise again---didn't say when....
    16 Jun 2012, 04:27 PM Reply Like
  • PEMINC
    , contributor
    Comments (159) | Send Message
     
    There is notionally value in the gas for export to Asia as LNG. LNG prices in Asia are substantially higher (at least right now) than NYMEX. However, the capex costs and infrastructure issues, as well as permitting and the time lag to execute any such move are the flies in the ointment.
    17 Jun 2012, 03:19 PM Reply Like
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