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Author Topic: Statoil divests assets in the Marcellus  (Read 2607 times)

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Offline Smokin Joe

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Statoil divests assets in the Marcellus
« on: May 07, 2016, 02:47:44 am »
Statoil divests assets in the Marcellus
http://www.pennenergy.com/articles/pennenergy/2016/05/oil-gas-news-statoil-divests-assets-in-the-marcellus.html?eid=290980193&bid=1397237
 May 3, 2016
By PennEnergy Editorial Staff
Source: Statoil

Statoil has agreed to divest its operated properties in the US state of West Virginia to EQT Corporation for USD 407 million in cash.

This divestment of non-core assets comprises approximately 62,500 net acres. Equity production from the properties in Q1 2016 was c.9,300 boe per day. Statoil retains its operated properties in the US state of Ohio and its non-operated Marcellus positions.
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How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline IsailedawayfromFR

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Re: Statoil divests assets in the Marcellus
« Reply #1 on: May 07, 2016, 12:38:49 pm »
Quote from: Smokin Joe on May 07, 2016, 02:47:44 am
Statoil divests assets in the Marcellus
http://www.pennenergy.com/articles/pennenergy/2016/05/oil-gas-news-statoil-divests-assets-in-the-marcellus.html?eid=290980193&bid=1397237
 May 3, 2016
By PennEnergy Editorial Staff
Source: Statoil

Statoil has agreed to divest its operated properties in the US state of West Virginia to EQT Corporation for USD 407 million in cash.

This divestment of non-core assets comprises approximately 62,500 net acres. Equity production from the properties in Q1 2016 was c.9,300 boe per day. Statoil retains its operated properties in the US state of Ohio and its non-operated Marcellus positions.

They are going after quality properties.  WV does not have near as good as Ohio in Marcellus/Utica.  my old company had 400k acres in WV and couldn't make it work at all.
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Offline Smokin Joe

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Re: Statoil divests assets in the Marcellus
« Reply #2 on: May 07, 2016, 12:43:13 pm »
Quote from: IsailedawayfromFR on May 07, 2016, 12:38:49 pm
They are going after quality properties.  WV does not have near as good as Ohio in Marcellus/Utica.  my old company had 400k acres in WV and couldn't make it work at all.
Similar things happened with the Bakken, in that some areas were much better than others. Get far enough out on the edges and the wells won't pay, depending on where you are. We probed the limits on a few wells. The Utica looks like a decent play, with a wet side and a dry side, but they all have their areal limits.
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How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline IsailedawayfromFR

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Re: Statoil divests assets in the Marcellus
« Reply #3 on: May 07, 2016, 12:50:10 pm »
Quote from: Smokin Joe on May 07, 2016, 12:43:13 pm
Similar things happened with the Bakken, in that some areas were much better than others. Get far enough out on the edges and the wells won't pay, depending on where you are. We probed the limits on a few wells. The Utica looks like a decent play, with a wet side and a dry side, but they all have their areal limits.

Yep, we had several hundred thousand acres in Dunn and Divide Counties that were too fringe.  Gave up on those.  Now all Permian.
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Offline Smokin Joe

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Re: Statoil divests assets in the Marcellus
« Reply #4 on: May 07, 2016, 01:17:02 pm »
Quote from: IsailedawayfromFR on May 07, 2016, 12:50:10 pm
Yep, we had several hundred thousand acres in Dunn and Divide Counties that were too fringe.  Gave up on those.  Now all Permian.
That sounds like too far south, and too far north. I worked wells in northern Dunn County and we made some good wells for the operator.
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How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline IsailedawayfromFR

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Re: Statoil divests assets in the Marcellus
« Reply #5 on: May 07, 2016, 03:02:21 pm »
Quote from: Smokin Joe on May 07, 2016, 01:17:02 pm
That sounds like too far south, and too far north. I worked wells in northern Dunn County and we made some good wells for the operator.

Yes and yes.  Hence, we exited.
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Offline mirraflake

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Re: Statoil divests assets in the Marcellus
« Reply #6 on: May 07, 2016, 03:25:41 pm »
My wife and I are sitting on prime Marcellus /Utica dry/wet gas..  One of the top producing counties in the country. 3 of the wells in our county broke industry records.

Transmission lines are going in later this year and next so royalties will be 2-3 years away.  One of my clients several counties North was getting $800-850 a month per acre last year and his gas is no where near as good as ours.

We have many acres (small farm) ..

Life is good.
« Last Edit: May 07, 2016, 03:26:27 pm by mirraflake »
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Offline IsailedawayfromFR

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Re: Statoil divests assets in the Marcellus
« Reply #7 on: May 07, 2016, 04:32:36 pm »
Quote from: mirraflake on May 07, 2016, 03:25:41 pm
My wife and I are sitting on prime Marcellus /Utica dry/wet gas..  One of the top producing counties in the country. 3 of the wells in our county broke industry records.

Transmission lines are going in later this year and next so royalties will be 2-3 years away.  One of my clients several counties North was getting $800-850 a month per acre last year and his gas is no where near as good as ours.

We have many acres (small farm) ..

Life is good.

A lot of people kissed off Appalachia for oiler and gasser pastures elsewhere years ago.

Three earnings. 1. Never discount oil/gas technology

2. Best place to find oil/gas is where it was found before.

3. Proximity to market adds real value, especially for gas
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Re: Statoil divests assets in the Marcellus
« Reply #8 on: May 07, 2016, 04:34:11 pm »
Quote from: mirraflake on May 07, 2016, 03:25:41 pm
My wife and I are sitting on prime Marcellus /Utica dry/wet gas..  One of the top producing counties in the country. 3 of the wells in our county broke industry records.

Transmission lines are going in later this year and next so royalties will be 2-3 years away.  One of my clients several counties North was getting $800-850 a month per acre last year and his gas is no where near as good as ours.

We have many acres (small farm) ..

Life is good.

Yes indeed! Congratulations!
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Offline mirraflake

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Re: Statoil divests assets in the Marcellus
« Reply #9 on: May 07, 2016, 04:36:29 pm »
Quote from: IsailedawayfromFR on May 07, 2016, 04:32:36 pm
A lot of people kissed off Appalachia for oiler and gasser pastures elsewhere years ago.

Three earnings. 1. Never discount oil/gas technology

2. Best place to find oil/gas is where it was found before.

3. Proximity to market adds real value, especially for gas


The up front money we received was twice what we paid for the property 5 years prior.
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Offline mirraflake

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Re: Statoil divests assets in the Marcellus
« Reply #10 on: May 07, 2016, 04:43:29 pm »
One of my wife's friends are getting $70-75K PER MONTH on royalties from their farm.

One of my friends inherited the old family farm..about 550 acres but only about 50 was farmable  lol Think hillside Appalachia only goats can tranverse. Basically a worthless farm.  He received $7100 per acre up front and has not yet received any royalties. .  Yes he is now retired at age 52

Mind boggling what people are getting.
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Offline IsailedawayfromFR

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Re: Statoil divests assets in the Marcellus
« Reply #11 on: May 08, 2016, 12:37:18 am »
Quote from: mirraflake on May 07, 2016, 04:36:29 pm

The up front money we received was twice what we paid for the property 5 years prior.

Glad to see others enjoying what we here in Texas have enjoyed for years.  Too bad for the New Yorkers, though.  Even California allows the oil industry to operate, although with lots of restrictions.
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Offline Smokin Joe

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Re: Statoil divests assets in the Marcellus
« Reply #12 on: May 08, 2016, 02:15:47 am »
Quote from: IsailedawayfromFR on May 08, 2016, 12:37:18 am
Glad to see others enjoying what we here in Texas have enjoyed for years.  Too bad for the New Yorkers, though.  Even California allows the oil industry to operate, although with lots of restrictions.
We made a lot pf people here millionaires, too. It was fun to watch, even if I just didn't have the acreage to get there myself. Lots of people whose families had busted their butts for generations to keep going reaped some immense rewards. It brought out the best in some, the worst in others, but it was always interesting.
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How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis
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