Tuesday, March 17, 2015 11:06:41 AM
"...Though production per well isn’t much, nationwide these stripper wells are an important part of our domestic energy supply because there are hundreds of thousands of stripper wells producing oil and gas in the United States. In addition to the stripper wells, the new Marcellus Shale wells are greatly increasing the state’s total production. ..."
http://www.marcellus-shale.us/Marcellus-production.htm
Because it would seem to me that $WOGI is drilling new wells, not stripper wells (wells reaching the end of their economically useful life).
"...A stripper well or marginal well is an oil or gas well that is nearing the end of its economically useful life. In the United States of America a "stripper" gas well is defined by the Interstate Oil and Gas Compact Commission as one that produces 60,000 cubic feet (1,700 m3) or less of gas per day at its maximum flow rate; the Internal Revenue Service, for tax purposes, uses a threshold of 75,000 cubic feet (2,100 m3) per day. Oil wells are generally classified as stripper wells when they produce ten barrels per day or less for any twelve-month period. ..."
http://en.wikipedia.org/wiki/Stripper_well
We'll find out once the flow rates are published.
"...WOGI will release an updated report on the fracking and flow rate of barrels per day (bpd) once it's been determined, calculated, and sold. ..."
http://ih.advfn.com/p.php?pid=nmona&article=65875645
Not stripper wells according to the geology reports:
"...Out of the wells that have been drilled, geology reports show marketable proven oil reserves in each well. The Corse Lease Geology Reports show the wells collectively have between 850 to 1500 barrels of oil production the first year, per well, which represents a collective oil average of about 10,000 barrels of oil for year one of the 10 well program. In dollars and cents at today's markets price of $66.84 dollars per barrel of oil, gives the company $ 668,400.00 dollars in first year gross dollars. ..."
http://ih.advfn.com/p.php?pid=nmona&article=64741041
But oil prices are much lower, as I'm sure everyone is aware.
The paradox of iHub: buy high, sell low
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