PlatypusRx,
Again thanks for your DD.
The link you posted contains a lot of good information. First let's take a look at this company listed as an owner in the link
you posted.
International Petroleum Limited Liability Company
4834 Highland Drive, Ste. 200
Salt Lake city, Utah 84117
In my post #525 they are mentioned as applying for a permit to drill a well in the same area to be considered in the March 25 board meeting.
Another firm, International
Petroleum, LLC, has
requested a permit from the
OGM to drill another well
in the same area. That request
will be considered at
the OGM’s March 25 board
meeting.
Now let's take a look a the well analysis ( Exhibit "A" ).
For those unfamiliar with oil and gas measurement:
1 (one) barrel (bbl) of liquid = 42 gallons of liquid
BTU = British Thermal Unit
MBTU = Thousand British Thermal Unit
MMBTU = Million British Thermal Units
SCF = Standard Cubic Foot
MCF = Thousand Cubic Foot
MMCF = Million Cubic Foot
1 SCF = 1 MBTU ( normally used for gas calculations )
1 MCF = 1 MMBTU ( normally used for gas calculations )
Natural gas closed on the NYMEX today at $2.66 per MCF or MMBTU.
According to the well analysis we have high BTU gas ( between 1422 and 1447 BTU per SCF or between $3.78 and $3.85 MCF / MMBTU )
Whiting says the well is currently producing 400 - 500 MCF of gas.
We do not know the oil flow rate of the well but we can calculate the gas, water, other (liquid hydrocarbons) ratio of the well. Using a current flare rate of 450 MCFD.
According to the well analysis the well is producing 20.85 gallons of liquids per (1) MCF of gas and 1.75% of this is water.
450 x 20.85 = 9382.5 gals liquid divided by 42 = 233.39 bbl liquid per day
233.39 bbl times 98.25% = 229.31 bbl per day liquid hydrocarbons
233.39 bbl times 1.75 % = 4.08 bbl water per day
