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As I read this we have a deal for perhaps 11 wells, probably less because our leasehold acreage is not contiguous. (I'm kinda thinking out loud here, lol)
Texas permits one well per 40 acres, per horizon (read "zone") of production. with 1200' spacing to the next well producing the same horizon, and there are about 209 feet on each side of an acre. So without a map, and knowing where the other wells may be located, (bacause our docs don't contain maps and our leases are not contiguous in their totality) we cannot be too precise about the spacing requirements and the total nmber of wells we can drill. (One vertical well could obviously produce all four horizons simultaneousy, which was the original Chumley plan before it blew out.)
The spacing rules explain the Chumley production plan in part. We can drill four wells on less than 40 acres (on one acre I presume) if the wells all produce from different zones. If we intend to drill laterals, then one well per zone would be best.
The Fredricksburg Zone is the first zone encountered, a limestone formation, located between around 450 to 750 feet in this locality (always within the initial 1000 feet lithographically speaking) I think. Madeley is a Fredrickburg producer if I recall correctly. All the wells would be considered shallow, less than 3500 feet deep.
I wonder if there are any really deep wells drilled around here, the Haynesville Shale should be down there somewhere I believe. Oiljob
OK, I'll play ... $3.50 ... I'm betting high because:
1. The shorts are gonna get caught;
2. Tigers are now involved and more are sitting on the sidelines;
3. The company has been full of surprises lately and I'm betting we see more.
4. The Madeley is only producing from 1 out of four horizons, the others were cemented in due to pressure problems, we are drilling two wells producing all 4 horizons, these could be mega;
5. I still don't know how many more wells we can permit on the Madeley leasehold;
6. I'm betting we get announcements on an aeriel survery of our entire Belizean leasehold, particularly the offshore portion, and with it the announcements of offshore partners; while simultaneeously spudding in on the other two known onshore prospects and at least one new one in the Paradise concession;
7. Also, good news out of West Texas with a surprise McComas announcement.
8. And, finally, an announcement that we are being permitted to build the first "official" refinery in Belize.
$3.50 might be low.
Thanks for the PM Cool, we have the same posting restrictions.
On the fundamental side, I understand we have four new Shelby County leases. Do the properties sit side by side, do they all abut the lake, do they all possess previously drilled wells and if so how many, are any of these properties producing, how many Lakeside wells are there. What is the spacing on the Madeley property and how large is it. Jimmy Jones says we could drill hundreds but this must be a facetious remark; if it isn't then the sky is the limit.
On the bright side it seems almost inevitable that we will be hearing about completed wells in West Texas and Belize this week.
And from an engineering and drilling point of view I've never seen four holes drilled side by side, each with its own downhole lateral, there must be a separator down there because each hole requires its own casing and cement job. Guess I'll have to do some reading. Oiljob ..... It's nice to be back in these exciting times.
I am back ...... Oil job. :). Thanks to Chit and Shiz .... Nice videos Bull .. Your hard work really gives lot of resilience to the longs on this board ... I have personally added another 190K over the last two weeks in large part due to all the excellent input and analysis from the board's longs. We have been a tough bunch and I for one have not and will not be going anywhere until we drill off shore Belize. Looking forward to the party. .... Oil job
I'm anticipating some good news ... think I'll put some champagne on ice. Oiljob
P.S.: I have no inside information ... just a gut feeling
The first company to get involved in this field to my knowledge was Cyanotech. They grow various algaes in Hawaii, including astaxanthin (Bioastin) which is patented for carpel tunnel syndrome; but they also make products for fish and shrimp farmers, bioluminescents for radiography, and many more. There are thousands of algaes and all their various properties are yet to be discovered, including many pharmaceuticals I'm sure. Oiljob
The stock has been in my portfolio for years but has really taken off this past year ... I think it was $10.00 a share at one point.
I'm Rip Van Winkle, with one eye open .... any deals yet???
TDbowiedknife: I would appreciate if you would share your understanding of contracts law (with the rest of us) and identify the exact clause of the contract you are suggesting we are in violation of; otherwise, this is just more nonsense and noise on this Board. Oiljob
Transactionally there may be some truth in this post, however Belize Oilwatch does not understand real property law. You do not lose acreage when you sell interests in your concession. It is akin to a tenancy in common, you still own a percentage of every molecule of the concession. You are agreeing to divvy up the oil profits not the acreage. Ergo most of this post is shear nonsense. Oiljob
Treaty has a working interest in 3.5 million acres (just in Belize). That is gargantuan.
There could be a lot of (stock trading) alerts going off pushing this puppy up over a penny (for the day's trading) into the close. Oiljob
Chilar, I'm sure your question was rhetorical, however you monetize U.S. currency in much the same way as you monetize this stock. When we produce oil the stock will become more valuable. U.S. currency becomes more valuable when we monetize it, when we store large quantities of precious metal in large vaults and refuse to sell it on the open market. We should probabaly start a second fully monetized currency for use only within the borders of the 50 states. Gold, silver, copper, chromium, platinum, etc. I know where the metal is, do you? There is no reason for this stock wallowing in the four cent range, nor is there any reason for the U.S. dollar becoming worthless. Oiljob
How many mercury dimes have you bought lately? How many Morgan dollars? Is the grid going down. Will we be able to move our oil to market, refineries require electricity. Our problems are solved the same way the Belizean problems are solved, people need to work, oil is employment, as is mining. It seems there is always another regulation in the way, and too many people epecting a handout. I'll teach them to fish but I won't give them the fish my family is eating.
I guess I'll hold onto my shares. This might be a SLEEPING GIANT. lol. lololollollollollololollolllololllololollollololollol.
Good night and rainbows in all your dreams.
I'm not worried about Texas. Drilling this domestic program is a no-brainer. Oiljob
We don't need to check with the Governor before we give out well by well (blow by blow) updates as each well comes in, as each well will. This is not virgen ground, we know the oil is there. Although we might get a few happy surprises on the way or even a small phishing job. Oh well. The stock will be stronger and we will be pumping more oil per day in another quarter without a doubt. Belize is the icing on the cake. But the "cake" in Belize will take longer to bake.
It is hard to keep treading water in Belize (patience is key), but I don't think we are entirely in charge down there from what I've read. You don't see me going down to Belize right now. Things need to settle down, the surrounding countries have the highest murder rates in the world. Our charitable efforts down there are very commendable. I hope the little nation is watching. Only oil will give them the freedom they seek. (And enable them to pay off their national debt).
Where is that dog. Someone around here used to have a crazy dog. We need to throw a bone into the jungle, and I'm sure that dog will come back with our missing 10K. Oiljob
News is like one of two things. an echo or a boomarang. I prefer the boomarang.
OK, here goes .... I'm throwing my boomarang ... and when it returns I will have news. The power of positive thinking.
Best bet is to simply buy cull pre 1964 silver coinage. 90 percent silver. Dimes are best for barter in a SHTF scenario. Oil job
GORO: Gold Resource Corporation. Minting dividend coins.
Can anybody identify any gold or silver mining stocks paying in-kind dividends? I know there is one Mexican company proposing to do so, but not actually paying the dividends yet in actual gold or silver. Oiljob
To be honest, I could care less about the last three months. All quarterlys look backward in time. I'm interested in the next three months, and I expect great things. So, EVERYBODY, let's have this disussion again in three months when possibly somebody will have some real facts. Oiljob
P.S.: Anybody who has bothered to read this Board for the past three months knows all they NEED to know.
People shouldn't be so quick to write off the Paradise Concession. First it abuts the BNE property at its northwest corner, it is surrounded by sedementary basin rock, and oil and gas are known to be produced even from metamorphic rock. Metamorphicc rock is also the source rock for shale, including oil shale. Oil and gas migrate, often into metamorphic rock where the cap rock, the resorvoir sealer is in fact shale. In Cuba little if any oil and gas is found in sedimentary rock, it is almost exclusively associated with igneous and folded metamorphic serpentine. See the following article for instance:
"B U L L E T I N OF T H E AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS
VOL. IS, NO. • (AUGUST, 1932), PP. B09-818. 1 FIG.
OCCURRENCE OF OIL IN IGNEOUS ROCKS OF CUBA1
J. WHITNEY LEWIS'
Dallas, Texas
ABSTRACT
The seepages of oil, the asphalt deposits, and the two oil lields, Bacuranao and
Motembo, are described with special reference to the association of oil and asphalt
with igneous rocks. Production in both oil fields is from serpentine and no commercial
production has been found in sedimentary rocks. It is estimated that more than
200,000,000 barrels of asphaltic oil was required to form the asphalt deposits and
seepages.
SUMMARY
A great number of seepages of oil and many commercial deposits of
asphalt occur in Cuba. Part of them are associated with serpentine and
ferromagnesian igneous rocks. One commercial oil field, Bacuranao,
and one semi-commercial naphtha field, Motembo, have been developed
in serpentine. In spite of the abundance of residual oil, exploration has
failed thus far to find commercial oil in normally bedded sands in the
sedimentary rocks. The geology of Cuba has been described in a separate
article by the writer,3 and the petroleum geology by DeGolyer.4 Many
of the data have been taken from the latter publication. The writer
acknowledges receipt of assistance from several friends who were studying
the geology of Cuba at the time of his investigation.
IGNEOUS ROCKS
Hundreds of seepages of oil and gas are found in central and western
Cuba. Several asphalt deposits have been mined and two are still being
mined. Most of the surface occurrences of petroleum are found within
or close to areas of serpentine or ferromagnesian igneous rocks ..."
Today the primary producer of oil and gas in Cuba is a Canadian corporation called Sherritt International, also the largest coal producer in Canada, and one of the largest nickel and cobalt producer's in the world. They are famous for their lateritic slurry process for extracting nickel and cobalt around the world. This company has also produced 1.5 million barrels of oil in Cuba, largely from the same igneous and metamorphic regions identified in the above noted geologic report. A map of their Cuban oil and gas fields follows:
http://www.sherritt.com/getattachment/e8ebb721-4654-4ac6-8880-a1cb60079f03/Sherritt-Oil-and-Gas-in-Cuba
Ergo, we have a lot of work to do in the Paradise Concession, but the reason we purchased the opportunity wasn't because the majority of the concession was the Maya Mtns., it was because a portion of the coastal area of the lease intersects our geophyical mapping suggesting some aerial anamolies were seen to drape over into this concession area. There is probably oil in the portion of the concession nearest to the ocean. Time will tell. I'll keep my fingers crossed. But it made a lot of sense politically too, and we may yet get an opportunity to merge with BNE, they are currently in litigation with their shareholders, who I assume would like a publicly traded stock vehicle in preference to the BNE closed corporation model, which provides them no opportunity to cash out.
Belize is still rife with opportunity, and it's not an opportunity I intend to squander by buying and selling. Every sell is a taxable event and I'm looking for the big hit. I won't see another play like this for another decade. So be quiet and wait it out. In the meantime Texas can keep us all amused. Oiljob
I bet we can drill faster in Texas than we do in Belize. One can only hope. Are we spudded-in yet? Oiljob
One real deal would be nice. Oiljob
What is with the disinformation campaign. Everyone take a deep breath. Follow the money. There is more oil in Belize, and everyone knows it. Oiljob
BNE is not the only oil company in Belize, and they will not be the only oil company to find oil.
By the way, are there any BNE shareholders out there reading this Board? If so what would you think about merging with Treaty?
Our well has collapsed ... really... balderdash. Oiljob
Bail it out and run the wire ... or drill it deeper, which I always thought more appropriate. I never understood why a wildcat would not be drilled as deep as possible in a virgin field.
Oh well, still waiting patiently. I'm not selling and will be waiting for as long as it takes. We have a lot of acreage in Belize, and we know the wells in Texas will be pumping more oil shortly. I hope the deeper taps in Texas are good news too.
I'll be buying the first or second round in Belize .... as I'm not gonna step on Bull's toes.
So where is Mr. Cho going to be tomorrow at 11:00 A.M?
Tomorrow we are putting a pan of water on the stove. It will begin to simmer, and after we wireline Treaty No. 1, the other well we are drilling to a deeper tdo, then our water will begin to boil.
Then, we spud our first well in Field 2, and another in Field 3, we bring in our offshore partnership group, we get our refinery application approved, we build our first gas station, and Belize slowly becomes energy independent. Prime Minister Barrow is re-elected to a third term, and I'm steering my yacht into a harbor near Placencia.
It all seems so obvious. Oil job
P. S. : Mr Reid will be popping by for dinner and drinks. I can see it all now.
Superbond Scuttlebutt: Friday, March 9, 2012
BELIZE BONDHOLDERS RE-NEGOTIATING POINTS COMING UP?
BELIZE SUPERBOND SPECULATION?
The National Election is over and the Belize Superbond will be re-negotiated this year, 2012. Speculation has it, that in the rumor mill locally in Belize.
1)The government will have it´s negotiators ask for a reduction of interest rate to 1% over Federal Reserve ( usa ) bank to bank lending rate.
2)That the payment back period will be extended another 15 years.
3) That the clause that prohibits paying off PRINCIPAL be deleted.
4) That the prohibition against being able to buy back the bonds at any time also be deleted from the contractual agreement currently.
This is just the scuttlebutt, being floated around now that PM Dean Barrow/Finance Minister, has given a rough outline of his intentions.
P.S. My I-Hub chart seems to be broken, and I'm wondering what our drill crew is doing while we sit around waiting for the wireline results. We have wells to drill. I need to call the company and see what the skinny is. Oiljob
Bull: Your the man ... Oil job
If the GOB can't renegotiate the superfund loan, then they will need a lot of petro dollars to payoff the existing loan. Drilling, fracking, authorizing offshore and incentivizing the concessionaires will all be on the table.
Oil would appear to pave the road to economic freedom in Belize. Oiljob.
Waiting patiently for news. Oiljob
Thirsty, so thirsty ..... I'm dieing here.... I need some news. A little shot of news ... like ... FIRST BARREL OF STANN CREEK CRUDE DELIVERED TO PRIME MINISTER BARROW ... well when a guy gets this thirsty he gets a little delusional. Oiljob
P.S. Carpe Diem
Offshore Oil: use it or lose it. And mind you, our offshore concession equates to 80% of our Princess concession. Offshore needs to be planned and executed along with everything else we are doing. It's a learning curve, but so what.
I believe the majority of our concession's value lies offshore. There are possible elephants offshore. Oiljob
P.S.: Or we can lose our leasehold like BNE.
We can lead or we can follow. I'd prefer to lead.
I have to assume that RedRock will be logging both wells in Belize once the wire line truck is up and running. After all what has our crew been doing down there since they brought in Treaty No. 2. They must have gone back and finished Treaty No. 1. We just haven't heard anything because of the news blackout. I'm speculating of course, but if I'm right the news will be twice as big. Oiljob
Chit: I love ya man.... keep up the good work ... you are always on the look out and thinking outside the box.
And Steede and Blind and Margin .. thanks for keeping a look-out on this Board. I appreciate the vigilance .. and all the hard work by Bull and Cool and FM. Keep this crew together and keep us moving forward to victory.
So there is my one post per day. Thanking my fellow investors. Good DD is the heart of the matter.
3-13-2012: "On Thursday, March 15th, Mr. Bill Hardin will fly to Belize to make arrangements to have the smaller of the Rigs, with all its supporting components, shipped back to Texas. This Rig, upon its return to Texas, will immediately commence drilling the first two 'permitted' wells on the Wooldridge leases."
So when do we spud-in on the Wooldridge leasehold, and how deep are we drilling, and when is the projected completion date for the first Texas well? That's when we can see the pump begin, and if we hit on the well as expected then we should see an immediate jump in our pps. So we are very close; the dance will commence shortly.
We should also see our first wireline log wihin the next two weeks. Oiljob
Better fasten my seat belt ... just in case.
P.s.: I thought we had a drilling company in Texas with rigs large enough to drill these wells. Where are my Texas rigs?
Nice work Inwestor. Oiljob
Great News (RedRock that is):
But on another note (attempting to put this election and the last 30 days into some perspective), what this election taught me was that the primary UDP issue was the renegotiation of the national debt. The government doesn't want news of an oil strike when they are attempting to convince their creditors that they are broke. Oil revenue would imply an ability to finance and service their national debt without need of renegotiating its terms of payment.
Ergo, we may continue to have some difficulty getting the government to certify our oilfields until such time as the debt restructuring process is complete. Then its balls to the wall with Belize. Then they would want the "new" oil revenue to pour in, servicing their current debt with fewer funds, and freeing up more money for their current and future general budgets. Oiljob
P.S. The time difference between Belmopan and Los Angeles would be two hours, they are two hours ahead of our west coast. Sorry I misspoke yesterday (i struck my one and only daily message due to that flaw) apparently Belize would be on Central Time, the same as Chicago, where the IMF is located last time I checked.
Everyone is worried about government relations, nationalization, eco-terrorizm, expulsion, etc. ... give me a break .. our best defense is a good offense.
First find oil. Second, study the Alaskan Energy Dividend and attempt to replicate it in Belize, Third, use our political pull and relationships to convince the Belizean Government to announce and fund an annual energy dividend, so every citizen in Belize personally feels involved with and in possession of a true stake in every well we drill, onshore or offshore.
There are only a third of a million people in Belize, we aren't talking about that much money. (This is not a big bribe)
Or we can spend millions of dollars on oil field security and ultimatley watch eco-terrorist finally put the torch to our fields. We need to educate and uplift the people, and prevent the NGO's from pulling the wool over their eyes forever. The education needs to start here and now. Oiljob
The story and numerous lessons of capitalism cannot be just for the benefit of Treaty's shareholders, these lessons are meant for the masses, true freedom starts with the recognition of personal property rights, and maybe a trip to your local church once a week. A solid education teaches the students the errors of socializm, the villany of communism and the evil of the nazis, all left wing institutions regardless of popular belief.
Rambler, I haven't yet figured out where you're coming from ... lot's of questions, but you seem like a good guy, and you appear to be long. I hope the health issues work out, I hope you keep posting, and I hope you're right about the depth of our wealth.
I would think that things remain quiet for another 6 days, and we will get news once the elections are over.
We should be spudding-in shortly in Texas, and two new fields in Belize. I can't believe our second well is not complete at Stann Creek. They have to be keeping that one under wraps.
Blind: you asked about horizontal drilling (few days back, sorry Iv'e been sick). Every drill needs a target. If those offshore wells are 7500 feet in depth (minimum) and your production is occuring in three 75 foot thick strata, it's not likely you'll discover this with a horizontal drill. You need two vertical wells first, correlate strata, and then you if you have contiguous evan layered producing strata between those two points you can contemplate a horizontal well. There are too many variables, you need to identify producing strata and fixed depth before you can drill horizontal. We are able to do this in N. Dakota and Texas etc, becasue we have literally hundreds of vertical wells (data points) all tapping into the same resource at depth.
In any case, it's now the power hour and I'm rooting for Rambler. Oiljob. Long and Strong
P.S. It's been suggested that once these points are known in Stann Creek that hrizontal driolling will be used to bring the field into procudtion.
I vote YES, I am in favor of offshore exploration and drilling, OHHHH, sorry that might be a different question. Oiljob
The referendum is phoney, illegitmate, unapproved, and nothing more than an effort by the environmentalists to show their flag. The nation is working, nobody is really voting on anything and the real election is still a week away.
Coqui Rodriguez has posted a referendum notice on the internet, complete with polling locations, the referendum question, environmentalist websites, and a bank account where you can contribute money if you wish to shut down offshore drilling in Belize.
She states: "Wednesday, February 29th, 2012 The Coalition for Belize will be having a vote for the referendum on NO Off Shore Oil Drilling in Belize."
The real referendum did not qualify for the real ballot, so they are conducting an NGO election, before the real elections.
The referendum question is "Should there be oil exploration and drilling in Belize offshore".
This is not an official referendum, but it tells you how rabid the opposition is in Belize. Anything to dumb down and enslave the Belizean people, and they have the gall to ask for money too. Oiljob
Food for thought; we cannot act soon enough offshore.
I'm still digesting what I read yesterday. I'm reading some weird words. We are told that someone from Russia, represents a group with very deep pockets, phrases like "embedded long" are dropped, and we are assured that this guy can do what he says.
The mm's are making market, I don't think they are suppose to be taking a position in the securities they trade, beyond what is needed to sevice their accounts.
But this guy suggests he can bring enough money to the table to siphon-up every available share, walk the price up, demand physical delivery of our company shares offshore, and in essence destroy our market.
I like making money just like the next guy, but this kind of power bothers me a little. I like regular markets. Believe me Cool's charts will stop working if there is no market to analyze. If the IMF walked up and bagan to buy up every share in sight would that not bother some on this board. It doesn't taste or feel right. I'm more than happy to wait for the news.
If I have enough money to buy up all the float and then some because people are shorting, I can walk the market up to whereever I please because I am the only source for shares. The shorts buys at my price and physically re-deliver the very stock I just sold them.
An "embedded long" offshore seems a little sinister. And just to top it all off, the suggestion is made that Russia wants to control the Belizean oil fields? It is all a little too weird. Oiljob
P.S.: I only get one post per day so don't expect me to engage you in any thought provoking discussion.