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Personally, I don't see a lot of downside left here, so it looks like we're all "bagholders" now.
Be careful not to laugh too loud, you might get caught up HomeCreek without a paddle.
Personally, I like widgets (like rigs), and if this company starts banging out some widgets then all the bagholders will be rewarded. Oiljob.
Now that everyone has seen the "Fjord of Trippland" for themselves, it is time to turn this ship around and get the heck out of here. It's really chilly down here. Time to make some money. Oiljob
TDbowieknife: That is some very impressive posting, some of which I've spoken of, much of which is new to review. I would still like to get me own geo map though, to study in better detail. But you can see now what I've been saying about the Maya Mtns. for yourself, massive plutonic red zones dominate the area, with associated areas of meta rock. That bright yellow "alluvium" is overburden. What is underneath, much of our concession, is like "mystery rock", the drilling program should prove fun and informative. Oiljob.
That YouTube video of the Macias rig was pretty trick. If that is what we're building then I have hope for this company.
That is a one man rig that can probably drill 5000 to 7500 feet. That reduces a lot of overhead. One guy and a blow out preventer. Pretty interesting. Oiljob
Has our crew and equipment arrived in Belize yet?? Oiljob
P.S. I meant to reference the Paradise concession in my post this morning.
These are the observations that make me keep pointing off-shore. I'm hopeful that the coastal tertiary sandstones will produce enough oil to allow us to move offshore.
I think the primary reason we are buying the Princess property is because some of the structures we are mapping cross over the line into their territory, but not necessarily into the mountains. Oiljob.
We would need to look at their maps and data. Sometimes we get lucky and find a public litho log, like the one they made off Monkey River, showing signs of hydrocarbons. They say 50 dryholes or wells have been drilled with none declared commercial until BNE hit.
The northern territiory is a mixed bag of metamorphic rock and sedimentary rock. BNE is a pocket of (karsted) tertiary limestone surrounded by metapmorphic rock (much older); unless you're looking at (oil) shale the possiblity of locating oil in metamorphic rock is slim. A bunch of the Maya Mtns. is meta-rock. Surface geology tells you a lot, i.e. the prospect areas should be obvious. Oiljob
P.S.: Treaty has a geo map on their website, kinda, it's hard to read. I've faxed the Dept. of Geology in Belize, but they seem to be ignoring me, I'd like to buy my own map.
Blue Creek concession update. This concession is in northern Belize, with the BNE property southwest ofits location if my memory serves me correctly: Interesting reading: Oiljob:
"New World O&G IDs Prospects in Belize
New World O&G plc|Tuesday, September 20, 2011
BelizeNew World O&G has received an update to the Competent Person's Report ('CPR') from RPS Energy ('RPS') further highlighting the prospectivity and reducing the geologic risk of the Blue Creek Project, consisting of two onshore concessions located in the productive Petén Basin in Northwest Belize ('Blue Creek' or 'the Project'). The update considers the significant progress made since the publication of the CPR on June 8, 2011, specifically seismic acquisition, processing, interpretation and application for the formal assignment to New World of a 12.5% working interest in the Project, following the completion of Phase 1 seismic.
Key findings of the Update to the CPR:
Likelihood of discovering hydrocarbon accumulation at Blue Creek upgraded to 1 in 8 (previously quoted as in the range of 1 in 8 to 1 in 12) following completion of Phase 1 of seismic
Four leads/prospects identified, to be further delineated in Phase 2 of the seismic - all located in a zone that produced oil shows on wells on the adjoining license area
Seismic expression of structures so far identified look very similar to the producing Spanish Lookout oil field in the south
Improved quality of the seismic increases confidence in the presence of structural features related to the regional fault trend - five 2D lines covering 68.2km of the 170km program shot
New seismic data are of good quality and demonstrate structural relief, particularly in the dip-direction - this runs NW-SE across the license
License remains a good opportunity to access early stage exploration in a highly prospective area - license located in the productive Petén Basin in Northwest Belize
Plan to acquire further seismic in a phased approach is highly appropriate and should enable leads/prospects to be developed into drillable prospects
Intention to elevate the prospectivity of one or more leads/prospects to a drillable status on completion of the 170 km 2D seismic program by 2Q 2012
New World CEO William Kelleher said, "The results of Phase 1 seismic are very exciting and further underpin our belief that a working hydrocarbon system exists in the Blue Creek license. We are equally excited that we have met our primary objective in Phase 1 which was to increase the level of prospectivity of the license by reducing the associated geologic risk through the seismic interpretation process. RPS's updated CPR reports a reduction in geologic risk of the license and now expresses the subsurface potential to leads/prospects in place of just leads, as used at the time of the CPR in June. They further acknowledge the correlation and resemblance between the prospectivity and geologic potential in Blue Creek to that of the nearby producing Spanish Lookout Field which was also one of our key objectives in Phase 1.
"We are continuing to move forward with Phase 2 of the seismic program where our ultimate aim is to continue to reduce the geologic risk as far as we can until the logical step is to drill."
The conclusions section of the Update to the CPR is reproduced in its entirety below:
New World O&G, through its subsidiary New World Oil and Gas (Belize Operations) Ltd. ("NWB"), is now the Operator of two exploration concessions (Blue Creek and Blue Creek South - held under BCE PSA) onshore NW Belize. Following the completion of Phase 1 (68.2 km) of a three-phase 2D seismic acquisition program (a minimum of 170 km), NWB and BCE have requested approval by the Government of Belize for the earned assignment of 12.5% working interest in the license area which is expected to be granted by the end of September 2011.
The Phase 1 seismic data (BCE-2011survey) have been carefully acquired and processed to help overcome surface noise and a relatively weak reflectivity section. The resultant data is of better quality than was achieved in 2008 and four leads/prospects have been identified based on the data acquired to date. Two further phases of acquisition are planned in order to further delineate the existing leads/prospects and also to step out seismic coverage across the entire exploration area on the BCE license blocks.
In RPS' opinion NWB/BCE's phased approach to the seismic acquisition is enabling the learning and experience to be progressively applied such that the value of the data is maximized. The Phase 1 seismic data shows some encouraging features, particularly in the dip direction which has a similar seismic expression as dip lines over the producing Spanish Lookout oil field to the south.
As detailed in the previous CPR, the license is favorably located in an under-explored area and is considered to be highly prospective, albeit at a very early stage of maturity. In our opinion, this remains a good opportunity to access early stage exploration in a very prospective area.
The plan to acquire more seismic in a phased approach is very appropriate and should enable certain subsurface leads/prospects to be matured into drillable prospects.
The forward commitments are manageable and appropriately scaled for this level of exploration maturity.
It remains inappropriate to estimate potential in-place or recoverable volumes. However, the Phase 2 seismic may allow tentative estimates to be made if the leads/prospects continue to mature.
Key risks remain the identification of subtle traps and the timing of maturation/migration relative to trap formation. Source is low risk, migration itself is low risk, seal is low risk and reservoir presence and effectiveness in the Yalbac Y1 and Y2 is considered low risk.
RPS considers that the improved quality of the seismic has increased confidence that there are structural features related the regional fault trend. The next phase of seismic is designed to further delineate these features and be able to demonstrate reasonable confidence in 3-way dip closure against the identified faults. Consequently, RPS now assigns a reduced risk of approximately 1 in 8 (12.5%) to the current likelihood of discovering a hydrocarbon accumulation in the Blue Creek concession. This is an appropriate level of risk for a new play in an emerging area. If the planned further acquisition of seismic is successful in the identification of robust structures, this will reduce this risk to something less than 1 in 8.
RPS will continue to provide updates to the CPR as New World complete their future acquisition and interpretation of additional 2D seismic and combine this data with pre-existing data in an effort to enhance the subsurface interpretation and further quantify and reduce risk. Ultimately, New World intends to elevate the prospectivity of one or more of the BCE block leads/prospects to a drillable status upon completion of the 170 km 2D seismic program. Once seismic operations are complete and prospects have been identified, volume estimations and scoping economics will be forthcoming in the future updates to this report. The intention is to mitigate the risk as much as possible until the next logical step will be to drill wells."
P.S. Ya gotta love the techno mumbo jumbo language these guys use. This was one of Rigzone's recent news stories.
Trips !!!! Oiljob
The technicals be damned the day we spud-in. It's all story to the finish line then. Either champagne or total depression will be the final detail of Chapter Two.. Oiljob.
P.S. Don't forget it took seven wells in Saudi Arabia, they did not hit on the first well. Explorers know their plans usually include a few set-backs ... almost nothing is a straight line.
After you build AND sell a rig or two .... then the discussions turns to BACKLOG, how many orders are in the pipeline, and is the back log growing or shrinking. Once you can calculate the profit per rig, then you can begin some real fundamental analysis. Oiljob
If this company can finally point at a real oil field ( owned in partnership with Home Creek and in the process of now producing revenue) and a real drilling rig (owned in partnership with its engineering jv partner), then it can finally call itself a real company. Kudos if they can land the Spanish down-payment. Oiljob
P.S.: Like I said "Build it and they will come."
As I understand this misrepresentation, they promised a common stock-stock dividend, sucked in the investors, then yanked out the rug at the last minute, filed papers to issue a new class of restricted preferred non-voting stock, retaining the extant float and saddling the investors with worthless restricted shares that require Board action to yet convert to common shares after some time in excess of a year from now. I define that, in my personal opinion as a scam Oiljob.
Haiku is a spiritual experience, a construct, like the samurai soul and Treaty Energy, fighting the environmental thugs in Belize. lololololol Oiljob
And, from what I read last week, Dr. Rick Steiner is a whack-job environmentalist out of Alaska (worked with the eskimos), where he became such a vocal critic of the oil industry that he lost his federal grant funding.
Ergo, move to Belize I guess. Wow. Oiljob
That looks like free form "rambling". Haiku, courtesy of Wikipedia, customarily would only be written in Japanese, but definitionally:
Haiku (??, haikai verse?) listen (help·info), plural haiku, is a very short form of Japanese poetry typically characterised by three qualities:
The essence of haiku is "cutting" (kiru).[1] This is often represented by the juxtaposition of two images or ideas[2] and a kireji ("cutting word") between them, a kind of verbal punctuation mark which signals the moment of separation and colours the manner in which the juxtaposed elements are related.[3]
Traditional haiku consist of 17 on (also known as morae), in three phrases of 5, 7 and 5 on respectively.[4] Any one of the three phrases may end with the kireji.[5] Although haiku are often stated to have 17 syllables,[6] this is incorrect as syllables and on are not the same.
A kigo (seasonal reference), usually drawn from a saijiki, an extensive but defined list of such words. The majority of kigo, but not all, are drawn from the natural world. This, combined with the origins of haiku in pre-industrial Japan, has led to the inaccurate impression that haiku are necessarily nature poems.
I challenge this Board to an (English) Haiku writing contest, the best haiku gets a free beer in Placencia after the first well is declared commercial. Oiljob
P.S.: I don't remember mine; I'll need to go back and read it.
Nothing like a good story stock. :) You gotta love the new action. Oiljob
This is an easy problem for management to solve.
First everybody needs to watch "Field of Dreams". Build a "rig" (i.e. a ball park, anything) and they will come.
Build it, erect it in front of the engineering property, take a photo, put it on Facebook, etc, AND THEY WILL COME.
Oiljob
If there is no long term plan then there in NO plan.
The next obvious step in Belize is to finalize the Paradise acquisition and review whatever geophysical information they have acquired concerning the drilling prospects within that concession area. The Maya mountains are a combination of volcanics (most of the volcanoes are in Costa Rica thankfully, none in Belize today that I know of), highly metamorphosed paleozoic sediments with patches of prospective permeable porous sediments. (Mostly old sedimentary rock, convoluted and raised up into the montain range.)
The BNE property just north of us, and the Maya Mtns., is vuggy "karsted" tertiary limestone. That company cherry picked all that rock early in the game. The geology south of the Maya Mtns., our concession in large part, is tertiary sandstones, siltstone and mudstone combinations. Good prospective rock but less valuable than the limestone to the north.
Little or no drilling has occurred in the Maya Mtns so little or no core information at depth is probably available. It could contain some surprises. We need to drill and "core" tha best patches of basin rock in the territiory and see what we have. Oiljob
But long term, our future still lies off-shore. That has to be the long term plan. Obviously commercial events onshore could delay that plan in the near term. Let's keep our fingers crossed and find a nice little oil field right next to Big Creek, or Monkey River.
Once we start drilling, in Belize, we will blast through our current drilling schedule. So what then, drill the next best structure on-shore, develop our new-found-field and reserves, build a small refinery, or look offshore for an larger structure?
If Reid announced a structure offshore, this stock would sky rocket. oiljob.
P.S. : I like the fact that we at least have an eta for spudding-in but I'm not real thrilled about all our drilling equipment being on the highway in Mexico. I hope we hired a good security outfit to ride shotgun.
Well at least I got people thinking and talking about something other than 9-1-1, next I would suggest people not overblow the cost of developing our offshore lease (if we just do the seismic work we can identify the elephant structure (if it exists) and market it; it costs very little), third, our priorities are obvioulsy correct, we are drilling onshore initially.
The thesis of my remarks, was simply to suggest that I for one am not ready to write off 90% of our concession area. That offshore property is worth 10X per acre whatever value you put on the Maya Mtns. acreage. Oiljob.
P.S. I've never been involved personally with any offshore drilling activity or program. I was once offered a job on the North Slope but turned it down. My bad.
Actually, Blind, I am very concerned about offshore operations for two reasons, First, the NGOs will stop ALL offshore drilling given half a chance, time is our enemy, Secondly, from a production point of view, we will likely never hit an elephant onshore, due to the tectonics of southern Belizian geology, BUT looking offshore the potential for hitting a large elephant size field increases dramatically. Oil job
With all we have to reflect on today ... Including all our blessings individually and as a nation ... I am also wondering how many of our shares are owned by Belizians, and how many of those people are involved in their anti-growth environmental movement?
Treaty represents the biggest threat to the environmental movement in Belize. It was bad enough when BNE hit oil north of the Maya Mtns. .. Now if we hit oil south of the mountains and on the coast with another 1,800,000 acres of potential offshore production .. Well suffice it to say they will never get the oil genie back in the bottle. Oil job
Reflections on our recent stock action.
Flashback, April 2010, The Reporter, commenting upon a satellite survey of our offshore concession area ... now I don't recall ever hearing much about that, ... I wonder what it shows and what our eta is for turning our heads offshore. We have eight wells currently planned. Oiljob
"Oil and gas from onshore and offshore blocks in Belize will be explored, drilled and brought into production, through a joint venture agreement between Princess Petroleum Limited of Belize and the Treaty Energy Corporation (OTCBB: TECO) of Houston Texas, a growth-oriented energy company in the oil and gas industry.
Treaty EnergyCorp. announced its 50\50 agreement with Princess Petroleum Limited on Thursday, April 22.
Princess Petroleum is a Belize company engaged in the business of exploration, development and production of crude oil and natural gas. It is also a part of The Princess Group International, which is engaged in the development of Hotels, Casinos, and other Real Estate ventures throughout South America, the Caribbean, and Europe.
Princess received one of 17 concessions from the government of Belize to explore for oil and natural gas. As part of the joint venture, Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres. The concession consists of 1,800,000 acres of off shore exploration, and 200,000 acres of onshore exploration.
Treaty has completed, as part of its due diligence, a satellite survey of the entire concession. Satellite imaging coupled with specific scientific technology and experienced engineering analysis can identify areas containing hydrocarbon deposits. Based on initial findings, Treaty is targeting a 10,000 acre area in the south central part of Belize to place its first well. This site is located off the southern highway which provides quick access to ports in Punta Gorda and Belize City.
Treaty has engaged a highly respected geoscientist to analyze all data currently available and guide Treaty to the area with the highest likelihood of achieving a high producing well. This geoscientist will go to Belize in early May 2010 to do soil samples and other studies needed to select the first well site. Treaty intends to start drilling its first well no later than July 1, 2010.
Currently there is one company, Belize Natural Energy Ltd. (B.N.E.), actively exploring its onshore concession. B.N.E. started exploration in 2005 and as of May 2009 it is producing an average of 5000 barrels of high grade crude oil per day (API 40.8 Sulphur 0.89%) out of 10 wells that they have drilled. Other groups are starting to come to Belize to explore the offshore area that Treaty believes will produce huge wells that could produce thousands of barrels per day based on information supplied to Treaty by the satellite surveys. Most of the offshore areas in Treaty’s concession are in shallow water and many locations showing hydrocarbon deposits have small land formations which would make it very economical to drill in terms of offshore drilling costs.
Treaty will begin to analyze the offshore concession towards the end of this year, 2010, using satellite and other methods to help in the selection of optimal locations for well sites."
This was June's news, we should compare this with what we hear this coming week. Oiljob
"Treaty Energy Corporation, partner of Princess Petroleum in Belize, announced today that it is moving ahead with plans to drill for oil in Southern Belize, in the Stann Creek and Toledo Districts, including inside the village of Medina Bank, a Maya village listed in the Maya Land Rights case lodged in 2009, where Maya activists say no drilling should proceed without consultation with their communities.
An update posted today, Tuesday, May 3, said the company has selected the first of 5 areas from among “innumerable” or countless such sites in Belize.
It also said that it has identified “the first eight drilling locations” on the onshore or terrestrial portion of the Princess concession. This portion of the concession covers 200,000 acres, while the offshore area is 1.8 million acres.
Amandala has studied the coordinates of the well sites released by Treaty, and we found some of them to be located in an area west of Big Creek, where the Stann Creek and Toledo Districts meet, going south towards Monkey River.
Of note is that the concession includes a range of forest reserves, including Bladen Swasey, Deep River, Maya Mountain and Mango Creek.
Treaty says that Area #2, located right off Monkey River Road, is “very encouraging” and “shows promise for many wells,” as deep as 1,200 feet.
According to today’s news update, Andrew V. Reid, Treaty Energy’s CEO has announced that, they have also engaged a Belize City law firm to set up a local company, Treaty Belize Energy, Ltd.
“All of our business activities in Belize will be handled through this wholly owned subsidiary,” Treaty said.
Reid also indicated that they are also in the process of evaluating a Guatemalan company, which may be hired to drill the wells in Belize. It added, however, that other companies are also being considered." (The Amandala newspaper).
I'll bet a "choclate malt" that we see trips TODAY .... Oiljob
P.S. I would recommend Dewar's in Bakersfield, CA for the payoff. Corner of California and Eye, greatest fountain in the world.
The chart reminds me of a waterfall, but come Monday morning I expect the water to start running uphill. Oiljob ... Have a good weekend all.
I'm still waiting for my rig pictures, a rig deposit downpayment announcment, a rig delivery schedule, some new drilling rig orders, and my stock dividend. Oiljob
P.S. I'm not asking for the world. Just show me a picture of our JV partner building a rig for anybody.
P.S.S. : Oh, I almost forgot, I'm still waiting for trips..... $.0009, .0008, .0007 , etc.
Perhaps management could tell us how long it takes our JV partner to build a rig; and if they have yet received the down payment. Oiljob
Sounds good to me. Good job TECO. Always moving in the right direction. I'll be anxious to hear about Belize ... only a few more days; hopefully we will be spud-in or given a spud date. Oiljob.
Build a rig for me .... And post picture of your engineering prowess ... Or show me a rig down payment posted to our corporate banking account.
Then everyone will shut-up. The ball is in your court PGIE. You can stop the bad mouthing ... All the shorts will cover ... And you will regain your credibility in one fail swoop. Oil job
And don't forget that as of October we will close the Maya Mts. deal adding an additional 1,000,000 acres (plus) to our concession area.
What are landside acres worth compared to deep water acreage. And this new concession directly abuts the BNE concession at its most north westerly portion. Oiljob ... Food for thought.
Our Operator's Run Statement (for June) is posted at the bottom of the Texas portion of operations on the Treaty web site. It identifies:
TransOil Marketing, Inc.
P.O. Box 6697
Abilene, TX 79608
(325)698-0200
as the entity collecting and reporting our leasehold production. (when the oil comes out of the ground it goes into collecting tanks on the leasehold. Trasnsoil sends collection trucks out to the tanks to retrieve and log our oil production, which should correlate with instrumentiation (guages) we have on site concerning how much oil we actually pumped into each tank.)
Call Transoil if you wish to know the TRUTH. Oiljob
P.S. I have not , today is a holiday. Or just call the company, I don't think it's suppose to be a State secret.
It's called "allowable" production for a reason. One well in a field "could" have the ability to produce at 100 barrels a day while every other well can at best only produce 10 barrels a day. Texas will not "allow" the entire field to be ruined by permitting 100 barrel per day over-production at only one well. So they limit the entire field, covering many leaseholds, and many operators, potentially, in order to preserve the "life" of the field as a whole. Read: Oiljob (That's why every well has the same production, the allowable production dictated by the State of Texas).
Texas Administrative Code
Next Rule>>
TITLE 16 ECONOMIC REGULATION
PART 1 RAILROAD COMMISSION OF TEXAS
CHAPTER 3 OIL AND GAS DIVISION
RULE §3.52 Oil Well Allowable Production
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(a) The daily allowable production of any lease or property shall not include production based upon the daily potential production of the field or area in which such well is located unless such well is actually on production, and such lease or property shall share in the total allowable production of the field or area, only to the extent of such well's actual ability to produce from day to day regardless of the rated potential production thereof according to the commission schedules.
(b) Production of a well in any one day shall not exceed 110% of the top well allowable as fixed by applicable rules and orders. Production and runs from a lease during the monthly allowable period shall not exceed 105% of the monthly allowable for the well or wells on the lease. However, the volume of oil that is produced and removed from the producing property as tolerance production shall be treated as overproduction and overruns shall be made up during the next succeeding month.
(c) All oil allowable volumes shall be measured in a manner consistent with §3.71 of this title (relating to Pipeline Tariffs) (Statewide Rule 71).
(d) A newly completed well coming into production during a proration period will be gauged either by a commission agent, or pipeline gauger if a commission agent is not available, if an offset lease owner witnesses the gauge taken by the pipeline gauger. The allowable production of such newly completed well shall be in addition to the existing total allowable production of the field as previously ascertained. The well whose allowable is thus fixed shall take its ratable share of production at the next succeeding schedule date according to rule.
(e) All oil produced from any well governed by any proration order of the commission shall be charged against the allowable daily production of such well regardless of the disposition which is made of the oil so produced.
(f) The operator of any lease or unitized area in the State of Texas may be permitted to produce the total allowable for any such lease or unitized area subject to the following provisions:
(1) The operator must submit an application to produce that total allowable on a lease or unit production basis to the commission with a plat showing the subject lease or unit as well as the adjacent properties thereto. Such plat shall identify properly all properties and wells. The applicant shall give written notice to all operators in the field when application is made for permission to produce on a lease basis in a field. If no protest is received by the commission within 15 days of the date of mailing, the application may be granted by administrative action. If protest is received, notice will be given and the matter set for hearing.
(2) The total daily allowable of the lease or unit shall be initially established as an allowable equal to the sum of the current allowables for all wells on the lease or unit. The allowable credited to any new or existing well may be increased to the top well allowable permitted by subsequently filing a new potential test on that well. The maximum total daily allowable of the lease or unit will be equal to the sum of the scheduled top allowables assignable to each well for its proration unit.
(3) The total daily allowable of the lease or unit may be produced in any quantity from any well or combination of wells with the exception that wells nearer than a regular location from a lease or unit line shall not be permitted to produce more than their normal allowables and wells at a distance of a regular location from a lease or unit line shall not be produced at a rate of more that two times the top allowable for such well unless waivers of objection to rates in excess of this limit have been obtained from the operators of wells offsetting the well.
(4) Annual well test or allocation:
(A) An annual well test, or an allocation pursuant to §3.53(a)(2) of this title (relating to Annual Well Tests and Well Status Reports Required) shall be made and reported on the oil well status report form on each lease or unit property to which a lease production basis has been granted showing an individual well test or allocation on each oil well on the property made during the prescribed test period determined by the commission. Annual well tests may be witnessed by offset operators. An offset operator that desires to witness an annual well test shall give the testing operator written notice of its desire to witness the next scheduled annual well test of a specific well. A testing operator that has received prior written notice that an offset operator desires to witness an annual well test shall give that offset operator at least 24 hours advance notice of the date of the next annual well test for that well. The Commission will use the test or allocation data in the preparation of the oil proration schedule. The total schedule daily lease allowable shall be the sum of the individual well allowables as determined under applicable rules and the lease production basis shall be designated on the oil proration schedule by an appropriate symbol. All wells on the lease for which an allowable is requested shall have their production volumes reported pursuant to §3.53(a).
(B) Any producing well with a gas-oil ratio in excess of that permitted by the applicable rules shall have its daily allowable calculated by dividing the producing gas-oil ratio into the daily gas limit of the well.
(5) The Commission shall continue to require special tests in cases of commingled production where individual lease apportionment is determined by this method. Other special tests may be required as the Commission deems necessary.
(6) In the event that the monthly gas production of the lease or unit exceeds the permissible monthly lease gas limit, the volume of gas in excess of the lease gas limit shall be considered overproduction and must be made up by underproduction of the lease gas limit. Whenever the overproduced amount equals the next month's lease gas limit the overproduced amount shall immediately be reduced to zero by shutting in the lease or by other means acceptable to the Commission.
(7) The East Texas Field is excluded from the provisions of this section.
--------------------------------------------------------------------------------
Source Note: The provisions of this §3.52 adopted to be effective January 1, 1976; amended to be effective May 1, 1991, 16 TexReg 2095; amended to be effective February 18, 1994, 19 TexReg 783; amended to be effective February 13, 1997, 22 TexReg 1313; amended to be effective January 10, 2000, 25 TexReg 79; amended to be effective November 24, 2004, 29 TexReg 10728
Ooooops, sorry about that. ... Got deleted ... My bad....(cough ...bul....t)..I'll never make that mistake again :). :). :)
P.S.: I did appreciate your supportive comment FMI. You do a good job. OilJob
An unconventional English haiku:
Treaty Energy, Inc.
An army of ants, drinking
From deep dark pools
Oiljob
A PUD is proved undeveloped reserve. Oil job
In today's era a wildcat drilled with 3-D seismics probably has as much as a 75% chance of hitting oil. Commercialty depends largly on the volume of rock producing the hydrocarbons, its' permeability and porosity.
The Belizean geology south of the Maya Mtns. is pretty much a mosaic of various descriptions largly because this portion of Belize represents the southern edge of the North American tectonic plate. The fields will be most likely be small, but numerous.
Moving offshore our prospects become much larger for hitting an elephant. Legislation needs to be submitted to the Legislature to allow drilling offshore within say 50-100 miles of the offshore Mexican border. Obviously drilling would be off limits within 10 miles of any Belizean reefs, so long as the prevailing currents are northward. Spain is currently drilling such a prospective elephant off of Cuba, while at the same time Cuba has scrubbed some oil contractrs with Sherritt International, really putting a dent in their stock.
That is why they call these places banana republics, if too much wealth builds up in any one spot or industry then the governments move in and nationalize. Get in, make your money and be ready to get kicked out. Belize, with a more British business environment (tradition), probably is more likely to to honor its covenants and commitments. Oiljob
I just love it when a plan comes together: Mid-September. Oiljob.
P.S. To paraphrase a famous phrase from Apocalypse Now : "I just love the feel of oil pumping in my veins in the morning."
P.S.S.: I'm gonna have to work on my haiku.
Don't forget, we were selling sub-penny last December, we are now at or near a nickle, in less than a year, with the potential of near term exponential growth with somebody yelling "Oil Strike" in Belize. I like the odds.. That's called a growth stock in my book ... Oiljob
Short positions are not usually very material unless they begin to represent more than 25 days of average volume on a stock. But in the event of a material fundamental positive event the short becomes your best friend .... he needs to cover at any cost !!! It's like a three point shot in a basketball game .. it really supercharges your score-board.