[Schadenfreude]

$this->bbcode_second_pass_quote('OilFinder2', '')$this->bbcode_second_pass_quote('Schadenfreude', '
')Considering that a barrel of oil went for $117 today, one would think that enormously good news like this would make some big headlines. However, I haven't seen anything at all mentioned on TV News and the CNN article is the first one I've seen in MSM print.

Americans are hungry for good news right now and the media knows this. If this were a sudden bonanza of magnificent proportions, it would be all over the news - even more the Jack 2 pilot well in the Gulf. Jack 2 got a lot of coverage. Where is the media now?

[texasgirl]

Can you send me a contract? Also, know that our attorney will review and make modifications before sigining any contract.
Below is our property information.

5.00 acres, in the Northwestt Quarter of Section 23, Township 17 North Range 15 West, Caddo Parish, Louisiana. North of Greenwood Rd.

Contact me at DJ2455@netzero.net
texasgirl

[copious.abundance]

@Schadenfreude,

Except for the Barnett Shale, most of this is very new. This stuff is already big news in the energy and investment community (you see a lot of news on these shales on Motley Fool and similar websites), and as I said, individual shales very often make local news. But as a national phenomenon it will probably take time to become widespread news and common knowledge.

[copious.abundance]

Incidentally, I might as well link to the recent threads started on these individual shales, just for reference.

--> Haynesville shale - 30 tcf, maybe more <--
--> Marcellus shale - 168 to 516 tcf, at least 50 tcf recoverable <--
--> Utica shale - 4 tcf just on one company's holdings <--

Another one. This one's in Tennessee.

--> Chattanooga Shale <--
$this->bbcode_second_pass_quote('', '"')We believe that the Chattanooga Shale on the Cumberland Plateau in Tennessee will prove to be as economically productive as the Barnett Shale in Texas and the Marcellus Shale, that stretches from New York through West Virginia," he added.

"Last year, Consol Energy, Inc. drilled the first horizontal well in the region that had initial production of 3.9 MMCF of gas per day. That put the energy industry on notice that the Chattanooga shale is, in fact, an economically viable source of natural gas.

"There are several advantages to producing the Chattanooga Shale," Larry Hillabrandt noted. "The Chattanooga Shale is substantially shallower than the Marcellus, and Barnett shale with the Chattanooga shale being only about 1,500 to 2,000 feet deep. "In addition we feel the greatest advantage for us is that there are more than 1,000 abandoned and shut in gas wells in Tennessee that can be recompleted in the shale. We expect to acquire several hundred of these wells at a cost of well below what it would cost to drill new wells. This will be a substantial savings, and give us a competitive advantage we need," he added.

Industry sources believe the Tennessee Chattanooga shale gas play could eventually encompass 6,000 square miles and contain 5 trillion cubic feet of recoverable natural gas.

[copious.abundance]

Lookin' good.

--> Reuters <--
$this->bbcode_second_pass_quote('', '[')b]U.S. Feb natgas production jumps 10 pct yr/yr -EIA
Wed Apr 30, 2008 9:15pm BST

NEW YORK, April 30 (Reuters) - U.S. gross natural gas production in February rose more than 1.6 percent from January and more than 10 percent from the same year-ago month, according to data released Wednesday by the U.S. Energy Information Administration.

In its EIA-914 Monthly Natural Gas Production Report, EIA said "wet" gas output in the lower 48 states climbed to 61.28 billion cubic feet per day in February, up nearly 1 bcf per day from January levels and nearly 6 bcf per day higher than in February 2007.

The data presented by EIA are gross estimates and are the basis for calculating marketed production after subtracting gas used for repressuring, quantities vented and flared, and nonhydrocarbon gases removed in treating or processing operations.

EIA said all areas reported increases for February, but Texas had the biggest year-on-year gain, accounting for almost half of the total, primarily due to strong output from Barnett Shale production in North Texas.

The monthly increase continued a 13-month upward trend in domestic production resulting from strong, successful drilling, EIA said in the report.

In a report early this month, EIA estimated that marketed production of U.S. natural gas in 2008 would be up 1.6 bcf per day, or 2.9 percent, but some industry analysts expect the increase to be much larger, as strong gains from deepwater Gulf of Mexico wells and unconventional supply sources like shale gas keep output growing at a brisk pace.

[copious.abundance]

Also, last year the US reached a new natural gas production high:
http://tonto.eia.doe.gov/dnav/ng/hist/n9010us2A.htm
^
24,536,309 MMcf in 2007. Previous high was 24,500,779 MMcf in 2001. Sorry, no peak here.

[joewp]

It's quaint that you're so happy we're sucking all the gas out of the ground as fast as we can.

Tell me, what are you going to tell your kids or grandkids when it's all gone, that you couldn't save any for them because you wanted all for yourself?

No need to respond, OF. I just wanted you to think about that for a minute.

[copious.abundance]

Don't worry joe, there will be plenty of energy for my kids and grandkids, natural gas included.

[copious.abundance]

Incidentally, here's another one - 1.6 tcf in Ontario, in just one company's holdings.

http://www.marketwire.com/mw/release.do?id=850361
$this->bbcode_second_pass_quote('', '[')b]A significant natural gas discovery in southwestern Ontario!

Onco Petroleum Inc. has accumulated Approx 40,000 net acres over the last 5 years, where 18 vertical wells were drilled, and based on technical data; the preliminary net reserve potential on Onco's acreage is estimated to be approximately 1.6 TCF (trillion cubic feet). First production is expected to begin in late 2008, with a full scale drilling program in 2009 and beyond.

[copious.abundance]

Ah, and still another big shale discovery I seem to have missed - 21 tcf, with at least 2 tcf recoverable.

LINK
$this->bbcode_second_pass_quote('', '[')b]Pierre Shale Discovery

Pioneer estimates original gas in place under its acreage in the Pierre Shale, in the Raton Basin, at approximately 21 trillion cubic feet or Tcf with a total net gas resource potential in excess of 2 Tcf. Proved reserves were recorded at 18 billion cubic feet or Bcf as of December 31, 2007, and anticipates proved reserves from the Pierre Shale to go up to 70 Bcf end 2008 and over 200 Bcf end 2010.

Pioneer indicates approximately 1,200 risk-adjusted potential drilling locations in the Pierre Shale on 80-acre well spacing. Wells would be linked to the company's extensive existing coal bed methane or CBM infrastructure and drilled from both existing and new pads, utilizing Pioneer's integrated well service model and benefiting from related drilling efficiencies. Finding and development costs are expected to average $10 to $15 per BOE with an average before tax internal rate of return of approximately 40% at an average gas price of $8 per thousand cubic feet or Mcf.

From the lowest Pierre Shale interval, initial production is expected to average 750 Mcf per day per well. Pioneer plans to drill 175 wells in the Raton Basin, including 15 Pierre Shale wells in 2008, while activities are expected to accelerate in 2009, indicating a compounded average annual production growth rate from the Raton Basin of 10% to 15%.

[AlCzervik]

That's great, it will help to make up for the smaller and smaller pools being exploited in Canada.
http://globalpublicmedia.com/interviews/823
ASPO Presentation.

[joewp]

$this->bbcode_second_pass_quote('OilFinder2', 'D')on't worry joe, there will be plenty of energy for my kids and grandkids, natural gas included.

[efarmer]

Well yeah, with the middle and lower class all switching to
a bean centric diet this year, we will be sure to be awash
in methane.

We learned how to burn and we just keep getting better
and better at it.

We are flat out burning with desire to burn, we are indeed
the nation of rapid oxidation.

$this->bbcode_second_pass_quote('joewp', '')$this->bbcode_second_pass_quote('OilFinder2', 'D')on't worry joe, there will be plenty of energy for my kids and grandkids, natural gas included.

Also joe, these 2 tcf are not the recoverable amounts in the entire shale, they're the recoverable amounts in just one company's holdings in the shale. That's also true for a few others of these I've linked.
$this->bbcode_second_pass_quote('OilFinder2', 'A')h, and still another big shale discovery I seem to have missed - 21 tcf, with at least 2 tcf recoverable.

LINK
$this->bbcode_second_pass_quote('', '[')b]Pierre Shale Discovery

Pioneer estimates original gas in place under its acreage in the Pierre Shale, in the Raton Basin, at approximately 21 trillion cubic feet or Tcf with a total net gas resource potential in excess of 2 Tcf. Proved reserves were recorded at 18 billion cubic feet or Bcf as of December 31, 2007, and anticipates proved reserves from the Pierre Shale to go up to 70 Bcf end 2008 and over 200 Bcf end 2010.

Pioneer indicates approximately 1,200 risk-adjusted potential drilling locations in the Pierre Shale on 80-acre well spacing. Wells would be linked to the company's extensive existing coal bed methane or CBM infrastructure and drilled from both existing and new pads, utilizing Pioneer's integrated well service model and benefiting from related drilling efficiencies. Finding and development costs are expected to average $10 to $15 per BOE with an average before tax internal rate of return of approximately 40% at an average gas price of $8 per thousand cubic feet or Mcf.

From the lowest Pierre Shale interval, initial production is expected to average 750 Mcf per day per well. Pioneer plans to drill 175 wells in the Raton Basin, including 15 Pierre Shale wells in 2008, while activities are expected to accelerate in 2009, indicating a compounded average annual production growth rate from the Raton Basin of 10% to 15%.

[copious.abundance]

Here's yet another one - 69 tcf in the Horton Bluff Shale in Nova Scotia.
--> LINK <--

[DarkDawg]

Well I for one am finding this to be good news.

Of course the doomer in me has several questions, but I will start with this one. It appears from the EIA stats that motor vehicle use of NG has consistently risen over the years. With the price of gasoline and diesel so high, and the "potential" (I stress the word "potential) of these new NG finds to keep the price of NG stable in the US, wouldn't we expect to see much larger numbers of vehicles, especially fleet vehicles, being converted to NG propulsion? And if this is going to be the case, would that not put a severe strain on NG demand which would negate the overall significance of this thread?

I guess my question is whether or not vehicle use of NG is that significant compared to say power plants and if it would even have an impact.

Thanks

[The_Virginian]

Indeed it is good news.

DarkDawg,

You ask how long this will last as a REASONABLY priced energy source, given the dynamics of liquid petroleum use and it having to make up for declines....

No one has that ability to forecast the future...their will be a lot of guessing, and a lot of consternation...but in the end you will just have to match up the find with a MODEL of VIABLE Liquid depletion you find acceptable and mate it with the NEW NG bonanza.

If I had to guestimate out a thesis on this I'd say we have at least 10 years of civilization left before things go super ugly. Before this find I would have figured we would have a global war in less time than that.

DISCLAIMER: Timing is everything, and my timing is horrendous.

[Electric_Economy_2025]

In ten year a 1/4 of all cars in America will be PHEV's an BEV's.