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Coffee Shop
12000 Wells Needed Each Year
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<blockquote data-quote="Brute 23" data-source="post: 1597871" data-attributes="member: 6291"><p>12,000 wells is really not that much in a year. Depends on which formation as to the decline curve. The Eagle Ford was 80% in the first 6 mo. The zones in the Permian hang in a little longer.</p><p></p><p>Things have slowed down substantially. Companies are going bankrupt left and right. The article is correct that companies can not make money at these prices. There is no way in heck I would have E&P in my portfolio right now unless its like Exxon.</p><p></p><p>O&G is due for a major correction.</p><p></p><p>There was a time where you could ride across the gulf coast prairie and find oil puddles and natural gas seeping out of the ground. It was not that long ago. In my dads life time they would drill wells with a water well rig on our property and some of the neighbors. The wells were so shallow some times when you hit the gas pocket it would just blow the dirt up around the pipe. Some the shallow production would make fresh water with the O&G.</p></blockquote><p></p>
[QUOTE="Brute 23, post: 1597871, member: 6291"] 12,000 wells is really not that much in a year. Depends on which formation as to the decline curve. The Eagle Ford was 80% in the first 6 mo. The zones in the Permian hang in a little longer. Things have slowed down substantially. Companies are going bankrupt left and right. The article is correct that companies can not make money at these prices. There is no way in heck I would have E&P in my portfolio right now unless its like Exxon. O&G is due for a major correction. There was a time where you could ride across the gulf coast prairie and find oil puddles and natural gas seeping out of the ground. It was not that long ago. In my dads life time they would drill wells with a water well rig on our property and some of the neighbors. The wells were so shallow some times when you hit the gas pocket it would just blow the dirt up around the pipe. Some the shallow production would make fresh water with the O&G. [/QUOTE]
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