Gas stocks down as New York natural gas price hits 10-year low

Apr 12, 2012 | Posted by: roboblogger | Full story: Canada.com

A Nomac Drilling Corp. derrick man climbs down from a platform after connecting a section of drill pipe on a Chesapeake Energy Corp.

Comments
1 - 2 of 2 Comments Last updated May 30, 2012
Dwight Baker

Eagle Pass, TX

#1 Apr 13, 2012
Thinking back and going down memory lane!
By Dwight Baker
Dbaker22@stx.rr.com
April 13, 2012

When the drilling boom for natural gas began in Oklahoma it was in the late 1970ís then continued on until the drilling lie busted in the early 1980ís.

Around the State 25Cents per 1000 mcf was produced and sold on 25 year locked in contracts.

But the Ultra Deep Anadarko Basin had not been drilled but suspicions were that at 30,000 ft depth was enough gas to run our nation.

That had been a truism spouted out by old time geologist for decades that had not been proved wrong on their basic assumptions.

So the lie was put out that contracts would abound by the East Coast Energy and Banking Titans their promise to pay $15 dollars per 1000 mcf for all gas produced below 15,000 ft.

Back then fracking was in its infancy and many things that the service companies tried to do to break down those ultra deep and ultra tight formations just did not work.

However fracking is not the story but price of natural gas is.

So the essence of what I am saying is this. Nation after nation and empires are empires have gone away due to lacks of right priced energy.

So the hard cold facts are Oil and Gas producers are in the same league with the Big Banks. And the stories we hear and read about most often are colored with lies. WHY that is who they are and that is what they do.
Sell Crude Oil to 40 bbl

Tulsa, OK

#2 May 30, 2012
Target is $40 per barrel light crude end of year

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