I was not able to listen to the CC (delivering Meals on Wheels), and I did not see this mentioned specifically in the presentation or news release (unless I missed it), but with the kerfuffle about hedging, did they say whether or not all of Berry's production will be hedged? Or are they going to back off a bit?
RLp'D/RRBS starve human beings for Obama Corn Ethanol Corruption Opinions.
Line will be going all swaps until the market settles down on the puts. This means puts completely drop out of DCF calculations.
Berry seems to be using most of its natural gas production in oil production operations and so will not be hedged. Buying excellent California assets might be more than a little exciting as the Progressive delusion is in full rage. But in the end the government unions will either have to support the pagan collectivist environmentalists or cut their pensions. Guess which will happen?
norris, have you looked at the Bery California assets & fields yet?
....maybe you can fill us in a little since you are not too far from there.....
Is it as big as some seem to think?
This below was posted before:
"California is sitting on a massive amount of shale oil and could become the next oil boom state. But only if the industry can get the stuff out of the ground without upsetting the state's powerful environmental lobby.
Running from Los Angeles to San Francisco, California's Monterey Shale is thought to contain more oil than North Dakota's Bakken and Texas's Eagle Ford -- both scenes of an oil boom that's created thousands of jobs and boosted U.S. oil production to the highest rate in over a decade.
In fact, the Monterey is thought to hold over 400 billion barrels of oil, according to the U.S. Geological Survey. That's nearly half the conventional oil in all of Saudi Arabia.
"Four hundred billion barrels, that doesn't escape anyone in this businesses," said Stephen Trammel, energy research director at IHS Cambridge Energy Research Associates.
As a result of the San Andres fault, California's geologic layers are folded like an accordion rather than simply stacked on top of each other like they are in other Shale states. The folds have naturally cracked the shale rock, and much of California's current "conventional" oil production -- the third largest in the nation -- is thought to come from the Monterey.
But the folds mean recent advancements that have made shale oil and gas profitable to extract -- horizontal drilling combined with hydraulic fracturing -- don't work as well in California. It's hard to drill horizontally if the shale is not flat.
Plus, it appears the Monterey is made up of shale rock that doesn't respond as well to hydraulic fracturing -- the controversial practice known as fracking that involves injecting water, sand and chemicals into the ground under high pressure to crack the rock and allow the oil and gas to flow.
Still, the U.S. Energy Information Agency estimates there are over 15 billion barrels of oil that can be recovered using today's technology.
"That's a huge number," said Matt Woodson, an analyst at the energy research firm Wood Mackenzie. Woodson said the 15 billion number far exceeds current estimates for North Dakota's Bakken Shale, and is about half the amount held in Alaska's North Slope before it was tapped."