Thanks for the input. My feelings are that Texas projects are just as helpful as ND projects as it will provide a further market for the product and after all right now we are priced off WTI
China may be ready to update their gold holdings and show they now have the worlds 2nd largest stash
Google "Crude Oil Topping Units: A Trend In The U.S. Refining?" Discusses a quick cheap fix to process significantly more light sweet crude in us refineries
Madalena holds a 90% working interest in this block. It has been promoted based on the Vaca Muerta but currently is seeing BIG action nearby from the majors in the Mulichinco and the Agrio shales. A joint venture in the play could easily provide a couple hundred million in drilling carries and provide a HUGE bump in share price. Keeping my fingers crossed.
This is excellent news
"As of April 1, 2015, the Company was successful in restoring production of 140 boe/d (100% oil).
The Company along with Keyera has been evaluating various alternatives to bring the remaining shut-in volumes (estimated 400 boe/d) in the Paddle River area back on-stream. Madalena expects to restore the remainder of the Company's Western Canadian production in the coming months."
From News Release
"Madalena has recently executed a strategic data exchange with a major E&P operator of a block offsetting Curamhuele. The Company is using this information to plan its re-entry and testing program of the Lower Agrio shale oil resource play. In particular Madalena is completing detailed technical analysis on the hydraulic fracture treatments completed on the Lower Agrio and the corresponding production test results. The goal is to improve the treatment design, cost and results. The Lower Agrio is approximately 225 meters thick at Curamhuele. "
Stock price is now turning up with the oil price.
Summary of Weekly Petroleum Data for the Week Ending April 10, 2015
U.S. crude oil refinery inputs averaged over 16.2 million barrels per day during the week
ending April 10, 2015, 283,000 barrels per day more than the previous week’s average.
Refineries operated at 92.3% of their operable capacity last week. Gasoline production
increased last week, averaging over 9.2 million barrels per day. Distillate fuel production
decreased slightly last week, averaging 5.0 million barrels per day.
U.S. crude oil imports averaged over 7.1 million barrels per day last week, down by 1.1
million barrels per day from the previous week. Over the last four weeks, crude oil
imports averaged over 7.5 million barrels per day, 0.2% above the same four-week period
last year. Total motor gasoline imports (including both finished gasoline and gasoline
blending components) last week averaged 545,000 barrels per day. Distillate fuel imports
averaged 219,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) increased by 1.3 million barrels from the previous week. At 483.7 million
barrels, U.S. crude oil inventories are at the highest level for this time of year in at least
the last 80 years. Total motor gasoline inventories decreased by 2.1 million barrels last
week, but are well above the upper limit of the average range. Both finished gasoline
inventories and blending components inventories decreased last week. Distillate fuel
inventories increased by 2.0 million barrels last week and are in the middle of the average
range for this time of year. Propane/propylene inventories rose 2.1 million barrels last
week and are well above the upper limit of the average range. Total commercial
petroleum inventories increased by 7.2 million barrels last week.
Total products supplied over the last four-week period averaged 19.1 million barrels per
day, up by 4.3% from the same period last year. Over the last four weeks, motor gasoline
Argentina's Vaca Muerta shale formation is "a good play," but government economic controls must be lifted and costs slashed if investments are to flow into the barely tapped field, said an executive at a subsidiary of France's Total.
President Cristina Fernandez's interventionist policies have scared the most risk-hungry companies out of making anything but foothold investments in what is viewed as one of the biggest shale reserves in the Western Hemisphere.
"Vaca Muerta is a good play. It is sometimes better than very good plays in the U.S.," said Sergio Giorgi, director of non-conventional resources for Total Austral.
An oil price rout has also forced explorers and producers to adjust global spending plans, and Giorgi declined to detail the firm's investment plans for 2015.
Total Austral planned to drill about nine new wells in 2015 to take its total number of exploratory, appraisal and pre-development wells in Vaca Muerta to about 30, Giorgi said. He earlier gave a figure of 35 wells.
"If you put Vaca Muerta in the U.S., you should be producing more than 1 million barrels (per day)," he said on the sidelines of an energy conference in Uruguay's Punta del Este resort.
Argentina's shale production levels hover around 40,000 bpd, according to official data.
Total is drilling horizontal wells, Giorgi said. State-run energy firm YPF last year estimated the cost of perforating a horizontal well at $14 million to $15 million.
"You still have high costs. We're working on that," Giorgi said.
The Argentine government is not paying that price. Prices are controlled in Argentina and that is what the government says they can sell the oil for and that is the price it will be bought for.
Gas inventory down by 2 million bbl
Not sure I agree on selling the Canadian assets. I have always looked at proving out Argentine assets and selling those. They have very good prospects in Canada and a few hundred million would really make the development rock.
Argentina continues to carry that stigma of political risks. That risk will make if tough to unlock the true value there. If Madalena held these assets in the USA we would be looking at a $10 stock
Management has held to this schedule for at least a solid year now. Believe me I know they faltered and stumbled for a long time but give them credit now.
Expecting continued positives in the next several months.
OK I am ready open up and let me have it
Fear of the Argentine socialist government in my opinion. I also think risk premium is out of line with potential reward
A nice comment from article
"Madalena, unlike many oil and gas juniors, has been able to weather the current downturn in oil prices, as oil prices in the regulated domestic market in Argentina continue to remain well above the Brent oil benchmark price. Indeed, the Medanito posted price for its Argentina oil production in February, March and April is US$76.00 per barrel."
A 200 to 250 million JV would far exceed my expectations but a JV of that size could explode the share price. Here is to you being dead on with that.