there is a chance with everything but the question needs to be asked what everyone thinks given the current information.......
Posted by iwearpro on :
Why in the world would you think that? dry holes happen all of the time. Hell the next AMEP hole may be dry,I hope not but anything can happen. Regroup and redrill,that all they can do at this point.
Posted by pgolden on :
i am just putting the question out there for everyone.....thats all
here is there pr
SAN ANTONIO, Nov 17, 2005 (BUSINESS WIRE) -- Titan Oil and Gas, Inc. (TNOG:OTC) announces that it is discussing the implementation of a high-volume pumping system to reactivate and exploit oil production from its Stanley # 1 Well.
One thing making this possible sooner than expected has been a disappointing result in the drilling of the Kosciusko # 1 Well. All indications of having reached a highly fractured zone were present, as earlier announced, and the well was completed at a depth of 7,325 feet. Generally, a highly fractured zone in the Austin Chalk indicates a good likelihood of oil and gas. Tests have finally been completed, after some delays surrounding maintenance of the rig, final hookups, and also a packer that had become unseated and that needed to be reinstalled prior to swabbing. Though small returns of gas were observed when swabbing the well, they are not strong enough to be economically viable, as it seems the fractured area has collected water. Though this is disappointing news after our efforts on this well, it does give us another opportunity in that it may be used for the disposal of water in reactivating our Stanley # 1 Well. The rig performed a water injection test on the well before leaving the site at the end of the day yesterday.
As part of our redevelopment plans, we are finalizing arrangements for a high-volume pumping system on the Stanley # 1 Well. The Stanley # 1 Well had produced just in excess of 1,000 barrels of oil in January of this year, but was starting to produce a higher percentage of water, so we had "shut it in" in anticipation of developing the well in a more economically-sensible manner. Test results have shown continuous production of oil from this well. If an inexpensive method were to exist in order to dispose of accompanying water, the well can be pumped at a very high volume. We had been seeking a water injection well, but expected that there would be a long permitting process to get underway. As we have most of the infrastructure, piping, tubing, etc., in place at this time, we would like to get this underway quickly using the Kosciusko # 1 Well.
Posted by stockforfun on :
Is PCCN on the list ?
Posted by pgolden on :
with the price per barrel of crude oil coming down the oil well was unable to astain a profit with the high cost of removing the water....with all the piping and infrustructure that they put in place how much money did they loose on this?
Posted by stockforfun on :
After I read the news, I just want to get out.
Posted by pgolden on :
my expectations of this stock is to drop to the .0025 range and hold there for a while dependent on more news....
Posted by pgolden on :
the news just isnt that good stockforfun....someone has to pay for the piping and etc....
Posted by pgolden on :
what is everyones expectations of a bottom 0.003 or bankruptcy?
Posted by viqutorious on :
quote:Originally posted by pgolden: what is everyones expectations of a bottom 0.003 or bankruptcy?
I don't know where you're going with the bankruptcy.
I just read the chat from Stockhideout and Novack responded "TNOG has captial reserves from early production on K1 and S1A and current production on S1B, as well as several restricted placements that done."
They own far more than one well.
Posted by pgolden on :
how much reserves do they have? and how many barrels are the other wells producing....this one started off at 1000 barrels and could be a blow to their bottom line..thats over 50000 for one month....
Posted by explorer186 on :
WTF are you short pgolden? TNOG has over $200 million in proven oil and gas reserves and more than 20 wells in the Wilson field, not to mention the other fields TNOG has. The current price is a gift, considering shorters are 800+ million TNOG shares in debt.
Posted by explorer186 on :
In fact, some of TNOG shareholders, including myself, suggested to TNOG set up a PayPal account so shareholders can chip in to fund developments and acquisitions. With over 6000 shareholders, everybody chipping in a couple of tens or hundreds can really add up.
Posted by pgolden on :
alright the only question i pose to everyone is if they have 200 million then why arent they getting it out of the ground.....because of cost!! doesnt pay to pump at a cost of 70 per barrel if you are only getting 56 now does it you cant cash a check on what you might have...they need to start pumping oil and turn a profit shortly or everyone will jump ship...here is what they say about the cost of per barrel to pump it.....if it is this cheap what are they doing wrong in their own process that they made up!
What will it cost? Depending on the characteristics of the oil field, the cost per incremental barrel initially should range between $1 to $4 U.S. Since the Titan Process has a cumulative effect and continues to work in the reservoir, the incremental cost per barrel should continually decrease year after year. Since it is expected that the production decline will be halted and incremental production from year 3, for example, will be significantly larger than year 2.
Posted by explorer186 on :
They aren't doing anything wrong. Finding empty wells is normal, and it is not clear yet if the K1 is empty. They are still working hard, and we all agree they should be getting things done faster.
Posted by pgolden on :
the oil industry has pulled back from its highs of 70 per barrel...mom and pop oil companies are trying to cash in on old producing wells that still do have oil, but the cost to get it out is to high and unless oil prices reach into the high 60's their isnt a profit to be made....exxon would of bought these fields up a long time ago....sorry.
Posted by explorer186 on :
No doubt with the current setback, if one really exists, they would be frantic and executing at lightning speed. I'm expecting promising news next week, if not from a PR, through the newsletter.
Posted by explorer186 on :
It costs nothing to pump oil out of a well. No one needs to be there watching the pumping every second.
Posted by pgolden on :
i am not sure what the news could be next week but for everyone still in this i hope that it is atleast tolerable and doesnt drive the price down more.....
Posted by explorer186 on :
Don't forget to mention the flip side, if it is good news those who panic sold could realize they made a huge mistake and get in, thus ultimately adding on to the shareholder base
Posted by pgolden on :
this is what they have right now in that well....
Thief Zones and Falling Production: As the waterflood continues for some time, eventually the water finds the path of least resistance through the reservoir, and fissures (thief zones) are formed in the oil-bearing rock. The majority of the injected water is now being "short-circuited" directly to the production well without sweeping sufficient oil out of the reservoir. Oil production declines and soon an oil field is shut down due to high operating costs and little return.
Posted by explorer186 on :
How the heck do you know that's what TNOG has? You don't, so stop making doomsday assumptions.
Posted by pgolden on :
here is there own pr sounds pretty close doesnt itAs part of our redevelopment plans, we are finalizing arrangements for a high-volume pumping system on the Stanley # 1 Well. The Stanley # 1 Well had produced just in excess of 1,000 barrels of oil in January of this year, but was starting to produce a higher percentage of water, so we had "shut it in" in anticipation of developing the well in a more economically-sensible manner. Test results have shown continuous production of oil from this well. If an inexpensive method were to exist in order to dispose of accompanying water, the well can be pumped at a very high volume. We had been seeking a water injection well, but expected that there would be a long permitting process to get underway. As we have most of the infrastructure, piping, tubing, etc., in place at this time, we would like to get this underway quickly using the Kosciusko # 1 Well
Posted by pgolden on :
this stock is on a spiral down and nothing can stop it.....
Posted by pgolden on :
damaging news that the company might not be able to rebound from....wait and see how things go...
Posted by explorer186 on :
I'm no longer going to give you the satisfaction of addressing your negative spin on TNOG pgolden. It's obvious you're a basher, and you'll be reported.
Posted by pgolden on :
i am not a basher i have owned many shares of this in the past and have lost money on this one....i am purely stating my opinion on the facts that are given..nothing more or less.....
Posted by explorer186 on :
Doesn't change the fact you're out to harm TNOG shareholders. You and the person who is closing objective threads about TNOG have been reported. You'll both be accountable.
Posted by leavenart on :
So then Pgolden, where were you when we were on the possitive side? You waited to crawl out of your hole after we all took a bath. Where was all this wisdom six weeks ago? What makes you think we need your advice now?
Posted by pgolden on :
the information wasnt out 6 weeks ago it just came out recently, hence the stock price falling hard....i had nothing to do with it...
Posted by explorer186 on :
Correction, the stock is going up, at list for the last couple of hours
Posted by pgolden on :
your right it is going up, but finished down for the day.....if you believe that it is going to go up then by all means buy a ton of it....but i dont believe it can go up in the short term unless positive news can come out....
Posted by leavenart on :
Of course you didn't, it's obvious you aren't God. But you didn't seem to have any worries to feed us then; no advice from your deep well of knowledge about Drilling. The question is: What makes your arrogant *ss think we need your hindsight? Do you think we have none, or is your hindend just so large you can't think from the pressure?
Posted by Doctoall on :