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Yikes... so something about this just didn't sit right with me last night so I googled a bit.
This is the project the article links to, it's one project and one company Jonah energy.
The project is billed as 3,500 wells... first off that is flat out BS, yes that's what it's billed as but that is pure OG BS.
This project is 227 sections which means 15 wells per section if drilled on a 1 mile basis or 30 wells if drilled on a two mile basis.
Let's say Jonah managed to get costs down to $1,000,000 (yeah right) a well... that's $3,500,000,000. At the very most their drilling budget is $250,000,000 (not in this market it isn't)
Currently Jonah is barely drilling, maybe running 1 rig, I would guess at most 20 wells a year, so at current rates it would take 175 years to drill these wells.
Article discussing Jonah and it's basin entry from 2017
We are sitting at $1.83 gas and $50 oil and this is billed as mainly a gas project.
For some perspective there have been 9,000 wells drilled in Oklahoma in the last 10 years, that's everyone... even big public ops like continental who were running 20+ rigs at a time.
Oklahoma produces more than double the oil and gas that Wyoming does.
This is the project the article links to, it's one project and one company Jonah energy.
The project is billed as 3,500 wells... first off that is flat out BS, yes that's what it's billed as but that is pure OG BS.
This project is 227 sections which means 15 wells per section if drilled on a 1 mile basis or 30 wells if drilled on a two mile basis.
Let's say Jonah managed to get costs down to $1,000,000 (yeah right) a well... that's $3,500,000,000. At the very most their drilling budget is $250,000,000 (not in this market it isn't)
Currently Jonah is barely drilling, maybe running 1 rig, I would guess at most 20 wells a year, so at current rates it would take 175 years to drill these wells.
Article discussing Jonah and it's basin entry from 2017
We are sitting at $1.83 gas and $50 oil and this is billed as mainly a gas project.
For some perspective there have been 9,000 wells drilled in Oklahoma in the last 10 years, that's everyone... even big public ops like continental who were running 20+ rigs at a time.
Oklahoma produces more than double the oil and gas that Wyoming does.
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