Occidental buys land for $1.4 billion (How much more will the greedy Algore profit?)

Williston Herald ^ | 12/13/10 | Nick Smith

[Libloather]

Occidental buys land for $1.4 billion
By Nick Smith
Williston Herald
Published/Last Modified on Monday, December 13, 2010 11:33 AM CST

One of the largest oil and gas companies in the country has announced a billion-dollar purchase of net acreage in North Dakota.

Occidental Petroleum of Los Angeles, Calif., has purchased 180,000 net contiguous acres in North Dakota.

The purchase, at a price $1.4 billion, was from a private seller.

According to an Occidental Petroleum press release, the North Dakota acreage currently produces approximately 5,500 barrels of oil equivalent per day.

The company expects to increase that production to 30,000 barrels of oil per day within the next five years. With this purchase, Occidental's total holdings in the Williston Basin total more than 200,000 acres.

[Libloather]

Alimony will get expensive. (DRILL him, BABY, DRILL him!)

[BonRad]

[transposing a yahoogroup post- now is this in the Bakken area?] Here's an interesting read, important and verifiable information : About 6 months ago, the writer was watching a news program on oil and One of the Forbes Bros. Was the guest. The host said to Forbes, "I am going to Ask you a direct question and I would like a direct answer; how much oil Does the U.S. Have in the ground?" Forbes did not miss a beat, he said, "more Than all the Middle East put together." Please read below. The U. S. Geological Service issued a report in April 2008 that only Scientists and oil men knew was coming, but man was it big. It was a Revised report (hadn't been updated since 1995) on how much oil was in This area of the western 2/3 of North Dakota , western South Dakota , and extreme eastern Montana ....... Check THIS out: http://bakkenshale. net/bakkenshalem ap.html The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign Oil. The Energy Information Administration (EIA) estimates it at 503 billion Barrels. Even if just 10% of the oil is recoverable. .. At $107 a barrel, We're looking at a resource base worth more than $5..3 trillion. "When I first briefed legislators on this, you could practically see Their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana Legislature' s financial analyst. "This sizable find is now the highest-producing onshore oil field found In the past 56 years," reports The Pittsburgh Post Gazette. It's a Formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana, through North Dakota and Into Canada .. For years, U. S. Oil exploration has been considered a dead End. Even the 'Big Oil' companies gave up searching for major oil wells Decades ago. However, a recent technological breakthrough has opened up The Bakken's massive reserves.... And we now have access of up to 500 Billion barrels. And because this is light, sweet oil, those billions of barrels Will cost Americans just $16 PER BARREL! That's enough crude to fully fuel the American economy for 2041 years Straight. And if THAT didn't throw you on the floor, then this next one Should - because it's from 2006! U. S. Oil Discovery- Largest Reserve in the World Stansberry Report Online - 4/20/2006 Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the Largest untapped oil reserve in the world. It is more than 2 TRILLION Barrels. On August 8, 2005 President Bush mandated its extraction. In Three and a half years of high oil prices none has been extracted. With this Motherload of oil why are we still fighting over off-shore drilling? They reported this stunning news: We have more oil inside our borders, Than all the other proven reserves on earth. Here are the official estimates: - 8-times as much oil as Saudi Arabia - 18-times as much oil as Iraq - 21-times as much oil as Kuwait - 22-times as much oil as Iran - 500-times as much oil as Yemen - and it's all right here in the Western United States . HOW can this BE? HOW can we NOT BE extracting this? Because the Environmentalists and others have blocked all efforts to help America Become independent of foreign oil! Again, we are letting a small group of People dictate our lives and our economy..... WHY? James Bartis, lead researcher with the study says we've got more oil in This very compact area than the entire Middle East -more than 2 TRILLION Barrels untapped. That's more than all the proven oil reserves of crude oil in The world today, reports The Denver Post. Don't think 'OPEC' will drop its price - even with this find? Think Again! It's all about the competitive marketplace, - it has to. Think OPEC just Might be funding the environmentalists? Got your attention yet? Now, while you're thinking about it, do this: Pass this along. If you don't take a little time to do this, then you Should stifle yourself the next time you complain about gas prices - by Doing NOTHING, you forfeit your right to complain. -------- Now I just wonder what would happen in this country if every one of you Sent this to every one in your address book. By the way...this is all true. Check it out at the link below!!! GOOGLE it, or follow this link. It will blow your mind. http://www.usgs. gov/newsroom/ article.asp? ID=1911

[Dr. Bogus Pachysandra]

From the comments at the link;

“Conservative wrote on Dec 13, 2010 5:11 PM:

” Al “Global Warming” Gore owns $500,000 of Occidental Petroleum stock. Is it any surprise Gore would want in on the action in the best oil country of America? Greed! “

Country Girl wrote on Dec 15, 2010 9:48 AM:

” Had the best laugh after reading what ‘CONSERVATIVE’ posted. Can anyone spell BUSH?? What a joke. “

[Dr. Bogus Pachysandra]

Zer0 will turn it all into Federal parkland.

[epithermal]

“Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Formation of the Williston Basin Province, Montana and North Dakota.”

http://pubs.usgs.gov/fs/2008/3021/

http://www.snopes.com/politics/gasoline/bakken.asp

[Islander7]

Formatting is your friend.

[Smokin' Joe]

Not sure who sold their production acreage/leases, but this isn't a land sale in the sense that the land itself was sold. 'Land'men are title search (commonly attorneys) who secure drilling rights for exploration purposes, such leases held by production or renegotiated every few years.

The 'acreage' referred to is in mineral acres, not ownership of the land.

Half a million in stock in an oil company is pretty small potatoes, really, at least in that arena. It costs six million or better to drill and complete a 1280 acre spacing single lateral well in the Bakken and Three Forks.

Occidental will do what they can to post a profit, that is the duty of the Board to all the stockholders, not just Algore.

[Spitzensparkin1]

I wonder who sold the land to Al Gore/Occidental? The Hunt Bros. were drilling the Antelope field in 1980 (right where that blue star is). It oil is there, I know. I drilled the wells and we tested the formation there in the late 70's early 80's. With today's technology, we can produce this field and be nearly energy self sufficient in 5-10 years. All we need is the political will to get 'er done. It's for the children. Drill here, Drill Now!!

A side note: Wild weather in the Williston, hot as blazes in summer and arctic cold winters. Temps can range from Zero to -45F. or more in mid winter and there is nothing for hundreds of miles to stop the cold wind. Summer is great but it gets HOT and it's humid there. (Good walleye fishing in the lake!). Lewis and Clark struggled with the winds there too, along their way up the Missouri as they passed through what is now Williston, ND, on April 22, 1805.

[UCANSEE2]

What’s the matter? You don’t like the shiny toy the MSM dangles in front of you?

How dare you be informed of the true facts, and use your mind to actually think.

: )

[malia]

http://www.usgs.gov/newsroom/article.asp?ID=1911

3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate—
Released: 4/10/2008 2:25:36 PM

Contact Information:
U.S. Department of the Interior, U.S. Geological Survey
Office of Communication
119 National Center
Reston, VA 20192 Main Contact
Phone: N/A

•Read FAQs about the Bakken Formation.
•Listen to a podcast with the lead scientist on this topic.

[BonRad]

aaahhhh...

[Balding_Eagle]

bttt