Bakken Oilfield poll

[eyexer]

Williston is now something like 300 million in debt. I suspect they will be the first city in ND to file for bankruptcy.

Ouch, Seems to me I read that the city had some mineral acres that they leased, Are there any wells on city land ? Did they fix up the roads before the money ran out ?[/QUOTE]there are actually half a dozen wells within the city limits. However most are there due to anexation and the city has very little mineral rights. There really is no benefit to them. The city is in a world of hurt financially right now. With this down turn and property valuations dropping I don't see a light at the end of the tunnel. The fire dept. alone has spent so much extra money they had to steel from every other division in the city to pay for their overages. It's a runaway train. And they haven't even started building the new airport that they just have to have. Their only hope is for the state to bail them out. I don't see that happening.

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Not the fist rodeo willitown has been through, Just gotta eat bunch of chokecherrys and venison and jump in the saddle and do it again.

it isn't. but the shear dollar amount difference is staggering. When this boom first started the city was extremely reluctant to get involved with anything because they had lost something like 28 million from the last boom lol. That won't even pay the interest they owe now. It's not even comparable. It's like a pimple on a rhino's ass.

 

[campcook]

Yet, they are building a new airport to the tune of $50 million.

 

[eyexer]

Yet, they are building a new airport to the tune of $50 million.

50? LOL. your obviously not talking about Williston. Here is the proposed cost, which has already gone up and it hasn't even started. I predict it'll be 350 million before it's done. Quote from airport manager "The price tag on the project has increased from a projected $254 million to $265 million, Kjergaard said Thursday. The airport is slated to be operational in 2019."

 

[Davy Crockett]

I've said this before but it's a good thing the interest rates are down or she would be a world of hurt .


Copy and pasted

"Imagine paying over 18% interest on a 30-year fixed mortgage. It’s almost unthinkable. But that was the reality for home buyers in October 1981 – a year when the average rate was almost 17%.Unlike today, in the early 1980s, the Federal Reserve was waging a war with inflation. In an effort to tame double-digit inflation, the central bank drove interest rates higher. As a result, mortgage rates topped out at 18.45%."

We are living in financially better times than the last time the bottom fell out, At least nowadays when you make a loan payment you are putting a big dent in the principle.

 

[Migrator Man]

I don't think the boom will come back as there will no big push to drill all their leases before they lose them. I don't see the price skyrocketing as high as it did in the past because of all the new regions that produce oil. If another mini boom did take place you could see another bust because of all the oversupply. We will prob not see Minot grow to the levels of the boom unless some big industries come to town. When the rigs do come back you will see increases in the towns closest to the core like Williston and Watford city. I'm not worried about those two towns going under as they will always have production going on around them. Minot and Dickinson may be in trouble. There is no reason houses in Minot should cost More than Fargo. There are no good jobs in Minot to sustain such high prices.

Investors need to be careful with oil stocks right now. Oil inventories are still very high and have not seen big moves to warrant this big of a price increase. This so called deal with Russia and OPEC is very suspect. They almost always never keep to thier promises and keep up with the terms. The world economy is going to need a big boost in demand to see a sustained growth in price. Producers around the world are capable of turning on production to fill some big volumes of demand. We also are not seeing any of these producers fail. If I had E and P oil stocks that I bought low I would sell them now.

 

[raider]

the lowest bottom since 2003 was $26.21 on 11 feb of last year... today wti sits at $53.70... i really think we needed this lower period to catch up and cool our jets a bit - take the time to realize that nothing lasts forever, and to build and spend at a reasonable pace for the long term...

no tellin where she goes from here, but all indicators point up... it is ramping up and we will b in another worker shortage soon... thankfully we have housing for the help needed this time round, and the infrastructure is vastly improved...

realize that the bust was on the drilling and building side... production and maintenance slowed in some cases, but the locals on the drilling side moved over to these 2 segments when the others slowed, and the people who didn't want to live here left... the industry is now big enough to feed itself here... brighter days ahead...

$75 and 75 rigs is very attainable and would mean steady double digit growth for decades to come... at that price and pace, we can get it right...

 

[eyexer]

this lean time taught these companies how to become more efficient and how to be more careful with their money. It also taught them how to bring the oil out of the ground for far less money. The Bakken has some of if not the lowest lease operating cost in the country now