rigs shuting down

[green momba]

Been racking lots of Apache iron lately.

Ya heard rumor that apache will only have three rigs going real soon
one by consort,one by rocky, and one in zama, must be saving money to buy someone out. some juniors must look good with stocks down so much

 

[Mike270412]

Ya heard rumor that apache will only have three rigs going real soon
one by consort,one by rocky, and one in zama, must be saving money to buy someone out. some juniors must look good with stocks down so much

Heard an Apache/Talisman rumor yesterday.Merger?Buyout?Guy wasn't sure of details...good one to start spreading:d:d

 

[green momba]

Heard an Apache/Talisman rumor yesterday.Merger?Buyout?Guy wasn't sure of details...good one to start spreading:d:d

I heard apache buying petrobank but who knows would be nice to know, A guy would not have to work anymore

 

[RaspberryNytro]

Also heard Apache was shutting down for a while from our(Champion) head office. There's still work out there for the winter......... so I've been told!!! Encana, Enerplus & others have work, but down in numbers. Laricina up North has dropped program in 1/2 sources say!!!

No T-Nytro this year

RN

 

[irastroker]

Hi there I have a friend that does constuction for Husky and CNRL building leases and roads. It sure does sound like a slow down. As I was so sick of the up and down alberta oil patch, ritch one day and broke the next day I looked for work over seas and for 5 years I have never missed a day and get paid great. 28 and 28 rotation rules.

 

[OVERKILL 19]

Where are the rigs located? Like I said ... PW drilling will be SIGNIFICANTLY reduced until Q3 2009 as will drilling programs for a number of companies...

Guess the brightside is they get paid in U$D...:d

If they do shut down, I can't complain PW has been great to me and a top notch company to deal with. It's hard being a small business in this up and down time.

 

[Guest1]

If they do shut down, I can't complain PW has been great to me and a top notch company to deal with. It's hard being a small business in this up and down time.

From the just released PW 3rd Q report (which is standard in most reports out)

As we look to 2009, we are cautious on the outlook for energy prices in the short term and have developed a base capital budget of $800 million, which includes the drilling of approximately 210 net operated wells. This budget can be expediently reduced to $600 million or expanded to $1 billion depending on the outlook for energy prices as we move forward. The current market turmoil has led to significantly higher credit spreads, has limited recent lending activity and has increased the marginal borrowing cost of banks. If these conditions persist, we expect that raising debt capital would become more onerous and that our borrowing costs will increase. The advancement of Penn West's resource plays, enhanced oil recovery and oil sands projects is included at all potential budget levels. The capital program in the first quarter of 2009 is expected to be at least $200 million. Due to the extreme volatility in financial markets and the effect of the resulting decline in industry activity levels on capital efficiencies and operating costs, Penn West believes that further 2009 guidance is not meaningful at this time.

 

[OVERKILL 19]

From the just released PW 3rd Q report (which is standard in most reports out)

As we look to 2009, we are cautious on the outlook for energy prices in the short term and have developed a base capital budget of $800 million, which includes the drilling of approximately 210 net operated wells. This budget can be expediently reduced to $600 million or expanded to $1 billion depending on the outlook for energy prices as we move forward. The current market turmoil has led to significantly higher credit spreads, has limited recent lending activity and has increased the marginal borrowing cost of banks. If these conditions persist, we expect that raising debt capital would become more onerous and that our borrowing costs will increase. The advancement of Penn West's resource plays, enhanced oil recovery and oil sands projects is included at all potential budget levels. The capital program in the first quarter of 2009 is expected to be at least $200 million. Due to the extreme volatility in financial markets and the effect of the resulting decline in industry activity levels on capital efficiencies and operating costs, Penn West believes that further 2009 guidance is not meaningful at this time.

Just finished my "perfered vender's list" stuff for PW, as I said before they have been very good to me. I'm willing to ride out the storm.

 

[Guest1]

Just finished my "perfered vender's list" stuff for PW, as I said before they have been very good to me. I'm willing to ride out the storm.

We are on the PV list as well and they treat us very well as well ... wasn't beotchin just stating fact about their 2008/2009 plans...:d

 

[OVERKILL 19]

Did not mean to come across as accusing you of beechen. Thanks for the info. I hope next year will be a good year for everyone.

 

[lowmark]

My motto: If you havent heard a good rumor by 10 am start one.