Widgets Magazine
Page 2 of 4 FirstFirst 1234 LastLast
Results 26 to 50 of 84
  1. #26

    Default Re: Tapstone Energy (Tom Ward)

    Shell Oil sells Kansas assets to firm started by former SandRidge leader
    By Dan Voorhis
    The Wichita Eagle
    Published Thursday, Feb. 20, 2014, at 9:22 a.m.

    Tapstone Energy, a new firm formed last year by former SandRidge Energy founder Tom Ward, has bought all of Shell Oil’s assets in Kansas, according to information from Shell Oil.

    The assets include 45 producing wells and 600,000 acres of leases in Barber, Harper, Kingman, Pratt, McPherson, Sedgwick, Sumner, Rice and Reno counties.

    The transaction is expected to be completed in March.

    The terms of the deal were not disclosed.

    Read more here: Shell Oil sells Kansas assets to firm started by former SandRidge leader | Wichita Eagle

  2. Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Pete View Post
    Shell Oil sells Kansas assets to firm started by former SandRidge leader
    By Dan Voorhis
    The Wichita Eagle
    Published Thursday, Feb. 20, 2014, at 9:22 a.m.

    Tapstone Energy, a new firm formed last year by former SandRidge Energy founder Tom Ward, has bought all of Shell Oil’s assets in Kansas, according to information from Shell Oil.

    The assets include 45 producing wells and 600,000 acres of leases in Barber, Harper, Kingman, Pratt, McPherson, Sedgwick, Sumner, Rice and Reno counties.

    The transaction is expected to be completed in March.

    The terms of the deal were not disclosed.

    Read more here: Shell Oil sells Kansas assets to firm started by former SandRidge leader | Wichita Eagle
    Had a feeling that would happen. Tom really loves the miss,

  3. #28

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by PhiAlpha View Post
    Had a feeling that would happen. Tom really loves the miss,
    Isn't it a play that's not very good though?

  4. Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Hemingstein View Post
    Isn't it a play that's not very good though?
    The way I understand it, it will produce a lot of water with the oil. I also read that they have developed better fracking techniques that have reduced the water output and increased the oil.

  5. Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Bellaboo View Post
    The way I understand it, it will produce a lot of water with the oil. I also read that they have developed better fracking techniques that have reduced the water output and increased the oil.
    Yep, produced water is an issue for the miss. The biggest hurtle is building infrastructure to transport and dispose of it (or inject it). A few companies that have legacy acreage in the play area own secondary recovery units in which water is injected to increase oil production in fields that have been depleted. Those companies have the infrastructure and a use for the water so it makes it much easier for them to handle. It also helps to have a fairly large acreage position that helps justify building that infrastructure on a massive scale (ex. Sandridge and CHK). Outside of the core areas the play isn't very consistent (which is why some take issue with calling it a "resource play" like the bakken shale or SCOOP). It's great in the core areas but outside of those areas it's spotty and makes the cost of building infrastructure uneconomic with out a large position to spread out the cost. Infrastructure isn't as big of deal in Oklahoma as the area has produced heavily for 50 - 100 years, but it is a much bigger issue in Kansas where that hasn't been the case. Electrical infrastructure is also an issue, again, not as much in the OK part of the play, but definitely in parts of Kansas. Shell failed because they took the red tape constricted costs of a major and spent way more then necessary to drill normally shallow horizontal wells (spending $8 - $10 million to drill wells that should cost between. $2-$3.5 million). With the acreage that WCT Resources has up there, plus the Shell acquisition, I'm sure Tapstone has the resources to make it work.

    Sorry for the long winded, likely error filled post. Tough to review this from my phone.

  6. #31

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Bellaboo View Post
    The way I understand it, it will produce a lot of water with the oil. I also read that they have developed better fracking techniques that have reduced the water output and increased the oil.
    Quote Originally Posted by PhiAlpha View Post
    Yep, produced water is an issue for the miss. The biggest hurtle is building infrastructure to transport and dispose of it (or inject it). A few companies that have legacy acreage in the play area own secondary recovery units in which water is injected to increase oil production in fields that have been depleted. Those companies have the infrastructure and a use for the water so it makes it much easier for them to handle. It also helps to have a fairly large acreage position that helps justify building that infrastructure on a massive scale (ex. Sandridge and CHK). Outside of the core areas the play isn't very consistent (which is why some take issue with calling it a "resource play" like the bakken shale or SCOOP). It's great in the core areas but outside of those areas it's spotty and makes the cost of building infrastructure uneconomic with out a large position to spread out the cost. Infrastructure isn't as big of deal in Oklahoma as the area has produced heavily for 50 - 100 years, but it is a much bigger issue in Kansas where that hasn't been the case. Electrical infrastructure is also an issue, again, not as much in the OK part of the play, but definitely in parts of Kansas. Shell failed because they took the red tape constricted costs of a major and spent way more then necessary to drill normally shallow horizontal wells (spending $8 - $10 million to drill wells that should cost between. $2-$3.5 million). With the acreage that WCT Resources has up there, plus the Shell acquisition, I'm sure Tapstone has the resources to make it work.

    Sorry for the long winded, likely error filled post. Tough to review this from my phone.
    Much appreciated. Thanks for the insight.

  7. Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Hemingstein View Post
    Much appreciated. Thanks for the insight.
    Anytime

  8. #33

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by PhiAlpha View Post
    Yep, produced water is an issue for the miss. The biggest hurtle is building infrastructure to transport and dispose of it (or inject it). A few companies that have legacy acreage in the play area own secondary recovery units in which water is injected to increase oil production in fields that have been depleted. Those companies have the infrastructure and a use for the water so it makes it much easier for them to handle. It also helps to have a fairly large acreage position that helps justify building that infrastructure on a massive scale (ex. Sandridge and CHK). Outside of the core areas the play isn't very consistent (which is why some take issue with calling it a "resource play" like the bakken shale or SCOOP). It's great in the core areas but outside of those areas it's spotty and makes the cost of building infrastructure uneconomic with out a large position to spread out the cost. Infrastructure isn't as big of deal in Oklahoma as the area has produced heavily for 50 - 100 years, but it is a much bigger issue in Kansas where that hasn't been the case. Electrical infrastructure is also an issue, again, not as much in the OK part of the play, but definitely in parts of Kansas. Shell failed because they took the red tape constricted costs of a major and spent way more then necessary to drill normally shallow horizontal wells (spending $8 - $10 million to drill wells that should cost between. $2-$3.5 million). With the acreage that WCT Resources has up there, plus the Shell acquisition, I'm sure Tapstone has the resources to make it work.

    Sorry for the long winded, likely error filled post. Tough to review this from my phone.
    Very well said. That's exactly how I understand it to be as well.

  9. #34

    Default Re: Tapstone Energy (Tom Ward)

    Ward just sold his ownership interest in the Thunder to George Kaiser of Tulsa.

    Looks like he is going all-in on Tapstone:

    “I am very pleased to have been a part of the group that brought the Thunder to Oklahoma City,” Ward said. “The team has generated tremendous excitement in our city and state. This transaction allows me to have greater focus on the things that I know and care about the most, which include launching new Oklahoma-based energy companies and supporting charitable organizations that demonstrate compassion to those in need.”
    George Kaiser buys Thunder stake | News OK

  10. Default Re: Tapstone Energy (Tom Ward)

    So now we have Kaiser (BOK) and Records (MidFirst). Interesting.

  11. #36

    Default Re: Tapstone Energy (Tom Ward)

    ^

    Although that article also says that Records has lessened his investment.

  12. #37

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Pete View Post
    ^

    Although that article also says that Records has lessened his investment.
    This is a good thing. It taps into the wealth of the old money in Tulsa. It also ties the Thunder to the state more.

    I also am seeing Tapstone on a big hiring blitz. They are growing quickly. I hope they don't take the same stance they did with Sandridge tearing down buildings left and right in Bricktown!

  13. #38

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Pete View Post
    ^

    Although that article also says that Records has lessened his investment.
    The article stated he was still a "significant owner." I wonder how much he reduced his interest?

  14. #39

    Default Re: Tapstone Energy (Tom Ward)

    Just remembered that when Ward was starting Tapstone, he borrowed money from Kaiser with his ownership share of the Thunder as collateral.

    Wonder how that may have played into this recent transaction.


    To help finance Tapstone,Ward secured a private loan for his new venture from Tulsa oilman George Kaiser, and documents filed in September with the Oklahoma County Clerk indicated that Ward used proceeds he received from his stake in the Oklahoma City Thunder, the NBA basketball team, as collateral for a private loan; the amount was not disclosed
    Tom Ward Takes Helm of Another E&P | 2013-10-22 | Natural Gas Intelligence

  15. #40

    Default Re: Tapstone Energy (Tom Ward)

    Tapstone is applying for incentives through the City's quality job creation program (GOLT).

    Their application shows they currently have 35 employees but will add at least 150 more in the next five years at an average salary of $146K.

  16. #41

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Pete View Post
    Tapstone is applying for incentives through the City's quality job creation program (GOLT).

    Their application shows they currently have 35 employees but will add at least 150 more in the next five years at an average salary of $146K.
    That sounds like a hard to believe average salary. But the higher the salary they claim, the higher the quarterly cash payments the state starts giving them. Gotta love free market capitalism...oh wait...

  17. #42

    Default Re: Tapstone Energy (Tom Ward)

    They have to provide proof of employment and payroll.

  18. #43

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by onthestrip View Post
    That sounds like a hard to believe average salary. But the higher the salary they claim, the higher the quarterly cash payments the state starts giving them. Gotta love free market capitalism...oh wait...
    1. The oil & gas industry pays well.
    2. Do you really think the state won't take it's money back if it comes out that the application was made of lies?

  19. #44

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by onthestrip View Post
    That sounds like a hard to believe average salary. But the higher the salary they claim, the higher the quarterly cash payments the state starts giving them. Gotta love free market capitalism...oh wait...
    When you're a startup company the majority of your positions are going to be, for the most part, very technical (geology, engineering, IT). There aren't near as many administrative-type positions that generally don't pay as well. Therefore, the average salary is going to be pretty high. Plus, when you're a startup you want to hire people with experience and that experience is going to command a higher wage than the engineers/geologists who are fresh out of school.

    And like the others said, if they can't provide proof of salaries that high then Tapstone will lose their incentives.

  20. #45

    Default Re: Tapstone Energy (Tom Ward)

    Yeah, the way this program works is they set targets then report at least annually.

    If you don't hit the targets, your payout is reduced or not paid at all.


    One of the downsides is that when a company gets paid over several years then does a massive layoff (like Chesapeake) that job creation money is not returned.

    CHK missed it's last deadline and I really wanted to see their FTE count in OKC and compare it to January 2013 when they last reported (4,700).

  21. Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by onthestrip View Post
    That sounds like a hard to believe average salary. But the higher the salary they claim, the higher the quarterly cash payments the state starts giving them. Gotta love free market capitalism...oh wait...
    I know a geophysicists in Tulsa who works for Cimerex that makes $365,000 salary per year.

  22. Default Re: Tapstone Energy (Tom Ward)

    Not all the jobs will be part of calculation, only the highest paid 150.

  23. #48
    Join Date
    May 2008
    Posts
    6,392
    Blog Entries
    1

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Just the facts View Post
    Not all the jobs will be part of calculation, only the highest paid 150.
    Do you know that or are you just being cynical again? What jobs don't count? Are you accusing them of lying?

    They are claiming to add 150 new jobs and you say they are only Counting the top 150, or 100% of the jobs? That's deceitful? LOL

  24. Default Re: Tapstone Energy (Tom Ward)

    By the way, $146K ain't what it used to be. It's not like everyone making that will be driven from their country estates and be delivered to the new building in their Rolls Royces. Great incomes, fantastic addition to OKC, downtown and Bricktown, but that salary range is hardly shocking for quality energy sector jobs, especially in a company that is expressing publicly that they intend to run lean and mean. It's incredibly positive to have these folks land in this district.

  25. #50

    Default Re: Tapstone Energy (Tom Ward)

    Quote Originally Posted by Urbanized View Post
    By the way, $146K ain't what it used to be. It's not like everyone making that will be driven from their country estates and be delivered to the new building in their Rolls Royces. Great incomes, fantastic addition to OKC, downtown and Bricktown, but that salary range is hardly shocking for quality energy sector jobs, especially in a company that is expressing publicly that they intend to run lean and mean. It's incredibly positive to have these folks land in this district.
    Hopefully Tom Ward finds a way to recruit from outside the metro, instead of just poaching from the already stretched thin technical workforce here in OKC (cough, AEP, cough).

    We need a bigger talent pool of engineers/geos, is what I am saying. On the other hand as long as everyone keeps robbing Peter to pay Paul in terms of employees and all the employers have to keep up with Aubrey in terms of salary, it is a huge $$$ win for those of us in the industry.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Ward 1 Heiple v. Gallagher
    By Jersey Boss in forum Norman
    Replies: 0
    Last Post: 04-01-2013, 08:26 PM
  2. What is it with Ward 5's Brian Walters?
    By metro in forum General Civic Issues
    Replies: 112
    Last Post: 06-23-2010, 08:17 AM
  3. Montgomery Ward
    By Soonerman in forum Tulsa & Suburbs
    Replies: 0
    Last Post: 05-19-2010, 12:49 AM
  4. Ward four vacancy
    By mranderson in forum Politics
    Replies: 4
    Last Post: 01-12-2005, 10:04 AM
  5. Montgomery Ward still in business
    By Patrick in forum Businesses & Employers
    Replies: 0
    Last Post: 10-22-2004, 11:40 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Single Sign On provided by vBSSO