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N O I T N E V N N O O I C EDIT

PPROA Pipeline ~ August/September 2015

PIPELINE

the newsletter of Panhandle Producers & Royalty Owners Association • Vol. XCIII • No. 8

DR. FINE “BREAKING” NEWS AT PPROA CONVENTION!

What Does OPEC Want From the Southwest & North Dakota BEFORE the Price of Oil Will Stabilize? Dr. Daniel I. Fine of the New Mexico Center for Energy Policy, considered an expert on Middle-East oil and gas production, is set to release his most recent economic strategies on what OPEC expects from the US before the price of oil will stabilize at the PPROA Annual Meeting September 23, 2015 in the Heritage Room, Amarillo Civic Center. Dr. Fine will be “breaking” his most recent findings to those attending. Until then we will have to review some public information. OPEC members essentially run 75 percent or more of their economies on oil revenues, the average cartel member needs the same “break-even” price of $106 per barrel that Saudi Arabia needs to balance their budgets. Kuwait is the lowest-cost OPEC producer at $54 a barrel, and Libya is the highest at $184 a barrel. Is it possible with every OPEC member now at a higher break-even cost than the U.S., it is OPEC members that are at risk of being bankrupted in the second wave of the U.S. oil boom? Attend our meeting and hear Dr. Fine’s middle-eastern strategy! Dr. Daniel I. Fine, New Mexico Center for Energy Policy – Breakfast Speaker Dr. Daniel Fine is Associate Director of the New Mexico Center for Energy Policy and a Senior Policy Analyst in the New Mexico State Department of Energy Minerals and Natural Resources. Dr. Fine is also a research associate at the Mining and Minerals Resources Institute (MIT) and a policy adviser on nonconventional oil and gas. George P. Bush, Commissioner General Land Office - Keynote Lunch Speaker George Prescott Bush, born in Houston, is a native Texan, the grandson of President George H.W. Bush, the son of former Florida Governor Jeb Bush and nephew of President George W. Bush. He was elected Texas Land Commissioner in 2014. As Texas Land Commissioner, Bush works to ensure Texas veterans get the benefits they’ve earned, oversees billions of dollars in investments for public education and manages state lands to produce the oil and which help make America energy-independent. Energy - Commissioner Bush spent several years working as an entrepreneur in the Texas oil and gas business. He wants Texas to remain the energy capital of the world because he knows Texas energy companies create thousands of jobs each year. Many of those jobs are tied to drilling on Permanent School Fund lands managed by the GLO. Online Energy Sales - Commissioner Bush placed energy lease sales online for the first time, making the bidding process more efficient and ensuring that Texas schoolchildren get the most out of the Permanent School Fund’s assets. Online bidding makes it easy for interested O&G companies worldwide to make their best bids on mineral rights overseen by the GLO. Oil & Gas Well Inventory - Commissioner Bush directed staff to automate generation of the GLO’s Oil and Gas Well Inventory. This database is critical to the GLO's O&G leasing function, the primary revenue driver of the Permanent School Fund. Maintaining it manually requires time-consuming updates by GLO staff. Automating the Well Inventory process improved its accuracy, significantly reduced staff time needed to input data, and allowed staff to access the data more frequently. Breaking News ........................................... 1 President and EVP Notes .......................... 2 Breakout Sessions & Legislative Panel ..... 4

Schedule of Events ..................................... 6 Sponsors & Exhibitors ................................ 8 Casenote................................................... 10

Texas Petro Index .................................... 12 Locations & Permits ................................. 14 Monthly stats ............................................ 16


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PPROA Pipeline ~ August/September 2015

We Have Arrived!–86th PPROA Annual Convention It is my first year and first convention as the EVP and we have a remarkable lineup of speakers this year. It’s not often you have the nephew and grandson of former Presidents of the United States and the son of a candidate for President in 2016, Texas Land Commissioner, George P. Bush as your keynote speaker AND we also have exceptional speakers at all events! EVP Judy Stark

As a new Executive Vice President, a lot of change and accomplishments have taken place. Our Board has been supportive of those changes and look forward to PPROA providing even more member benefits going forward. Even though our industry has been in a down turn, our membership has remained fairly level year to date. For every member lost, a new member has been gained. PPROA introduced quarterly educational/vendor meetings, combining the Panhandle Association of Petroleum Landmen, the Society of Petroleum Engineers and the Panhandle Geological Society, to provide members with timely industry information and an opportunity to network with peer groups. Those meetings have consistently had 75 in attendance. The Pipeline received a facelift. Guest columns were introduced supplying articles to members with facts, statistical information and data on a variety of business topics. Not only do these write-ups provide an advertising opportunity for the author but they also are a great source of general business knowledge! Social Media has been a significant boost to our association. In October of 2014 our Facebook page had only 54 “followers”. Since that time, our audience has grown to over 500 individuals following PPROA on Facebook. Our reach of several thousand people a week which allows us the luxury of keeping the general population informed with correct information about our industry. Please Like our Facebook! PPROA is considering a new membership level for Students! PPROA is in negotiations with the WTAMU Career Services at WTAMU. During the “Denton Ban” oil and gas took a big hit because of inaccurate information being fed to students who were a vital part of the voting and ban delegation. This would be a proactive appeal for students to make more informed decisions by being a part of our organization. A lot has been accomplished in 2015 despite our difficulties. It is ONLY through the dedication of our membership that we continue to be a strong alliance to our peer groups, our industry, our state and our government. Our goal is to make 2016 even better. The best is yet to come………

It has been an honor to serve as President of this association. Two years went by fast, and I enjoyed every minute. With the great help of the en tir e b o ar d , we s uc ces s f u ll y transitioned to a new Executive Vice President. While we all miss Wayne Hughes, I think we hit a home run by getting Judy Stark on our team! PPROA President The 86th Annual Convention is upon us! Greg Graham Judy has worked diligently to provide the “best of the best” for this meeting and we think she has done that!

By now you should have received both sponsorship and registration mailings. Our convention is a perfect opportunity to expand your knowledge of our industry, catch up with old friends and hopefully make some new contacts. If you can’t find your registration form, you can download one from pproa.org. It is also not too late to be a sponsor for one of our events, or to reserve special seating, or to have a booth during the convention. Our break-out sessions this year will hold a special appeal to royalty and land owners. There will be a presentation from the Hicks-Thomas law firm out of Dallas regarding a Texas Supreme Court filing about “takings” along the Canadian River in the Texas Panhandle. Our other session will be of great interest to everyone and multiple industries in this area. John Tintera will speak about WOTUS (Waters of the US). How do we stop EPA over reach? Day Two of the Convention will be the one to see with experts on middle-eastern economics and strategies and how they will continue to affect the US in the next year. Bring your questions for our legislative panel, seismicity issues and what HB40 will continue to face going forward. Keep in mind that if your schedule does not permit you to attend the entire meeting, you have the option of registering for portions of the convention that most appeal to you!

Although low oil & gas prices continue to kick us in the head, we hope you will realize the value of being part of this 86th meeting of our association and do us the honor! If you have questions, don’t hesitate to call the PPROA office and speak directly to Judy or Cynthia! Until then……


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THE PPROA CONVENTION BREAKOUT SESSIONS If They Take Mine – They Will Take Yours The Battle for Mineral and Surface Rights: An update on a two-decade-old class action suit involving Canadian River landowners against the state of Texas. What are the potential outcomes and what are the implications for landowner and mineral owner rights in the State of Texas? The State’s conduct dictates the importance of this case. The State approved an unlawful survey method of the Canadian River. The purpose of this fictitious survey was to expand the boundary of the riverbed, thereby increasing the State’s oil and gas interests at the expense of innocent adjacent landowners. The State has been taking valuable minerals from the property of adjacent landowners for years without just compensation—a clear disregard for the constitutional rights of its own citizens. John B. Thomas, Attorney at Law is partner and co-founder of the Houston-based law firm Hicks Thomas, LLP. John and his team have successfully represented high-profile clients, including the King Ranch in a Texas Supreme Court battle and Occidental Petroleum in a dispute with BP. Other Texas Panhandle clients include Cabot Corporation and pipelines like Colorado Interstate. John has been selected to the annual Texas Super Lawyers list. He earned his law degree from the University of Michigan Law School and served as judicial clerk for 5th U.S. Circuit Court of Appeals Chief Judge Edith Jones.

WOTUS OR BOGUS? Waters of the United States Under new rules proposed by the U.S. Environmental Protection Agency (EPA), the private waterways described above would fall under federal jurisdiction by virtue of an expanded definition of WOTUS. If allowed to stand that rule change would mean you would need federal approval from EPA or some other agency in the federal bureaucracy to undertake those routine projects. Almost any dirt-moving activity would have to be sanctioned. Despite overwhelming opposition from the American people and Congress, the Obama Administration is plowing forward with another job-killing environmental regulation. “The so-called WOTUS rule constitutes an incredible power-grab by unaccountable bureaucrats and will amount to more red-tape for farmers, small business owners and entrepreneurs. The result will be slower job growth and local economic development when communities are already struggling under the weight of heavy-handed EPA regulations. It is a blatant attempt to expand federal power over waters and hurt the economy by limiting the ability of landowners to make decisions about their property. John Tintera, Sebree & Tintera, LLC, former Executive Director of the Railroad Commission of Texas is a regulatory expert, licensed geologist and founding partner in Sebree & Tintera. Mr. Tintera has developed an in-depth knowledge of the state and federal regulatory framework of the exploration and production industry.

THE PPROA LEGISLATIVE PANEL

Sen. Kel Seliger District 31

Rep. Four Price District 87

Rep. Ken King District 88

Ryan Sitton TX RRC

Gloria Leal Texas Alliance of Energy Producers

Luke Legate Texas energy advocate


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SCHEDULE OF EVENTS Without a doubt this year will have one of the strongest convention lineups in a very long time. You will not want to miss the opportunity to directly ask any question you may have that came from the 2015 Texas Legislature during the Forum on Wednesday, September 23rd. International economic strategies, the oil embargo, tax changes, endangered species, seismicity, frack bans to water are all issues these legislators and industry experts are prepared to address. Don’t hesitate to invite guests from peer industries to attend. This is a great civic and community event for agriculture, wind energy, oil & gas producers, vendors, and royalty owners, along with our electricity and natural gas suppliers to convene and disseminate information. You may sign up for all or part of the convention activities. Tuesday, September 22nd 9:00 a.m. - noon Exhibitor set-up Noon - 7:00 p.m. Registration, exhibits open 1:00 p.m. - 4:00 p.m. Sessions Texas Supreme Court: The Battle for Mineral and Surface Rights John B. Thomas, Hicks Thomas LLP of Houston WOTUS: Waters of the U.S. and the EPA Overreach John Tintera, Sebree & Tintera Associates 4:00 p.m. - 5:30 p.m. Annual business meeting and election of officers and board members 5:30 p.m. - 8:00 p.m. Hospitality Night open bars and food tables

Wednesday, September 23rd 8:00 a.m. - noon Registration, exhibits open 8:30 a.m. Breakfast - Sponsored by Unit Texas Drilling, LLC 9:00 a.m. - 10:00 a.m. Dr. Daniel I. Fine, New Mexico Center for Energy Policy 10:30 a.m.-11:30 a.m. The Forum - Sponsored by Grammer Land & Exploration and Occidental Petroleum Corp. Sen. Kel Seliger, District 31 Rep. Four Price, District 87 Rep. Ken King, District 88 Ryan Sitton, Texas Railroad Commissioner Gloria Leal, Chief Counsel, Texas Alliance of Energy Producers Luke Legate, Texas energy advocate Noon Luncheon - Sponsored by EnergyNet, Inc. and PetroCap 12:30 p.m. - 1:30 p.m. George P. Bush, Commissioner of the Texas General Land Office 2:30 p.m. - 7:00 p.m. Sporting Clays Tournament, Cactus Gun Club 8:00 a.m. - noon

Thursday, September 24th PPROA Golf Tournament. Ross Rogers Municipal Golf Course


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Panhandle Producers & Royalty Owners Association 86th Annual Convention SPORTING CLAYS SPONSORS Tier One $1500 ADW Petroleum, LP Sporting Clays Stand $200 EnergyNet.com Superior Pipeline Company Sporting Clays Dinner Amarillo National Bank Cook Team GOLF SPONSORS Tier One $1500 Valero Marketing & Supply Company Tier Two $1000 Smart Chemical Services Tier Three $500 Basin Royalty Company Golf Hole $200 ADW Petroleum, LP Superior Pipeline Company ValPoint Operating LLC Range Balls Valero Marketing & Supply Company Complimentary Balls for Players Valero Marketing & Supply Company Golf Lunch Underwood Law Firm BREAKFAST SPONSOR Unit Texas Drilling, LLC LUNCH SPONSORS EnergyNet.com PetroCap HOSPITALITY NIGHT SPONSORS FirstBank Southwest Sprouse Shrader Smith P.C. Superior Pipeline Company Underwood Law Firm Upshaw Insurance Agency Inc. and TXOGA

TABLE SPONSOR ValPoint Operating LLC GENERAL SPONSORS Forum $2500 Grammer Land & Exploration Occidental Petroleum Corporation Tier Five $1500 Amarillo Economic Development Corporation Courson Oil & Gas, Inc. Tier Six $1000 Alpar Energy, LP Corlena Oil Company III John R. Buckthal & Kerry B. Rice, Geologists Kenai Drilling Linn Energy PAC Production Company Pantera Energy Company Tier Seven $500 Amarillo National Bank Cambridge Production, Inc. Laddex, Ltd. Sidwell Oil & Gas, Inc. Strat Land Exploration Company EXHIBITORS Amarillo National Bank Brown Graham & Company, PC Connor McMillon Mitchell & Shennum PLLC Contek Solutions LLC DCP Midstream EnergyNet.com Govind Development Happy State Bank & Trust Company Lemert, Holder & Ohm, PLLC Talon LPE Western Hot-Oil Service


PPROA Pipeline ~ August/September 2015

September 22, 23 & 24, 2015 Amarillo Civic Center • Cactus Gun Club • Ross Rogers Golf Course

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PPROA Pipeline ~ August/September 2015

CASENOTE McDaniel Partners, Ltd. v. Apache Deepwater, LLC, 441 S.W.3d 530 (Tex. App.—El Paso 2014, pet. filed), held a production payment from land covered by multiple leases was not proportionately reduced by the expiration of two of the leases. The parties aligned as successors in interest to Grantor and Grantee under a 1953 assignment of four oil and gas leases which reserved a production payment as follows: [Grantor] reserves . . . as a “production payment interest,” the title to and ownership of one-sixteenth of thirty-five sixtyfourths of seven-eighths (1/16th of 35/64ths of 7/8ths, being one sixteenth of the entire interest in the production from said lands to which Assignor claims to be entitled under the terms of said respective oil and gas leases) of the total oil, gas, casinghead gas and other minerals in and under and which may be produced from the above described land . . . until the net proceeds of said reserved interest shall . . . have amounted in the aggregate to the sum of Three Million Five Hundred Fifty Thousand Dollars ($3,550,000.00) . . . [and] one million four hundred twenty thousand (1,420,000) barrels . . . . The issue in the case was the meaning and effect of the highlighted parenthetical. Two of the leases expired. The two expired leases covered 32/64 of the mineral estate and the two leases continuing in effect covered 3/64 of the mineral estate. Grantor contended Grantor was still entitled to 1/16 of 35/64 of 7/8. Grantee contended that Grantor’s interest was proportionately reduced, so that Grantor owned only 1/16 of 3/64 of 7/8. The parties agreed that the assignment was not ambiguous and the case was tried on stipulated facts. Grantor first argued that the production payment was reserved in the “land described,” not in the “land conveyed.” That is, the production payment was payable out of production from the land described rather than production from individual leases. The court distinguished the leading cases of King v. First National Bank of Wichita Falls and Hooks v. Neill relied upon by Grantor. King and Hooks dealt with the fundamental difference between reserving a fractional interest in “land described” and a fractional interest in “land conveyed.” The court refused to apply those cases, reasoning that “[t]he classic King/Hooks scenario involves a reservation clause that attempts to define the scope of a reserved interest through an abbreviation or ‘shorthand’ reference to a description of land appearing elsewhere in the deed.” However, the reservation in this case contained an “exacting, ‘longhand’ description” of the reserved interest with a “precise, fractional equation by which the production payment [was] to be measured: 1/16 of 35/64 of 7/8 of production.” Therefore, “there is no need to look outside of the reservation clause to determine what was reserved.” Furthermore, the parties agreed that the fraction was applicable to all of the land. The dispute was over whether that fraction was reduced upon lease termination. The court then looked to the four corners of the assignment to construe the meaning and effect of the parenthetical. Finding “no express language providing for a piecemeal reduction of the production payment,” the court held that the payment was not proportionately reduced. Grantor and the court read the parenthetical as explanatory, while Grantee contended it provided the basis for a proportional reduction upon lease termination. The court concluded there was no Texas precedent, rejected references to secondary authority, and refused to consider expert testimony which was barred under the parol evidence rule. The court also rejected Grantee’s argument that covenants requiring the assignees to pay delay rentals and comply with the underlying leases demonstrated an intent to proportionately reduce upon expiration of a lease, because the covenants were not “lease-specific.” Further, once all four leases expired, no party would have an obligation under the assignment. Overriding royalty interests terminate when the underlying lease terminates. Although production payments are often analogized to overriding royalty interests, when a production payment is payable out of production from the “land,” there is no precedent for an automatic termination or proportionate reduction of a production payment as leases terminate. Jeff McCarn may be contacted at (806) 345-6340 or jmccarn@bf-law.com

Thank you to these advertisers! Amarillo National Bank Connor McMillon Mitchell & Shennum CRL Pump & Supply Four Point Energy Happy State Bank & Trust Company Kimrad Transport, LP

Brown, Graham & Company, P.C. Contek Solutions EnergyNet Grammer Land & Exploration Corp. Kenai Drilling Unit Texas Drilling, LLC

Please let these fine businesses know you saw their ad in the PIPELINE.


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PPROA Pipeline ~ August/September 2015

Active Drilling Locations By County - PPROA Service Area Texas Panhandle/western OK, SW KS - 8/14/15 RigData, Inc. OKLAHOMA Beckham

Lipscomb Cactus Cactus

Apache EnerVest

Duke Tomcat

Pay Dirt Energy Weinkauf

LaMunyon Nomac Nomac

Le Norman Le Norman Le Norman

Moore

Beredco

Berexco

Ochiltree

Cimarron

Roger Mills

Texas

TEXAS Hemphill Atlas Cactus Cactus Nomac Nomac Unit

Le Norman Apache EnerVest Le Norman Le Norman BP America

Cactus Patterson Power Rig Power Rig Power Rig Power Rig Power Rig Unit

BP America Mewbourne Jones Jones Jones Jones Jones Kaiser

Kenai Spradling

Terra Adams

Latshaw Quest Unit

BP America SGP BP America

Horizon

Le Norman

Patterson Unit

Mewbourne BP America

Potter Roberts

Data provided by RigData.com

Drilling Permits By County - Dist. 10 6/22/15 – 8/20/15 DrillingInfo.com Operator Hemphill Devon Jones Jones Le Norman Le Norman Le Norman Le Norman Le Norman Le Norman Le Norman Hutchinson Jones Momentum Lipscomb BP America J-Brex Jones Jones Jones Jones Jones Jones Jones Jones Jones Jones Jones Jones Jones Jones Jones Moore Adams Adams Adams Adams Pantera Pantera Pantera

Lease

Date

TD

Mathers Marshall Snyder Shell Park Kelln Flowers Washita Shell Anne

7/13/2015 7/22/2015 8/20/2015 7/1/2015 7/7/2015 7/7/2015 7/22/2015 7/17/2015 7/30/2015 8/19/2015

15,767 9,000 13,895 9,000 9,000 12,605 9,000 12,000 9,000 9,000

Coble Cop-McD.

7/29/2015 7/28/2015

9,000 4,000

Murphy King Laubhan Harry P. Price Price King Doyle Price Price Price Cleveland Peery Wright Whitfield Wright Parnell

6/24/2015 6/22/2015 6/29/2015 7/1/2015 7/7/2015 7/7/2015 7/21/2015 7/24/2015 7/21/2015 7/21/2015 7/22/2015 7/27/2015 8/5/2015 8/6/2015 8/10/2015 8/12/2015 8/13/2015

8,500 11,500 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 13,534 12,820 9,000 13,465 9,000 13,810

Thompson Masterson Thompson Masterson Britain Britain Britain

7/6/2015 6/22/2015 8/5/2015 8/20/2015 7/13/2015 7/17/2015 7/22/2015

2,450 2,500 2,500 2,500 3,300 3,300 3,300

Operator Moore cont’d Pantera Pantera Pantera Pantera Pantera Pantera Pantera Pantera Pantera Pantera Pantera Pantera Pantera Pantera Pantera Ochiltree BP America BP America Courson Courson Jones Jones Mewbourne Remnant Strat Land Potter Le Norman Le Norman Le Norman Roberts BP America BP America BP America BP America Latigo Unit Unit Wheeler Le Norman

Lease

Date

TD

Britain Britain Britain Britain Britain Britain Britain Britain Britain Britain Britain Britain Britain Britain Britain

7/16/2015 7/23/2015 7/23/2015 7/24/2015 7/23/2015 7/23/2015 7/28/2015 7/29/2015 7/29/2015 7/29/2015 7/29/2015 7/29/2015 7/29/2015 7/29/2015 7/31/2015

3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300 3,300

Linn Killebrew Rogers Haywood Daniel Erice Augustson Garnett Texas

7/2/2015 8,500 7/10/2015 8,500 6/24/2015 7,600 7/28/2015 8,950 6/30/2015 9,000 7/1/2015 9,000 7/22/2015 8,000 6/25/2015 7,500 7/21/2015 12,750

Bivins Bivins Bivins

7/29/2015 8/18/2015 8/6/2015

9,000 9,000 9,000

Mendota Mendota Mendota Mendota Courson Flowers Flowers

7/1/2015 7/1/2015 8/5/2015 8/5/2015 7/17/2015 6/24/2015 6/29/2015

11,000 10,200 11,000 10,200 7,500 16,122 15,551

Davis

7/28/2015 18,184


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PRSRT STD U.S. POSTAGE

PPROA PIPELINE

3131 Bell St., Suite 209 Amarillo, TX 79106 (806) 352-5637 pproa@pproa.org

PAID Permit No. 664 Amarillo, TX

Published ten times a year by the Panhandle Producers & Royalty Owners Association

RRC District 10 Producon Data July 2014 - June 2015

OFFICERS President Greg Graham Kismet Properties, Inc. Past President Doug Fisk ValPoint Operating, LLC Vice Presidents Stacey Ladd WBD Oil & Gas, Inc. Todd Lovett Mewbourne Oil Company Secretary Doug Saunders Taylor/Herring Co. Treasurer Jeffery A. McCarn Brown & Fortunato, PC

County

Oil (BBL)

CH Gas(MCF)

GW Gas (MCF)

Cond. (BBL)

185,379

1,174,828

11,185,507

7,413

10,333

0

0

0

7,265

92,044

1,062,015

70

0

0

10,528

21

GRAY

925,614

2,141,889

6,705,822

57,442

HANSFORD

191,979

1,000,232

11,602,712

14,379

HARTLEY

365,861

23,153

1,309,115

3

1,481,293

10,463,795

125,794,777

2,080,179

CARSON CHILDRESS COLLINGSWORTH DONLEY

HEMPHILL HUTCHINSON LIPSCOMB MOORE OCHILTREE OLDHAM

EXECUTIVE COMMITTEE Preston Boyd Valero Energy Corporation Don Cameron Carrera Energy LLC Gene Gallegos Unit Texas Drilling L.L.C. Thomas G. Ladd Laddex, Ltd. D. Clay Holcomb F.G. Dragons, LLC Juanita M. Malecha Pantera Energy Company Scott Peeples Fortay, Inc. Bill Aikman Tascosa Land Resources Currie Smith ACS-ODS Oil & Gas STAFF Judy Stark - Executive V.P. Cynthia Johnson - Office Manager

POTTER ROBERTS

644,814

3,484,542

5,550,192

7,124

2,576,758

17,853,193

41,425,273

1,296,543

262,747

1,704,191

24,988,992

4,141

7,462,232

28,102,574

15,404,129

440,920

564,264

1,541,225

69,192

0

188,705

188,112

8,036,050

22

3,280,796

19,911,772

54,704,184

1,314,469

SHERMAN

61,334

64,927

16,308,638

3,364

WHEELER

3,345,148

16,661,721

179,466,869

5,377,758

Total

21,554,522

104,408,198 503,623,995 10,603,848 source: http://webapps.rrc.state.tx.U.S./PDQ

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