2003.06.30
The Globe and Mail:
Banking
on yield not a wise move. Choosing trust units that promise the biggest income
bang is a strategy that is bound to backfire.
"The track record for small trusts contains some car wrecks. Request Seismic
Surveys Ltd. was a small oil services play that became a trust, and didn't have
the resources to withstand an oil patch downturn. Ms. Lundquist says: ‘Buying
Request was the worst investing decision I've ever made.’"
> Conversation between two money managers --
> 1st manager: ‘You wouldn't believe how much money I lost in telcomm stocks during the
dotcom boom.’
> 2nd manager: ‘Oh yeah? Well let me tell you about the time I invested in a seismic
exploration company!’
Geoffrey Scotton, Calgary Herald :
Changes
urged to smooth patch.
"At issue are seasonal and oil and gas pricing cycle pressures that see the bulk
of exploration and development work conducted during the first three or four
months of the year, leading to sharp swings in requirements for staff and equipment." ...
"Ironically, although seismic costs are higher in the winter, that is when the bulk
of seismic work -- and overall drilling -- takes place." ...
"... oilpatch workers, who often have been trained and become experienced at
considerable expense to the industry, quickly realize there is steadier and
more stable work in other sectors and quickly gravitate towards it."
Press Release:
Kelman Annual
General Meeting.
"Mr. David Richard, President and CEO ... indicated that the
results achieved in the first quarter of 2003 were not reflective of his
expectations for the balance of 2003. He speculated that general activity
levels in the seismic industry are expected to increase for the balance of
2003."
2003.06.16
San Diego Union Tribune:
Senate
backs study of coastal oil reserves.
"In a move that California lawmakers said would undermine a moratorium on new
oil and gas drilling off the state's coast, the Senate voted Thursday to survey
fuel reserves beneath ocean waters, even those now off limits to drilling." ...
"[Senators] Boxer and Feinstein also said the inventory itself would harm
marine life through the use of high-decibel seismic technology to measure
oil and gas reserves. Environmental groups raised similar concerns." ...
"The oil and gas industry, which backs the inventory, has called those concerns
overblown, saying the effects on fish and other sea life can be minimized."
All Africa:
Weekly News.
"Oil companies Total and Kerr-McGee announced their intention of undertaking a
second deepwater seismic survey the length of Western Sahara. The first study by
Norwegian company TGS-NOPEC was recently completed. The latter company ruled
ought any further involvement, on ethical grounds. A campaign organised by the
Norwegian Support Committee for Western Sahara has denounced the illegal character
of prospection in the Moroccan-occupied territories."
Reuters:
Arcis stock jumps 26 pct as company put in play.
"Shares in Arcis Corp. jumped by 26 percent on Wednesday after the Canadian company,
which specializes in seismic services for energy firms, said it might put itself
up for sale."
Houston Chronicle:
Copter crashes
in Harris County rice field.
"Investigators said the pair were conducting a seismic survey for possible
oil-and-gas exploration when the helicopter went down, apparently because of
engine trouble."
CFCN:
Making
his way the only way he knows how.
"He's a transplanted Martimer. A seismic worker waiting for his crew to head out
for the oil fields. He's broke. He doesn't like panhandling, doesn't like bottle
picking."
> Maybe that should be the tagline for my blog.
2003.06.10
Houston Chronicle:
Anadarko buys
leases in the Gulf.
"Anadarko Petroleum Corp. has bought the majority of Amerada Hess' shallow-water
properties in the Gulf of Mexico, paying about $225 million as the larger
corporation shifts its emphasis to the deep water."
Houston Chronicle:
Seitel wants
own plan for bankruptcy case.
"The involuntary bankruptcy petitions were filed in U.S. bankruptcy court in
Delaware [last Friday] by the holders of about $103 million in unsecured notes,
out of $255 million outstanding."
2003.06.08
Associated Press:
Two cities
move on after oil merger.
"Ponca City doesn't seem like it has been hit by tough economic times, but the
northern Oklahoma town has lost about 550 jobs since its largest employer,
Conoco, merged with Phillips Petroleum Co. last year." ...
"In Bartlesville, where ConocoPhillips still employs roughly 2,400 workers,
officials say the economy will get a boost despite top-echelon executives and
their million-dollar salaries moving to Texas."
Houston Chronicle:
SEC says Seitel
a 'piggy bank' for ex-CEO.
"The government wants Frame to give all of the money back, said Spencer Barasch,
associate director for the SEC's Fort Worth office. It also wants back the salary
that Frame earned during that period."
> Here's a more positive slant --
CBS Marketwatch:
Seitel
says settles SEC charges.
I should mention that this story also got a mention
in the Washington Post. The Post went with the ‘personal piggy bank’
angle.
Houston Chronicle:
People in Business.
"Fusion Petroleum Technologies has hired Lih Kuo as vice president of seismic analysis."
2003.06.06
Barron's:
E&P
Stocks Could Get Gassed Up.
"When Federal Reserve Chairman Alan Greenspan laments high natural gas prices,
it's got to be good news for the stocks of companies that find and extract the
airy commodity."
From down under --
Victoria Spectator Observer:
Nelson enjoying a mini-boom.
"An influx of between 40 and 60 workers involved in a seismic survey for oil
and gas centred on Nelson has resulted in a mini-economic boom for the small
coastal community." ...
"‘They have their breakfast at the roadhouse, we prepare their lunches
here and they have their dinner here at night, and they are great for the bar
trade.’"
> A heart-warming story about a town willing to entertain a gang of ex-con's.
2003.06.03
O&GJ:
Improved
economy and growing demand pushes oil futures prices past $30/bbl.
> Or maybe it's just the heat.
A bunch of press releasees --
Business Wire:
Input/Output
Introduces Cable Version of VectorSeis System Four.
Business Wire:
Landmark
Releases Integrated Presgraf and DepthTeam Express Solution.
"DepthTeam Express, a velocity modeling and depth conversion application, provides
tools for quick analysis, velocity modeling and depth conversion. Velocity models
are key components in predicting pore pressure below the drill bit and between wells."
Business Wire:
TGS-NOPEC
Begins Acquisition on Offshore Eastern Canada Seismic Surveys.
"TGS-NOPEC Geophysical Company today announced it has received all federal and
provincial authorizations necessary to initiate acquisition of its 2003 season
multi-client 2D seismic survey campaign located offshore Newfoundland and Nova Scotia."
Silicon Valley Biz Ink:
Rock
Solid Images Announces Norwegian Expansion.
