Tuesday, October 28, 2008

Triple Diamond Energy Corp Announces Plans For Two Well Program In Garvin County Oklahoma

Triple Diamond Energy Corp (TDEC) has announced plans for a two-well controlled step out oil and natural gas program in south central Oklahoma.

ADDISON, TX -- The Texas-based oil and gas production and exploration company, Triple Diamond Energy Corporation, has announced they are planning a program for Garvin County located in south central Oklahoma.

The plans involve a two well, controlled step out oil and natural gas program. These wells will be drilled one or more spacing units away from existing production already in the targeted formations.

"Garvin County is the fifth largest producer of oil in the entire state of Oklahoma and other wells currently located in the area are showing promise. Several wells located adjacent to the area we will be working in are producing one million or more barrels of oil," said Chris Jent, Officer of Triple Diamond Energy Corp. (http://www.triplediamondenergy.com/)

The Golden Trend region of south central Oklahoma is on the Anadarko Basin's Southeastern embayment between the Arbuckle Mountains and the Nemaha-Pauls Valley. The oil produced in McClain and Garvin Counties comes from one of three main formations made from Deese sandstones, Hunton limestone, and Viola limestone as well as several pools located in the Simpson group. These formations shifted and created stratigraphic traps where the oil now sits.

Triple Diamond Energy Corp. has just completed the first two wells of its four well Sportsman Lake Program located in Seminole County, Oklahoma. Drilling for this program commenced in August and TDEC expects to complete them at the end of October.

Triple Diamond Energy Corp Completes Drilling And Begins Logging Of Two Wells In Oklahoma Project

Triple Diamond Energy Corp. (TDEC) announces the drilling of two wells in Seminole County, Oklahoma is complete and logging is set to start.

ADDISON, TX -- Triple Diamond Energy Corp. (TDEC) reported the drilling of two wells in Seminole County, Oklahoma is complete. Oil production will commence once the completing and equipping process has concluded.

The Texas oil and gas exploration company started the drilling process for the Seminole County portion of the project in August on the previously undrilled geologic structure of the Sportsman Lake Field. The pair of wells will pull oil from the Proven Undeveloped Producible Reserves located in the high formation.

With drilling complete, an e-log will use electrical measurements to map out the structure and locate the tops of the geological formations. This will allow TDEC to determine the best possible hydrocarbon bearing zones to target. Triple Diamond Energy Corp. can then install the production casing and perforate the zone.

"Once the completion and equipping processes are complete, the two wells can begin extracting oil. From there, it will be processed and refined into various fuel and petroleum products," says Chris Jent, Chief Marketing Officer of Triple Diamond Energy Corp. (http://www.triplediamondenergy.com/)

Reports have shown the area to contain a minimum of 100 000 barrel of attic oil. Oklahoma is presently in fifth place in crude oil production in the country producing 8.8 percent of the natural gas and 3.3 percent of the crude produced in the US.

Monday, October 27, 2008

Oil & Gas Helpful Info. | Triple Diamond Energy Corp.

Participation in oil and gas ventures allows participants to offset other “Active” income.
The Code classifies participation in joint ventures formed to purchase working interests in oil and gas properties as an “active” business activity. This is beneficial because it allows individuals to offset losses stemming from oil and gas joint ventures against other income from “active” businesses. This classification allows participants to use deductions from certain oil and gas ventures against income from salaries, businesses in which they invest, stock dividends and stock trades. The same benefits are not associated with “passive” investments, such as investment in stock in corporations or limited partnership interests in limited partnerships formed to purchase oil and gas properties.

Oil & Gas Information | Triple Diamond Energy

Tax Information
There may be significant tax advantages associated with participation in privately held domestic oil and gas drilling and production in the U.S. today. The Internal Revenue Code of 1986, as amended (the “Code”) currently provides tax advantages for certain types of direct participation in oil and gas drilling and production in order to encourage investment in oil and gas exploration within the United States. However, in order to benefit from these tax incentives participants must meet certain requirements – not all oil and gas ventures generate the same types of tax advantages. This overview sets forth some of the tax benefits associated with participating in private oil and gas ventures within the United States. It is applicable only to participation in private companies – investing in a publicly traded stock does not generate the same types of tax advantages. Of course, you are encouraged to consult with your tax advisor regarding how any specific participation will be treated given your particular circumstances.

Friday, December 28, 2007

Outer Continental Shelf Reserves Estimates

The Outer Continental Shelf (OCS) of the United States was first defined in 1953 when Congress enacted the Outer Continental Shelf Lands Act (OCSLA) defining the shelf as all submerged lands lying seaward of coastal states, up to three miles offshore. Under the OCSLA, the stewardship and protection of these areas of valuable resources was made the responsibility of the Secretary of the Interior. The Secretary of the Interior was given authority to accept or deny leases for drilling and exploration of the shelf; decisions that could be made based on responsible, environmentally safe procedures, or primarily on highest bid alone, with discretion left up to the Secretary. The Secretary also was given responsibility for the formation of necessary regulations and protective implementations in order to assure the health of the shelf for future mineral harvesting while maintaining a beautiful shoreline for tourists and indigenous wildlife inhabitants alike.

In 1982, Congress and the Secretary of the Interior, James G. Watt, extended the responsibility of shelf management to a branch of the Department of the Interior, the Minerals Management Service. The MMS as part of their duties has periodically funded surveys by top geologists, projecting and estimating the true wealth and abundance of minerals and fossil fuel supplies encased beneath the surface of the continental shelf. The latest assessment of these resources was based on information from new exploration techniques administered in 2003; the statement was released in 2006.

The Mineral Management Service’s newest estimates take under consideration the limits of current technology but also take into account the foreseeable developments of new technology as well when presenting their estimated findings. What the MMS does not include when developing their findings is allowances for economic feasibility or financial profitability limits; their findings just state the facts of what amounts of resources are present, not limited by the financial investments needed to extract those resources. The latest estimates detail that the OCS could feasibly contain anywhere from 66.6 to 115.3 billion barrels of oil and from 326.4 to 565.9 trillion cubic feet of natural gas. These large estimates have undoubtedly affected new bill proposals currently being discussed within the Senate concerning decreasing the drilling limitations currently in place. The wealth of these supplies is constantly being weighed against the potentially hazardous effects of drilling and exploration upon the picturesque American seashore. Large oil companies such as Triple Diamond Energy Corp. are implementing new and improved methods of extraction that yield large amounts of fuel supplies without subjecting the fragile landscape to undue stresses caused by overdevelopment.

About the Author: Robert Jent is the president of Triple Diamond Energy Corp. Triple Diamond Energy specializes in acquiring the highest quality prime oil and gas properties. For more information, visit http://www.triplediamondenergycorp.blogspot.com.

Thursday, December 27, 2007

India and China Cooperative

India and China, nations that are 4th and 2nd respectively in petroleum consumption amounts, have joined together their efforts in petroleum exploration and distribution much to the chagrin of other oil hungry nations. The combining of their efforts and pooling of their finances in this endeavor has allowed them to obtain rights to some of Iran’s largest producing fields and successfully find new fields within the borders of their own countries.

The first oil field procured by the joint venture of China National Petroleum Corporation (CNPC) and India’s Oil and Natural Gas Corporation (ONGC) was accomplished in 2005. The two largest oil companies in the respective countries successfully bid to share 37% of Petro-Canada’s stake in Syrian al-Furat oil and gas fields. While the companies had been working together in the past, this marked the first foreign property to be cooperatively purchased by the duo. These two oil producing giants are courting other Indian and Chinese companies to join in their efforts, proposing that all combine their technologies and monies to make higher bids on foreign fields, achieving the possibility of outbidding the major oil companies that tend to acquire all the drilling rights in the Western Hemisphere. Large oil companies like Shell and Mobile have been watching these developments with much trepidation.

Researchers project that the global demand for energy will grow as much as 55 percent in the next two decades, owing mostly to the growing needs of China and India, who combine for 45 percent of that total growth spurt. These two petroleum consuming giants have decide that cooperation between neighbors makes much more sense than competing with each other for supplies. Their newest acquisition is a 50 percent joint stake in a large Colombian oil field. The conglomerate successfully purchased this 50 percent share from a Texas-based oil and natural gas company, Ominex Resources Inc. Like Triple Diamond Energy Corp., also in Texas, Ominex finances oil exploration and extraction in order to continuously supply their customers’ oil and natural gas needs. The 50 percent share purchased from Ominex for roughly 800 million has the ability to supply China and India with nearly 10,000 barrels of oil daily.

India and China had in the past been major competitors for fuel supplies, but for the greater good of the two countries, put aside their differences in order to be successful in their goals. With natural gas and oil fields cross the earth rapidly depleting, certainly more of these cooperate efforts will emerge. Large companies, pooling their resources, will be much more successful as efforts to supply the world’s fuel needs prove to be more and more difficult.

About the Author: Robert Jent is the president of Triple Diamond Energy Corp. Triple Diamond Energy specializes in acquiring the highest quality prime oil and gas properties. For more information, visit http://www.triplediamondenergycorp.blogspot.com.

Wednesday, December 26, 2007

Russian Natural Gas Reserves Management

As the country with the world’s largest proven natural gas reserves, Russia should be feeling pretty great about their energy resources in this new millennia. Russia possesses a staggering 1,680 trillion cubic feet of natural gas; nearly double that of Iran, the nation holding the next largest supply. Unfortunately for Russia, ever since the dissolution of the Soviet Union in 1991, management of these large natural gas reserves has fallen by the wayside. Russia set up a state-owned natural gas monopoly, Gazprom, to manage, continue in exploration, and distribution of known and newly discovered reserves. Gazprom has proven itself unworthy of this task by not having the necessary funds or knowledge base to exploit the bounteous supply beneath Russia’s expansive land mass.

Truthfully, the Russian government should think about radically changing the way they allow Gazprom to handle these resources. Not only are there tons upon tons of untapped natural gas lying in wait for the use of their country, but also for the billions of dollars that would be made for the nation through exporting these huge reserves. Russia has allowed Gazprom to be the only exploration and distribution company in the country; no foreign researchers, geologists, or engineers have been allowed to lend the much needed knowledge and know-how to make their company, and indirectly, the nation more profitable and prosperous. Most countries with large reserves realize that by charging others to join in the drilling, the country as a whole can benefit from the many drilling tariffs they could demand and enjoy the help of much more knowledgeable scientists like those employed by large outfits like Shell and Triple Diamond Energy Corp. In some ways the Cold War has continued in regard to the way Russia’s government continues to shut out foreign development, over-zealously protecting their natural gas reserves with a “if we can’t get it, no one can” attitude.

Gazprom has not only been inefficient stewards of untapped reserves, they have mismanaged the currently producing supplies as well, leading to shortages of natural gas in a country that should be overflowing with it. This company that is the sole provider of natural gas to the entirety of Russia also owns all rights to the 155,000 kilometers of pipelines that carry the natural gas throughout the country. Mismanagement of this pipeline has resulted in Russia’s own population experiencing shortages of the natural gas direly essential for all types of heating and fueling needs. The future of Russia hinges on the Russian government’s ability to encourage and direct its state-owned monopoly to keep in mind the needs of the people they have been chosen to serve.

About the Author: Robert Jent is the president of Triple Diamond Energy Corp. Triple Diamond Energy specializes in acquiring the highest quality prime oil and gas properties. For more information, visit http://www.triplediamondenergycorp.blogspot.com.