Currently featured in Energy Executive Magazine Summer 2014 edition.
October 18, 2010 | 12:00 am
October 18, 2010 | 12:27 pm
My company retained LDV Oil and Gas Consulting in August of 2013. Within an hour of signing the consulting agreement Lee sent me contact info to Oil and Gas Executives. We are in the process of closing our first deal.
I am very thankful and grateful to have met Lee. If you want positive results make Lee part of your team.
- Givo Younani , Lucky Cousins Trucking Inc., Houston, TX
Great Results, Expert, High Integrity
“Lee Vendig handles the marketing of all crude oil production operated by Bridwell Oil Company. Lee has provided outstanding service in obtaining the best possible pricing for all geographical areas in which Bridwell has operations. Lee has great instincts regarding market volatility, and does a great job keeping our crude under the best possible terms.”
- Steve Ginnings, BRIDWELL OIL COMPANY, Wichita Falls, TX
“Lee and his Company, LDV Oil & Gas Consultants, has been a tremendous asset producing the results we were looking for, higher crude prices. You want Lee on your side of the negotiating table the next time you negotiate a crude contract.”
- Kevin K. Leonard, Tumbleweed Exploration, LLC Midland, TX
“Lee Vendig is our consultant and chief negotiator who negotiated the best pricing on our crude in East Texas Oil Field. As a result, Dyersdale Energy LP was the highest paid operator for its crude compared to any other operator in East Texas oil field including Danmark, SND now Quantum or Zone.”
- Milan Simic, DYERSDALE ENERGY LP, Houston, TX
“After working with Lee Vendig for a few months, I can recommend him highly as a consultant. He knows the oil market, stays up-to-date with it and is good at explaining pricing options to his clients. He responds quickly to phone calls and is helpful in giving his clients appropriate language for them to use in negotiating with buyers. His monthly commentary on the current state of the world oil market is useful; he pulls together information from several varied sources. It would take the busy operator many hours to research and accumulate the same information. Lee is pleasant to work with and he also has a good sense of humor! In addition to his helping you to get the best price for your oil, I believe you will find him enjoyable to work with.”
- Janet Miller, JSM Natural Resources, LLC Victoria, TX
“Lee produces exception results. He secured contracts for us that make us more money every month. That's that bottom line.... if you use LDV Oil & Gas Consultants you will make more money.”
- Kimball Hodges, Rockies Standard Oil Company Orem, UT
“I wanted to take a moment to thank you for the recent advisories you have sent on various subjects related to the oil market and pricing. These summaries are useful to me in understanding the market and being able to make rational decisions on our oil sales. You have kept Carr Resources, Inc. at the top of the price paid for oil in all areas where you market our oil. I have recommended your services to many companies and hope that they will all avail themselves of your marketing strength. I had wondered years ago why no one was making a cooperative out of all the small operators to have more leverage in the market. Your position in accomplishing this is not only profitable the relationship is enjoyable.”
- John P. Carr, Carr Resources, Inc. Tyler, TX
Assets: Great Results, Expert, Good Value
"Lee is spot on in his market evaluations and contract negotiation skills. Lee is personable and easy to understand. His fees are very reasonable, especially for the results achieved. We continue to do business with Lee because of his unstoppable dedication to monitoring and interpreting world and national events that affect oil and gas prices and to making sure that we always have the latest information before we act on a new contract. We simply will not act without first seeking his advice on a contract. I would highly recommend Lee Vendig to any company, large or small. He is indeed a true professional and knows his stuff. The Survey asked me to \"Choose THREE attributes that best describe this service provider\" and I chose all of them. Unfortunately, they wouldn\'t publish it until I culled it down to three. But in reality, Lee Vendig exhibits all of the qualities listed, Great Results, Personable, Expert, Good Value, On Time, High Integrity, and he is Creative."
- Kenan Lott, PARTEN OPERATING INC. Houston, TX
Assets: Great Results, Personable, High Integrity
"Lee works directly with his clients providing information and details needed to provide best contracts with oil and gas purchasers. He has always been honest and fair on all his dealings with our company. I recommend him for companies without the expertise needed to know what the current market offers in dealing with Oil purchasers."
- Tom Sartor, FALCON RESOURCES INC. KILGORE, TX
Assets: Great Results, Expert, Good Value
"Increased our price received ten-fold."
- Greg King, SALIDA EXPOLRATION COMPANY ABILENE, TX
Assets: Personable, Expert, High Integrity
"Lee, hard to say all the good things about Lee, If you hire him you will not be disappointed. Integrity, results, and good guy. He will make you money."
- Mike Hodgden, Hodgden Oil & Gas Company Enid, OK
Assets: Great Results, Expert, Good Value
"Lee has handled the crude oil marketing for my company since 2011. He has done a very good job of maximizing our revenue to the fullest."
- Buddy Napier, HGN OPERATING ABILENE, TX
Assets: Expert, Good Value, On Time
"My company hired Lee Vendig as a consultant to help maximize the oil price received at our leases from various oil purchasers. We have been very satisfied with the results obtained."
- Jack Byrd, BYRD OPERATING COMPANY MIDLAND, TX
Assets: Great Results, Good Value, Creative
"I have worked with Lee on a couple of projects and his analysis and timing were very beneficial for our company. His recommendations literally increase our cash flow in the six figure range. The cost to do business with his company on a monthly basis is so minimum to the bottom line that I didn't hesitate to continue this relationship in other ventures. His relationships with the first level purchasers and his knowledge of their markets really shortened my decision tree and gave me a comfort level when negotiating for our company's marketing needs. If you need that extra comfort level before making your marketing decisions please give Lee a call."
- Rick Halprin, NORTHWIND ENERGY PARTNERS, LLC HOUSTON, TX
Assets: Great Results, Expert, High Integrity
"I have been working with Lee for over 5 years to market my crude oil. He has done a fantastic job beating the market over and over. I can't imagine ever using someone else. Lee is a true professional."
- Greg Thomas, DELTA OIL & GAS, LTD and DELTA C02 LLC BRECKENRIDGE, TX
NATURAL GAS MARKETING SERVICES: EAGLE FORD SHALE GAS PLAY
LDV Oil and Gas Consultants Provides Services to the Eagle Ford shale gas and oil play in the Texas Maverick Basin
The Eagle Ford shale gas and oil play is located within the Texas Maverick Basin. The play contains a high liquid component. This has led to the definition of three zones: an oil zone, a condensate zone, and a dry gas zone. Petrohawk first discovered the Eagle Ford shale in 2008. The initial well was located in the Hawkville field in LaSalle County, Texas. According to the Railroad Commission of Texas, as of September 2010, there are 162 completed wells in the Eagle Ford as well as 690 well permits. The area for Eagle Ford was calculated using maps and other data reported by the companies who are currently leasing acres with the Eagle Ford shale play. The area of the dry gas zone is estimated at 200 square miles.
The same process was done for the oil and condensate zone using the sum of the area for each company. The area of the condensate zone was estimated at 890 square miles and the area for the oil zone is estimated at 2,233 square miles. Eagle Ford has an average EUR of 5.0 BCF per well and 300 MBO per well. The shale gas and shale oil play has approximately 20.81 TCF of technically recoverable gas and 3.35 Bbl of technically recoverable oil. According to Talisman Energy and Rosetta Resources, 4 BCF per well was reported as a minimum value for the average EUR, and Petrohawk Energy and Murphy Oil Corporation reported a maximum value of 6 BCF.
Additionally, Petrohawk Energy estimated an average EUR range of 150 to 750 MBO per well. The average EUR obtained for the oil zone is 300 MBO, the condensate zone has an average EUR of 4.5 BCF and the dry gas zone has approximately 5.5 BCF EUR. The average well spacing ranges from 4 to 8 wells per square mile, with dry gas zone as the lowest, condensate zone the highest and the oil zone with a well spacing of 5 wells per square mile. The TRR for the oil zone is 3.35 BBO while the dry gas and condensate zones have EURs of 4.4 and 16.4 TCF respectively. The total TRR for the play is 20.8 TCF of gas and 3.35 BBO of liquids.
Other average properties were estimated for the Eagle Ford shale play. These estimates are depth (7,000 ft.), thickness (200 ft.), porosity (9%), and total organic content (4.25%).
There are more than 11 companies currently holding leases in the Eagle Ford shale play, their combined lease holdings own a total area of 2,125,500 net acres (3,321 square miles). Since Eagle Ford is a developing play, there is minimal information available on the future drilling activity for the companies currently holding leases within the shale.
One of the companies to discuss their future development is Pioneer Natural Resources, who plans to increase drilling activity to 6 – 7 rigs in year 2010, 10 rigs by 2011 and by 2012 they plan to be operating 14 rigs in Eagle Ford. According to Petrohawk Energy the average well cost ranges from 4.0 to 6.5 million dollars per horizontal well.