Field notes with a point of view.
Shorter than our research papers, built around one useful idea. Operations, deal math, and hard-earned lessons for independent producers and buyers.
Latest articles
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InvestingInvesting in oil the boring way: cash-flowing Oklahoma and Kansas leases
Why small producing packages in the Anadarko and Hugoton beat drilling deals for investors who want monthly checks instead of a story.
OperationsThe real profitability of stripper wells: where the margin actually lives
A ten-barrel-a-day well is not a rounding error. It is a small business with a fixed cost problem — and the fix is usually operational, not geological.
EconomicsEnd-of-life wells: economics, plugging liability, and where the ROI hides
Late-life leases are priced on fear of the abandonment bill. Underwrite that bill correctly and the return on a reworked Kansas or Oklahoma package can be extraordinary.
DiligenceHow to evaluate a stripper well before you wire money
The eight things to check on a ten-barrel-a-day well, in the order a buyer should check them — and the three that kill deals.
DiligenceWhat to look for in a PDP package: reading reserves like a buyer, not a broker
Proved developed producing reserves are the only reserves you should pay full value for. Here is how to test whether the report in front of you is defensible.
DiligenceKansas and Oklahoma leasehold due diligence: a working checklist
State-by-state records, bonding, and transfer mechanics for buying producing leases in the Mid-Continent — the list we actually run before we make an offer.