SEC to Big Gas Mafia, prove it’s not a ponzi scheme

I think Ian Urbina’s reporting is vindicated by this SEC action. Obviously there is enough doubt to motivate the SEC to issue subpoenas.  That’s not to be take lightly.

Regulators Seek Records on Claims for Gas Wells
By IAN URBINA

“The use of subpoenas makes clear that the S.E.C. is taking a formal, not a casual, look at the matter,” said a market research report on Thursday by Robert W. Baird & Co., an international financial services firm. The report also noted that subpoenas do not mean that the commission intends to take action against any particular company, and that estimating reserves is not an exact science.
[…]
Shale gas wells often decline sharply after their first year, but many in the industry had remained optimistic about the wells’ ability to produce at a slow but steady rate for decades. Others have doubted these assumptions, which may not be holding up.

From the comments on About the Big Gas Mafia ponzi scheme… we learn that Southwestern Energy falls as some wells’ output drops. Tim Ruggiero discovered that EnCana is plugging a well near him after 2 years of production because it’s played out.

Several years ago, someone put this comment on one of my blog posts:  “…all this destruction, so extensive, is for something that is mostly gone in about the time it takes a kitten to
grow up.”

About Sharon Wilson

Sharon Wilson is considered a leading citizen expert on the impacts of shale oil and gas extraction. She is the go-to person whether it’s top EPA officials from D.C., national and international news networks, or residents facing the shock of eminent domain and the devastating environmental effects of natural gas development in their backyards.

• Mail
|
• Web
|
• More Posts(5121)