American Oil and Gas Reporter - October 2016 - 88

ConventionSection: Oklahoma Independent Petroleum Association

Hope Starting To Build In
Oklahoma Industry
By Del Torkelson
OKLAHOMA CITY-If a monitor
could detect the oil and gas industry's
collective hope, Oklahoma Independent
Petroleum Association Chairman Jeffrey
McDougall says he thinks it would be
identifying more of late.
Part of that hope, reasons McDougall,
president of JMA Energy Company LLC
in Oklahoma City, stems from minor,
short-lived commodity price rallies, some
linked to nothing more substantial than
what he calls "jawboning" between the
Organization of Petroleum Exporting Countries and Russia. Even so, McDougall also
can cite more significant indicators, such
as a gradual increase in oil field activity.
The expectation of better days ahead

88 THE AMERICAN OIL & GAS REPORTER

should add some wind to OIPA's sails as
it prepares for its 2016 fall conference,
scheduled for Oct. 23-25 at the Big Cedar
Lodge outside Branson, Mo. "The rig
count has popped up in places," he observes. "As the end of the year approaches,
many companies, especially public companies, know they need to grow production
to get Wall Street off their backs, or they
have been induced by the possibility of
improving oil prices and think it is time
to get started, since costs are way down."
Attractive Plays
McDougall readily admits he has no
special commodity price clairvoyance, but
says his company continues to stick to its
overriding business philosophy. "We have
a heavy hedge book, and try not to speculate

as much as simply try to make sure we
are protected on liquidity," he says. "But
you cannot hedge a PV10. Nobody can
hedge far enough out to totally protect the
value of his company from the dips."
While JMA continues to gravitate toward horizontal, conventional reservoirs
in western Oklahoma, McDougall acknowledges, its approach has evolved
somewhat. Like a number of other producers, lower service and supply costs
enticed the company to keep drilling,
even as commodity prices fell. As it did
so, he says, JMA built a small inventory
of drilled and uncompleted (DUC) wells.
Then it pivoted, dropping its rig around
the end of July and completing the last of
its DUCs around Labor Day, he reports.
Most of the company's activity in the



American Oil and Gas Reporter - October 2016

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American Oil and Gas Reporter - October 2016 - Cover2
American Oil and Gas Reporter - October 2016 - Contents
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