Arthur Berman on Shale Gas(ASPO meeting in Washington DC, October, 2010)(from Art Berman’s ASPO-USA presentation in October 2010)
“The plays have consistently contracted to a core area that represents 10-20% of the resource that was initially claimed. The manufacturing model has failed.”
“Reserves have been greatly over-stated and 80% of booked reserves are undeveloped.”
“These are not low-cost plays: the marginal cost of production for most companies is $7.50/Mcf based on SEC 10- K filings over the past 5 years
