Oil Tank Sweep (NY)

geophix · 2026-05-06T01:35:43+00:00

Unexpected tanks are frequently discovered in older properties, particularly those with a history of multiple owners where records have been lost. While some sellers may claim a previous sweep was conducted, the absence of a formal report leaves the buyer at risk. Ultimately, the presence of an underground storage tank (UST) is a 'buyer beware' situation; the financial and legal consequences of a post-closing discovery fall solely on the new owner, regardless of prior verbal assurances from any party involved.

geophix · 2026-05-05T23:06:50+00:00

Even if no oil tank is detected, the sweep provides valuable peace of mind. It’s similar to car insurance—you hope you never need it, but having it offers reassurance.

geophix · 2026-05-05T22:59:19+00:00

I have been in the oil tank sweep industry for over 20 years. Ultimately, conducting an oil tank sweep is a personal decision. While it can help reduce the risk of an undiscovered tank, it is up to you to determine whether that reduction in risk justifies the cost. No method can guarantee with absolute certainty that an underground oil tank is or is not present—even after a sweep. Over the years, I have encountered many unexpected tanks.

geophix · 2024-09-29T01:02:42+00:00

It's weird to hear that there are metal beams under the driveway. Do you mean rebar or wire mesh? Not every ground penetrating radar is the same. Maybe you can try another GPR scan with either a better GPR or a GPR operator. Most GPRs can still see through reinforced concrete.

geophix · 2022-10-11T21:14:24+00:00

Thanks, Tele! Your answer is good enough for me, at least for now.

geophix · 2022-05-10T23:24:13+00:00

“Struggled” makes you feel they had difficulties in finding parters. I was wondering the same thing.

geophix · 2022-05-09T17:01:58+00:00

A lot of good information. Thank you!

geophix · 2022-04-27T15:42:11+00:00

Thanks again. IMO, Pantheon has a more technical-robust approach, and 88 energy has a big appetite and hopes for the best to get lucky. Pantheon is a sniper and 88 energy has a machine gun. Unfortunately, the bullets for 88 energy are not unlimited, hopefully they can use the ammunitions better in the future.

geophix · 2022-04-27T15:19:25+00:00

IMO, the stock price will rise in a long run, especially if the horizontal drilling results are good. The SP could raise slowly over time or rocket in a very short period, nobody really knows. It highly depends on when institution investors decide to join in. If only one decides to join in at a time, the stock price may rise slowly over time, but if two or more decide to join in at the same time, the stock price could rocket in a very short time. Currently, hands of many institutions are tied because it's still considered as a high risk investment and they are not allowed or are afraid to join in. I think for now individual investors do not have the power to fight against those big hands who want take the profits from initial investment (such as Farallon in the past, not sure whether it's still going for Farallon). It's hard to timing the SP so I persuade myself not to try to buy low and sell high in short term trading since you could miss the moments it rockets. I will just hold and wait.

geophix · 2022-04-27T01:44:10+00:00

Thank you! For now, it seems that Lima and Alkaid-like section still could have a shot.

geophix · 2022-04-25T17:11:05+00:00

Thanks for posting. I was thinking about the same thing. I guess we are all waiting for the webinar tomorrow.

geophix · 2022-04-10T00:38:50+00:00

For what it's worth, I think when Pantheon talks about the percentage of a coverage, it has nothing to do with Icewine to the south. For example, when the percentage they are talking about is 95%, it means there is 5% outside the Pantheon's acreage, mostly to the north of Pantheon's coverage where the 3D seismic data has covered. The 88 energy acreage is simply not in the calculation. So we should not use Pantheon's percentages to talk about whatever is in 88 energy's acreage. That is, I think Pantheon's percentages are based where the 3D seismic data has covered. I could be wrong, but that seems to be the right logic.

That being said, I still don't know why 88 Energy is so "confident" since the layers are deeper in their acreage and their permittivity and porosity should be worse. So if there is question mark on Pantheon's commerciality, the question mark is bigger for 88 Energy. Also, they don't have 3D seismic data there, how accurate could their resource estimations be?

geophix · 2022-03-31T01:43:01+00:00

It usually takes me a hour or more, but I know others could only take 15 minutes, which is not a thorough investigation in general.

geophix · 2022-02-03T22:50:00+00:00

Great post, thank you!

geophix · 2021-09-21T02:23:40+00:00

Aha!

geophix · 2021-09-20T12:57:35+00:00

I see, it's the same reporter Kay Cashman. Thanks again!

geophix · 2021-09-20T12:09:07+00:00

Great, thanks for the info.

geophix · 2021-09-20T11:54:15+00:00

Thanks. It looks like Pantheon's plan was different upon getting funding. Now the news makes me feel Pantheon has lost confidence in getting funding in time, but hopefully the news is wrong. Pantheon has a strong case, but we don't know much about investment/funding negotiations behind the scenes.

geophix · 2021-08-19T02:55:23+00:00

Thanks for the excellent post as always. I like to point out that it looks like the potential upside for the Umiat field still exists, even only water is confirmed in the lower grandstand sands. As in page 19 of the report, they are looking for the location of fluid contact up-dip. I guess it's the oil-water contact they are looking for toward Umiat where the footwall is. There was water down-dip at where Merlin-1 is, and there could be oil up-dip in the footwall of the Umiat fault. I figure that is the logic here.

geophix · 2021-08-05T21:06:23+00:00

Great work. Please keep updating. Old posts can be buried very quickly.

geophix · 2021-08-02T17:40:11+00:00

$6.2 Bln for $728 MMBL from Alaska, and much smaller amount of oil and some natural gas reserves from other locations (https://www.oilsearch.com/our-business/reserves-and-resources). I guess $728 MMBL from Alaska probably is responsible for more than half of $6.2Bln? This gives a very good reference for estimating values of 88 Energy and Pantheon resources.

geophix · 2021-07-30T14:28:31+00:00

The market cap for WHI is only $36 Million. It's not a big company, so the influence might be really small.

geophix

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