# The Patch In Oklahoma | Berlin Royalties

> Times have been better, but they have been worse. Oklahoma oil and gas operators are in a pinch. Did Chesapeake experience a dead cat bounce t…

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## The Patch In Oklahoma

By **Stephen Clayman** · February 24, 2016

Times have been better, but they have been worse. Oklahoma oil and gas operators are in a pinch. Did Chesapeake experience a dead cat bounce today? Will Linn Energy survive to the winter wheat harvest in Tuttle, Oklahoma? Lease prices are down and the litigating is up. The only thing we know about prices is that no private equity shop or big Wall Street bank will ever hit the nail on the head. They will always be wrong. "This time is different," "macro-price environment," "commodity headwinds," "the land grab is over," "SCOOP STACK MERGE," "NAPE was interesting," "lot of cash sitting on the sidelines," "ENCAP or NGP?" It doesn't even matter. It's all a game. Not "the Greatest Game," but a good one. Pawns hand over their money and take a 2%/20% haircut for the chance to sit at the table. It's a resources play they say, don't even need geologists. A damn shame.

More to follow.

Berlin

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