Falling Fast -- Active Rigs In North Dakota Down To 148; Hess To Spend 18% Less In The Bakken YOY -- January 28, 2015

Active rigs:

	1/28/2015	01/28/2014	01/28/2013	01/28/2012	01/28/2011
Active Rigs	148	191	190	204	163

Harold Hamm suggested some time ago the number of active rigs in North Dakota could end up around 100.

*****************************

More On The Hess Announcement

The AP is reporting:

Oil and gas producer Hess Corp., a major operator in the North Dakota oil patch, plans to reduce spending in the region by over 18 percent this year — in part due to a steep drop in oil prices.

Hess announced this week that it plans to spend $1.8 billion in the Bakken, down from $2.2 billion in 2014.

Hess President and Chief Operating Officer Greg Hill said the company will also have fewer drilling rigs and will complete fewer operating wells.

John Roper, a spokesman for Hess, said while the declining price of oil has played a role in the company's decision, part of the changes in the Bakken are due to new technology. Roper said due to efficiencies and improvements in drilling, Hess expects to drill almost as many wells this year while running only half the drilling rigs.

Hill said Hess feels confident its leases in the Bakken can be productive and profitable in 2015.