Thursday, November 29, 2018

WTI Claws Its Way Back To $51 -- November 29, 2018

Active rigs (note: some folks suggest that there is some double-counting, and that the number of active rigs is closer to 62 than 66 but this has been going on for a couple of days now) (on another note, it is hard to believe that "185" is still showing up as the number of active rigs at one time -- only four years ago):

Active Rigs66553964185

Nine new permits: pending.
  • Operators: Whiting (4); Enerplus (4); Lime Rock
  • Fields: Mandaree (Dunn); Foreman Butte (McKenzie County); Dimond (Burke)
  • Comments: Whiting has permits for a 2-well Link pad in section 12-150-102; permits for another 2-well Link pad in section 14-150-102; Enerplus has permits for a 5-well "ND winter" pad in section 7-149-93; and, most interesting, Lime Rock has a permit for a Birdbear well in Dimond oil field, #35797, section 15-160-91;
Note: in light of the better wells we are seeing, it will be interesting to follow the Whiting Link wells. Based on the amount of (or better said, lack of) activity in the area of the Link permits/wells, I would think it would be a "tier 2" play -- CLR/Whiting/Oasis -- one of the three, I forget which -- in a recent corporate presentation said that based on their better completions, they were adding some "tier 2" locations to their core positions. This may be an example. The Foreman Butte oil field is a bit south, and a bit west of Alexander. So, for my dad and for me, when driving south from Williston and taking that big swing to the east, we would look to our right and see Foreman Butte, where the deer and the antelope play. We would also see that huge (new) truck stop, and a man's camp that might now be boarded up. At one time, it was a fairly busy man camp. Wow, that seems like a long time ago.

The graphic:

Two producing wells (DUCs) reported as completed:
  • 33530, 1,672, Hess, AN-Gudbranson-153-94-2215H-11, Elm Tree, t10/18; cum 19K over 16 days which extrapolates to 36K over 30 days;
  • 33529, 2,054, Hess, AN-Gudbranson-153-94-2215H-12, Elm Tree, t10.18; cum 19K over 13 days which extrapolates to 45K over 30 days;
  • the AN-Gudbranson wells are tracked here;
Five permits renewed:
  • EOG (2): two Austin permits in Mountrail County
  • Newfield: a Sorenson Federal permit in McKenzie County
  • Whiting: an Earl permit in Williams County
  • Rimrock Oil & Gas: a Moccasin Creek permit in Dunn County

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