Eleven New Permits; Two Permits Renewed; Three DUCs Reported -- September 10, 2020

First things first: tennis tonight, and NFL. Rumors are the NFL football game will be quite a spectacle for #BLM and social justice. Could be fun to watch. 

$20-oil? Some time ago, there were predictions that WTI could hit $20. It never happened. The tea leaves suggest it could happen this time. I think GS was predicting $20-oil about the same time they were betting on $100-oil.

Headline: floating storage begins to fill up as demand wavers. $20-oil? Don't bet against it. I think we're going to see a new wave of bankruptcies, mergers, asset sales, etc. That's easy. The question is will we see some "action" among the majors? Where will we see headlines next? Drillers or refiners?

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Back to the Bakken

Active rigs:

$37.30	9/10/2020	09/10/2019	09/10/2018	09/10/2017	09/10/2016
Active Rigs	12	64	66	55	37

Eleven new permits, #37830 - #37840:

• Operators: MRO (7); WPX (3): Midwest AgEnergy Group
• Fields: Heart Butte (Dunn County), Wildcat (McLean), Reunion Bay (Mountrail);
• Comments:
• MRO has permits for seven new USA wells in Reunion Bay (Mountrail County);
• WPX has permits for three new Dakota wells in Mandaree oil field;
• Midwest AgEnergy Group, LLC, has one new permit; this is the first ND permit for this company; at this website:
• Categorized under Ethyl Alcohol, Ethanol. Our records show it was established in 2013 and incorporated in ND. Current estimates show this company has an annual revenue of 4799702 and employs a staff of approximately 44; Spiritwood, ND, about 11 miles ENE of Jamestown, ND; there was a natural gas well drilled to about 5,000' back in 1984 or thereabouts; dry;

Two permits renewed:

• Whiting: two Klose Federal permits in McKenzie County;

Three producing wells (DUCs) reported as completed:

• 32386, SI/A, CLR, Antelope Federal 11-23H2, Elm Tree, --;
• 36635, drl/A, WPX, Nighthawk 6-34HT, Heart Butte, 10K in 23 days;
• 34951, drl/A, Petro Harvester Operating, PTL4 10-15 163-92D, Portal, t--; cum 40K 7/20;