If you want to see why I'm "inappropriately exuberant" about the Bakken, check out my summary of the NDIC dockets, February 24 - 25, 2010. Tracker is requesting permits for 225 wells in one case, and I count about eleven requests from CLR for Eco-Pads.
Oil futures are hovering around $77/bbl oil.
There are now 92 active rigs in North Dakota, two more than yesterday, and almost three times as many as the low point about a year ago.
Yeah, I'm excited.
[On another note, it is literally impossible for me to keep up with all the great news coming out of the oil patch in North Dakota. With earnings season beginning, it's even more difficult. Energy companies are reporting upbeat earnings, increasing dividends, and getting upgrades. Even oil companies that took a "hit" this quarter compared to a year ago, are still being upgraded -- can you spell "XOM"? If they took a "hit" this quarter, it had to do with relative decreased price of oil compared to last year, or due to refining. Money is being lost with refining, but the good news for refiners -- more and more refineries are shutting down in the US. And don't worry about new refineries being built in the US -- environmentalists will see to it that doesn't happen. A Brazilian company is exploring a new refinery in the US. That will be interesting to follow.]
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