Well, that was nice today -- price of oil almost back to $75, after dropping to almost $72 over the weekend.
There's a bit of new activity in the Little Knife oil field in the Bakken in North Dakota. This field is due west of the prolific Parshall and the Fort Berthold Indian Reservation. There has been a bit of activity in the field in the past, but it seems to be picking up. The Little Knife and Tracker have a "long" history, being in the news back in 2008.
First, Tracker Oil announces an IP of 1,246 bopd in its Little Knife Erickson 11-1H well (2 sections). That IP is right up there with IPs that we see with EOG in the Parshall oil field. Great news. I haven't tracked enough Tracker wells to know how their IPs compare with EOG's or BEXP's, but if Tracker is in line with EOG, this was a very, very nice well.
And then today, 1 Feb 10, both Tracker Oil and Burlington Resources were granted one new permit each in the Little Knife oil field. The Little Knife oil field is approximately 178 sections compared to the Parshall with 161 sections, and the Clear Water with 101 sections.
Meanwhile, BEXP has reported some more great wells (4Q, 2009). BEXP's operated Jackson 35-34H#1 and Owan-Nehring 27-34#1H produced approximately 3,540 boepd and 2,513 boepd, respectively, both from the Bakken formation. Both were completed with 30 frac stages. The press release also revealed several additional BEXP non-operated wells in which is has a working interest. The list is pretty impressive.
On another note, regardless of my analysis of EOG late last autumn, it appears one should have invested in EOG when one had the chance when it was under $90. Today, it rocketed up $5.00, to over $95.00.
