Producers: CLR (3), Marathon (2), BEXP (2), G3 (2), and Whiting.
Fields: Reunion Bay, Banks, Sanish, Dollar Joe, Cabernet, Pembroke and two wildcats.
The two wildcats will be G3 wells on a single pad about 18 miles north-northwest of Williston.
Two BEXP wells will also be on a single pad in the Banks field. The Banks field is opposite the Stockyard Creek on the other side of the river (Banks is on the south side; Stockyard Creek is on the north side.)
[Inside the original post: "Interestingly enough, the company that first advocated multiple wells on one pad, received three new permits today but all three of CLR's new permits will be in different locations (different fields, for that matter)." See first comment below: CLR is concentrating on getting current lease activity tied up; according to recent earnings call, in two to three years, most of their rigs will be back on Eco-Pads.]
Whiting has another permit in its cash cow, the Sanish.
The state is on track for 1,819 new permits for calendar year 2011.
On today's daily active report, Slawson's Silencer 1-29H, reported an IP of 1,026 bopd. Burlington Resources' Phantom Ship 24-22H reported an IP of 1,885 bopd.
But this is what is most interesting: eleven wells were released from confidential status, but two were canceled permits. So, we're talking about nine wells. Of those nine wells, only three reported an IP. Six wells were completed; they reached total depth, but did not report any production. This tells me that they are still waiting to be fracked. If the well went on the confidential list the day it was spudded, and it reached total depth in 30 days, that means the folks have waited five months to get it fracked. Huge backlog for fracking. I haven't seen this in a long time (if ever), where six out of nine wells (2/3rds) are not reporting production at end of six months confidential status because they are waiting to be fracked.
Marginal players, under-capitalized companies, small producers, etc., are not going to be able to survive financially if they have to wait five months to get a well fracked that was otherwise completed in less than 30 days.
In last weeks presentation listening to the question and answer portion eco pads were brought up. Right now CLR is concentrating on getting leases tied up. In two or three years most all of their rigs will be drilling eco pads. Later this year they are working with "one of their partners" to drill out one of their units, or something. I assumed that to mean they will take a 2560 spacing unit and drill it to end up with 4 eco pads.
ReplyDeleteGreat comment. Thank you. I was literally overwhelmed with so much data I was unable to get through all of it. You are absolutely correct. I will update the post and note your comment.
ReplyDeleteI get a real kick out of trying to sort out the strategy of the Bakken players. Thank you.