New Director's Cut -- June 20, 2011

Link here.

Production down in April, due to spring flooding, I believe:

• March, 2011, oil: 360,279 bopd
• April, 2011, oil: 351,183 bopd
• Record oil production remains at 360,279, March, 2011)
• March producing wells: 5,439
• April producing wells: 5,536 (all time high)

Permitting

• March, 2011: 149
• April, 2011: 125 (all time high: 245, 2 Nov 10)

Pricing

• March, 2011: sweet crude, $95.51
• April, 2011: sweet crude, $103.91
• Back of envelope calculations: March, 360,279 x 95.51 = $34.410 million; April, 351,183 x 103.91 = $36.491 million.

Director's comments:

Decreased production due to wet spring weather likely to last through June. The idle well count dropped to 757 but is still near record highs. There continues to be surplus crude take away capacity with pipeline, rail and truck all included. Leasing remains focused on renewals and top leases in the Bakken - Three Forks, but there is significant activity south of Dickinson to the South Dakota border. Flaring his a new record, 28.5%. Significant new natural gas plant and gathering pipeline expansions have been announced but have to wait for drier weather.

Rigs

• 20,000-foot capable rigs: over 90% utilization rates
• 7,000 or less-capable rigs: less than 50% utilization rates