Say what you want, but it certainly doesn't appear oil companies are closing the gap in wells that need to be fracked/completed.
In today's daily activity report, twelve (12) wells came off the confidential list, and only two reported results. The other ten (10) are on DRL status and waiting to be completed.
A rule of thumb: a company needs a ratio of one dedicated frack team for every three rigs. It takes about 15 days for these rigs to reach total depth these days, and frack teams take about 5 days to move in, frack, and move on. If you want to move the drilling time to 21 days, fine, but the frack teams are probably closer to seven days, start to finish. However you how slice it, it looks like 3 rigs requires 1 dedicated frack team. CLR has about 22 rigs; 5 frack teams, I think. Oasis about 7 rigs, and 2 frack teams; Oasis will be adding a third frack team, but will be adding two more rigs by the end of the year.
There were seven (7) new permits issued today:
Operators: OAS (2), Fidelity (2), CLR, WLL, and Denbury Onshore.
Fields: Alkali Creek, Glass Bluff, Cottonwood, Elkhorn, and a wildcat.
Fidelity has two permits on one pad in the Sanish (exciting for MDU).
OAS has the wildcat in Williams County.
Most interesting is WLL's permit in Elkhorn field, in Billings County, center of activity for Three Forks.
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