- Good: 35%
- Bad: 65%
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Now, for a new question. It's a bit complicated; it's hard to me to phrase it just right, but most folks who are following the Bakken, will understand the "intent" of the question.
Background: Some folks elsewhere appear to want the North Dakota legislature or the NDIC set deadlines for drilling additional wells on a spacing unit once the first producing well has been drilled and the commission has approved additional wells. The folks are concerned that operators will not drill additional wells on a spacing unit once the unit is held by production. It is important to note that a Bakken well tends to produce 20% of its EUR in the first year of production. The rest will be produced over the next 20 to 30 years. There are significant tax breaks and incentives for oil produced in the first year. At least that's my understanding.
So, the new question, for mineral owners only:
For mineral owners only: if the price of oil drops to $40/bbl, would you want your operator to drill a new well at that time, or when oil is back to $100/bbl?
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CommentI first started doing the polls because my 9-y/o nephew put a poll on his blog and I wanted to see if I could do it. It turned out to be quite simple. The polls are kind of a pain: thinking up a poll question and then doing the technical stuff to get it posted. Interestingly enough, after all these polls, it turns out that this one in this post has actually helped me think through some interesting issues with which the NDIC has to struggle.
As I've been repeating more often recently: I don't think most folks have really made the leap to tight oil. I know I understand less than 1% of the Bakken.
