Nine (9) New Permits -- The Williston Basin, North Dakota, USA

Active rigs:

	3/10/2014	03/10/2013	03/10/2012	03/10/2011	03/10/2010
Active Rigs	191	187	206	172	102

Nine (9) new permits --

• Operators: Whiting (6), Newfield (2), OXY USA
• Fields: Hay Creek (McKenzie), Sanish (Mountrail), Tobacco Garden (McKenzie), Harding (McKenzie), Crooked Creek (Dunn)
• Comments:

Wells coming off the confidential list over the weekend were posted earlier; see sidebar at the right. 

Two(2) producing wells were completed:

• 25973, 1,812, KOG, P Vance 154-97-4-17-20-13H3, Truax, t2/14; cum --
• 25812, 165, Slawson, Jugard (federal) 6-26-35TFH, Big Bend, t1/14; cum 4K 1/14

Wells coming off the confidential list Tuesday:

• 22221, 1,379, Oasis, Innoko 5301 43-12T, Baker, t9/13; cum 26K 1/14;
• 23878, drl, CLR, Juneau 5-11H, Brooklyn, no production data,
• 24706, 2.062, Oasis, Kristie 5300 13-13B, Willow Creek, t10/13; cum 65K 1/14;
• 25120, 1,376, Oasis, Annie 5502 43-7B, Squires, t11/13; cum 18k 1/14;
• 25121, 792, Oasis, Aerabelle 5502 43-7T, Squires, t11/13; cum 10K 1/14;
• 25309, 528, Oasis, Gasser 5892 21-30T, Cottonwood, t10/13; cum 17K 1/14;
• 25310, 1,023, Oasis, Harvey 5892 21-30B, Cottonwood, t10/13; cum 21K 1/14;
• 25535, drl, KOG, P Thomas 154-98-14-33-4H, Truax, no production data,
• 25559, 338, Oasis, Domino 5002 43-11H, Foreman Butte, t11/13; cum 24K 1/14;
• 25571, 1,427, Oasis, Colville 5301 44-12T, Baker, t9/13; cum 22K 1/14;
• 25686, 251, Oasis, Demorrett 5693 43-12B, Alger, t10/13; cum 38K 1/14;
• 25938, 377, SM Eenrgy, Windfaldet 2-4H, Garnet, t1/14; cum 7K 1/14;
• 26034, 545, Oasis, Bonita 5992 42-22 2B, Cottonwood, t10/13; cum 15K 1/14;
• 26287, drl, MRO, Adam Ell 34-33H, Murphy Creek, no production data,

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Other Oil News

 

 American Eagle Energy (AMZG)

American Eagle Energy announces exercise of purchase option and updated 2014 capital budget; Announces offering of 10 mln shares of common stock after giving effect to a 1 for 4 reverse stock split that will occur concurrently with pricing of the offering (AMZG) 2.00 -0.05 : Co announced the exercise of its option to purchase increased working interests in its Spyglass Area and updated its 2014 capital budget. The Company has notified its JV Partner in its Spyglass Area of the exercise of its purchase option to increase its working interests on existing acreage from ~44% to 55% in its total Spyglass Area and from ~51% to 60% in its proved area of Spyglass for total consideration of $47 million.

The Company is also updating its 2014 capital budget to include a continual two rig horizontal drilling program on the Company's ~37,900 pro forma net acres in the Spyglass Area of the Williston Basin. The Company plans on spending $86.1 million on drilling and completion activity. The Company plans to spend $82.2 million to drill 24 gross (13.8 net) operated wells and $3.9 million to participate in 0.6 net non-operated wells by year-end 2014.

Co also announced it intends to commence an underwritten public offering of 10,000,000 shares of the Company's common stock after giving effect to a 1 for 4 reverse stock split that will occur concurrently with pricing of the offering. The Company plans to use the net proceeds from this offering (i) to fund the exercise of its purchase option to acquire a portion of its JV partner's interests in its existing acreage and wells in the Spyglass Area, (ii) to fund a portion of its capital budget for the 12-month period ending December 31, 2014, and (iii) for general corporate purposes, including working capital and additional leasehold acquisitions. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. Johnson Rice & Company L.L.C. is acting as sole book-running manager, Northland Capital Markets and Euro Pacific Capital are acting as senior co-managers, and Canaccord Genuity and Wunderlich Securities are acting as co-managers of the offering.

After hours, upon announcement, stock dropped over 10%.

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