Three (3) New Permits -- January 12, 2015

From Reuters:  

WILLISTON, N.D., Jan 12 (Reuters) - The number of drilling rigs operating in North Dakota's oil fields fell to 159 on Monday, the lowest level since November 2010 and the latest reaction to falling crude oil prices, according to state data. Overnight the state lost eight rigs, a steep one-day drop not seen for years in the No. 2 U.S. oil producer. 

Rigs are typically contracted by oil producers to bore through the earth and create horizontal wells. 

The rigs then move on, and the wells are hydraulically fractured, or "fracked." 

The number, which is tracked closely throughout North Dakota, comes after Continental Resources Inc, Oasis Petroleum Inc and other companies slashed planned spending for 2015, openly admitting they planned to use few rigs this year. 

The rig count is widely seen as a key barometer of an oil field's health and longevity. More rigs means more wells are being drilled and more oil can be produced. A slip in the number implies flat or falling production. 

To be sure, technological and drilling efficiencies have led oil producers to use fewer rigs, though analysts attribute this latest drop in rig usage to falling oil prices.

	1/12/2015	01/12/2014	01/12/2013	01/12/2012	01/12/2011
Active Rigs	156	192	182	200	167

Wells coming off the confidential list over the weekend, Monday have been posted. See sidebar at the right.

Three (3) new permits --

• Operators: EOG (2), Whiting
  Fields: Parshall (Mountrail), Sanish (Mountrail)
• Comments: Circling the wagons?

Four (4) producing wells completed:

• 28312, 1,743, XTO, Hoffmann 14X-12E, Siverston, t12/14; cum --
• 28311, 1,429, XTO, Hoffmann 14X-12B, Siverston, t12/14; cum --
• 28313, 2,012, XTO, Hoffmann 14X-12A, Siverston, t12/14; cum --
• 27679, 1,678, XTO, Thompson Federal 41X-17-TF2, t12/14; cum --

Wells coming off the confidential list Tuesday:

• 27069, 1,808, WPX, Good Voice 34-27HZ, Spotted Horn, t11/14; cum 14K 11/14;
  27383, drl, XTO, Berquist 31X-2G, Garden, no production data,
  28022, conf, QEP, Moberg 2-20-21TH, Grail, a nice well,
  28323, drl, Abraxas, Stenehjem 27-34-4H, North Fork, no production data,
  28459, 2,350, MRO, Otto 14-23H, Bailey, t11/14; cum 17K 11/14;
  28537, drl, Hess, BW-Norgard-149-100-1102H-2, Ellsworth, no production data,
  28627, drl, CLR, Rennerfeldt 5-30H1, Brooklyn, no production data,
  28650, drl, XTO, HM Hove 34X-33H, West Capa, no production data,

Pressure builds to end ban on US oil exports. Politico is reporting:

Oil companies are pleading with Washington to jettison the ban on exporting U.S. crude oil, but many of the industry’s allies in the Republican Party aren’t sold on the idea.

Advocates of scrapping the ban hope that rock-bottom gasoline prices and a glut of oil will help convince fence-sitters in Congress to support ending the decades-old restrictions. But a new poll shows it may not be that simple.

 I've always said a blanket law allowing US exports of oil is unlikely in my investing lifetime.