Fracklog -- June 16, 2015

From today's list of wells coming off the confidential list (complete data is here):

• 26453, drl/NC 
• 27853, 392
• 28862, drl
• 29322, 1,121 
• 29462, SI/NC 
• 29851, SI/NC
• 29876, SI/NC 
• 30066, SI/NC
• 30129, SI/NC 

Nine wells came off the confidential list today. Only two reported an IP. The "SI/NC" wells stand out like a  .... red thumb. I'm not quite sure what the difference is between SI/NC and drl/NC. I think it's mostly an administrative thing. 

Bottom line, 7/9 wells coming off confidential list were not completed. Before the slump in oil prices, wells that were not completed were simply put on the DRL list and would be completed as soon as possible. Now, these wells are being "shut in" and won't be completed until ... well, no telling when.

And that's why the "fracklog" on the Director's Cut that will be released this week is the most anticipated data point. [The second most anticipated data point: price folks are getting for Bakken oil vs WTI.] 

Under "normal" circumstances during the boom, the number of wells waiting to be fracked was in the neighborhood of 250. When it went to 450, it caught people off-guard, to some extent.

Sevenhundredfifty wells waiting to be completed ... unheard of. And then last month: 900. It's hard to believe the number won't be higher in the next report when one sees lists like the one above.

By the way, the #27853 well is a "high-IP" producer.  At 54 stages and 14.4 million lbs of sand, I will let you guess the operator. The production profile:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	4-2015	30	10525	10358	19536	7008	6524	0
BAKKEN	3-2015	24	13778	13971	20430	6567	6208	0
BAKKEN	2-2015	28	36266	36605	44408	22185	21733	0
BAKKEN	1-2015	29	43004	42486	72664	19963	19499	0
BAKKEN	12-2014	13	6256	6122	24826	2251	2041	0