Twenty-Five Permits Renewed; WTI Plummets 4% During The Day; Recovers A Bit By End Of Day -- August 8, 2018

Fast and furious:

• India's top refiner buys US oil to partially replace Iranian crude. Making America great again.
• Canadian-Saudi spat: Saudi will stop exporting oil to Canada.
• Prince Salman's unemployment problem.

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Back to the Bakken

Active rigs:

$66.94↓↓↓	8/8/2018	08/08/2017	08/08/2016	08/08/2015	08/08/2014
Active Rigs	65	56	34	73	193

Eight new permits:

• Operators: WPX (6); BR (2)
• Fields: Squaw Creek (McKenzie); Corral Creek (Dunn)
• Comments: WPX has permits for a 6-well Minot Grady pad in SESE 23-149-94 (see below); BR has permits for a 2-well Prairie Roas/Meriwether pad in Lot 2/section 30-147-95;

Twenty-five permits renewed:

• Crescent Point Energy (8): four CPEUSC Jean permits; four CPEUSC Tami permits in Williams County
• BR (4): four Ivan permits in McKenzie County
• Hess (3): three BL-Myrtrice permits in Williams County
• Statoil (3): three Martin permits Williams County 
• Petro-Hunt (2): two Noonan Federal permits in McKenzie County
• Resource Eenrgy: one Marshall permit in Divide County
• MRO: one Jan permit in Mountrail County
• Zavanna: one Raven permit in McKenzie County
• BTA Oil: one Audrey permit in Golden Valley County
• Denbury Onshore: one CHSU permit in Bowman County

Three producing wells (DUCs) reported as completed:

• 33743, n/d, Bartelson Federal 44-31-4H, Sanish, t-- ; cum --
• 33745, n/d, Bartelson Federal 44-31-3TFH, Sanish, t-- ; cum --
• 34106, 2,051, Whiting, Ellis 24-31-2H, Epping, t7/18; cum -- 

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The Minot Grady Permits In Squaw Creek

In that section, there are only three wells:

• 21301, 1,086, Enerplus, Pointer 149-94-23AH, Squaw Creek, t9/17; cum 173K 6/18;
• 21300, conf, Enerplus, Terrier 149-94-23AH-TF, Squaw Creek,
• 19881, conf, Enerplus, Hall 23-21H, Squaw Creek,

21301:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	6-2018	25	8266	8072	4015	11528	7841	0
BAKKEN	5-2018	29	10076	10800	4132	9169	4392	20
BAKKEN	4-2018	30	11422	11661	5136	10280	0	5523
BAKKEN	3-2018	30	12268	11666	5862	11164	2387	4205
BAKKEN	2-2018	3	1513	2026	625	2313	1897	0
BAKKEN	1-2018	31	15785	15569	6773	14365	4746	4875
BAKKEN	12-2017	29	16220	16347	6223	20106	15798	0
BAKKEN	11-2017	30	21804	21946	9325	25399	20642	0
BAKKEN	10-2017	30	26010	26205	12909	23902	21756	0
BAKKEN	9-2017	30	31760	31772	17071	28901	9711	17060
BAKKEN	8-2017	12	18372	16996	21731	16718	0	16715

But, WPX is drilling these horizontals into sections 26/35 to the south. These are the wells in that drilling unit:

• 35011, conf, WPX, Spotted Horn 26-35HD, Squaw Creek,
• 35012, conf, WPX, Spotted Horn 26-35HA, Squaw Creek,
• 35013, conf, WPX, Spotted Horn 26-35HW, Squaw Creek,
• 35014, conf, WPX, Spotted Horn 26-35HB, Squaw Creek,
• 20238, 180, WPX, SPottedHorn 26-35H, Squaw Creek, t1/12; cum 186K 6/18;
• 35240, conf, WPX, Spotted Horn 26-35HUL, 

The new permits are "Minot Grady" permits -- a google search of "Minot Grady" -- suggests a nice backstory.