Four New Permits -- September 3, 2019

Permian: before we get to the Bakken, this from Investor's Business Daily:

• Concho Resources, largest producer in the Permian
• will sell assets in its New Mexico Shelf
• buyer: Spur Energy Partners
• price: $925 million, but let's call it a billion
• 100,000 gross (not net) acres
• acreage valued at $725 million to $875 million
• analyst: very small percentage of Concho's overall Permian assets
• analyst: producing wells most mature older vertical wells

Spur Energy, from Houston Chronicle:

Spur Energy was founded earlier this year by Jay Graham and his team after selling Houston's WildHorse Resource Development for $3 billion late last year to Chesapeake Energy.

WildHorse had focused on the northeastern portion of the Eagle Ford shale.

Spur partnered with the private equity firm KKR & Co. for financing to develop oil and gas acreage in the booming Permian Basin, starting with the more mature New Mexico shelf on the edges of the Permian. Spur initially bought shelf acreage this spring from Houston's Percussion Energy. Comment: one wonders if Spur Energy understands New Mexico politics?

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Back to the Bakken

Active rigs:

$54.08	9/3/2019	09/03/2018	09/03/2017	09/03/2016	09/03/2015
Active Rigs	60	63	56	33	75

Four new permits:

• Operators: Petro Harvester (2): Oasis (2)
• Fields: Woburn (Burke County); Banks (McKenzie)
• Comments:
• Petro Harvester has permits for two Woburn 1 wells in section 5-162-90, Woburn oil field
• Oasis has permits for two Thelen wells in section 34-153-97, Banks oil field

Seven permits canceled:

• White Butte: seven Jore Federal permits, all in McKenzie County

Two permits renewed:

• Resource Energy: a Pacer permit and a J. Adeline permit, both in Divide County

One producing well (a DUC) reported as completed:

• 33423, 846, RimRock, MC MHA 24-10-2H, Moccasin Creek, t4/19; cum 80K 7/19;