This Is Simply Another Example Of All The Work That Is Left To Be Done In The Bakken -- November 10, 2019

Another shout-out to the roughnecks. 

This is an incredible story. So many story lines. Note the "new" production data, and then think about full-cycle costs; half-cycle costs; costs during a downturn in the oil sector; etc., etc. 

All of a sudden that CLR Cedar Coulee case in the September, 2019, hearing dockets starts to make sense.

First, look at this post from earlier today: OMG! CLR Did It Again! The CLR Carus Wells -- Cedar Coulee -- Section 28-147-96.

The phenomenal Carus wells are sited in section 28-147-96 and run north into section 21-147-96.

From the September, 2019, hearing dockets, this case (not a permit):

28056, CLR, Cedar Coulee-Bakken, on an existing 2560-acre unit, sections 20/29/32-147-96; and, section 5-146-96; 22 wells; Dunn County

This 2560-acre unit is a four-section stand-up directly west of the Carus wells. There are already six wells in those four sections, but they are 1280-acre spaced wells.

So, let's look at #16648 again; there was something that caught my eye. The NDIC map suggests this old well has a second lateral which is not often seen in an old well in the Bakken (or any Bakken well for that matter unless there was a problem with the first lateral).

The well:

• 16648, 508, CLR, Carus 13-28H, Cedar Coulee, t8/07; cum 411K 9/19;

From the file report:

• permit: a Burlington Resources well with a different name: Carus 24-28H
• back in 2007, it was spud, drilled to depth; IP of 508; Oakdale field; open hole frack with 1 million lbs sand;
• in January, 2008, the well was transferred to CLR (still Carus 24-28H)
• sundry forms continue to show this as file #16648, Carus 24-28H
• stripper well determination, June 17, 2016, by CLR
• name change to Carus 13-28H, October 16, 2018
• November 10, 2018: CLR sundry form that is plans to re-enter this well
• the Carus 13-28H is a re-entry horizontal
• it was originally spud June 10, 2007
• the re-entry was completed November 28, 2018
• so this is lateral #2 which I believe runs straight north and is west of lateral 1, the original horizontal
• side-tracking (the second lateral) began on November 24, 2018; total depth was reached November 28, 2018
• frack data is not yet posted at the NDIC site
• FracFocus says the well was fracked, 2/20/19 - 3/6/19; a huge frack: 11.6 million gallons of water; 88.9% water by mass; 10.6% sand by mass;

Recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2019	29	26143	26021	32423	32299	31805	165
BAKKEN	8-2019	31	40586	40539	54740	48579	47682	478
BAKKEN	7-2019	30	42528	42338	60150	53111	45791	6925
BAKKEN	6-2019	0	0	0	0	0	0	0
BAKKEN	5-2019	4	208	194	6350	2469	0	2428
BAKKEN	4-2019	0	0	0	0	0	0	0
BAKKEN	3-2019	0	0	0	0	0	0	0
BAKKEN	2-2019	0	0	0	0	0	0	0
BAKKEN	1-2019	0	0	0	0	0	0	0
BAKKEN	12-2018	0	0	0	0	0	0	0
BAKKEN	11-2018	7	121	430	20	202	71	50
BAKKEN	10-2018	31	637	579	107	1044	6	619
BAKKEN	9-2018	30	620	755	83	1040	25	610

Re-entry or new well: this brings us back to a discussion back in the early days of the Bakken boom. Mark Papa, CEO of EOG at the time, said it would be easier to drill a brand-new neighboring well than to re-enter/frack an older/existing well. The jury is still out on that, of course, but I have seen no (?) examples of an operator drilling a new well right next to an existing well, and plugging the older, existing well. I have seen many re-entry wells. I have also seen many re-fracked wells. And finally, I have seen so many older wells with a jump in production despite no new frack simply due to new neighboring wells being fracked that I no longer bother to track them, except by exception. I now lump all of these together as "advantaged oil" which is not quite the correct definition as used by BP and others, but I like it for the Bakken. Makes my life easier.

*********************

This was the original production back in 2007 after the first frack:

BAKKEN	3-2008	31	7022	7082	167	111	111	0
BAKKEN	2-2008	29	7504	7419	227	4200	4200	0
BAKKEN	1-2008	31	9206	9299	378	7633	7633	0
BAKKEN	12-2007	31	8448	8431	305	7059	7059	0
BAKKEN	11-2007	30	8773	8617	249	8107	8107	0
BAKKEN	10-2007	31	11772	11829	564	10697	10697	0
BAKKEN	9-2007	30	14220	14180	858	623	623	0
BAKKEN	8-2007	31	10833	10729	2252	0	0	0

Notes From All Over, Part 3 -- November 10, 2019

There were reports that the Keystone (not the XL) pipeline was flowing again, but the sources were not sources with which I was familiar. But today, Reuters is reporting that the Keystone (not the XL) pipeline is now flowing again, albeit at reduced pressures.

The last I heard was that TC Energy had not yet identified the source of the leak and this most recent article does not shed any light on that.

Notes From All Over, Part 2 -- November 10, 2019

Beautiful, beautiful day in DFW, Texas, area today. Cold front to hit tomorrow. Standing-room only in Starbucks. Seconds after writing that, another long line of folks showed up. The number of toddlers accompanying parents is fascinating ... the new "Dairy Queen" for Texans. LOL.

Tusk, Fleetwood Mac
That should be the UCLA fight song. Fleetwood Mac is so "UCLA." Compared to the USC Fight Song, the UCLA fight song is so lame. LOL. Wow, I'm going to get a lot of flack on that one. My wife is a graduate of UCLA? Me? USC.

A lot of history in this song, by the man who wrote it:

Walking in Memphis, Marc Cohn

********************************

Apple

Updates

Later, 6:26 p.m. CT: a couple of hours after posting the note below, this from the Financial Times:

Apple has piled on more than $400bn of market capitalisation so far this year, even as its profit margins fade and its new iPhone failed to wow analysts. The increase in its equity value since January comes to $407bn: almost as much as the entire market capitalisation of JPMorgan Chase, America's biggest bank by assets. The higher price nudges Apple ahead of Microsoft — which itself is up 44 per cent — to regain the title of the world's most valuable listed company, worth $1.16tn.

Original Post

 

The market. If AAPL ever starts trading like a "consumer staple," watch out --

• Procter and Gamble, PG, P/E: 75.76 (no typo)
• Apple, Inc, AAPL, P/E: 21.88 (no typo)
• currently: 
• Apple, Inc: earnings: 11.89
• AAPL: price: $260
• P&G multiple pricing for AAPL, 75.76 x 11.89: $900.79.
• Note: it was not me who first noticed this; brought to my attention by a "Fast Money" trader
• even KO (Coca-Cola) trades at a 30-multiple
• and it should be noted that the Jul-Aug-Sept quarter for Apple, Inc., is historically much worse than its "holiday" quarter; link here to fact check;
• "holiday" quarter one year ago was 44% better than the preceding quarter
• "holiday" quarter two years ago was 88% better than that quarter's preceding quarter
• so, let's say, this "holiday" quarter is 60% better than the most recent quarter, then we get an earnings of $4.85 for the Oct-Nov-Dec-2019 quarter (consensus is $4.53)
• for the 12 months, through end of 2019, earnings of $12.52/per annum (CY2019) x 20 = $250
• bottom line: AAPL may be ripe for a pull-back (or as some might say, a "buying opportunity)

************************************

Miscellaneous

The market: I've said this before ... see disclaimer below -- for those with a long horizon, say 20 years, this is an incredibly great time for picking up some incredibly "cheap" energy stocks. For shale operators, operators in the Bakken are now benefiting from full-cycle pricing to half-cycle pricing; for operators in the Permian, in general, they are not quite there yet but they will get there more quickly than the Bakken operators did. Idle chatter. Getting way ahead of my headlights.

Disclaimer: this is not an investment site.  Do not make any investment, financial, career, travel, job, or relationship decisions based on what you read here or think you may have read here. 

A Keffiyeh For Covfefe -- November 10, 2019

Professionals could do better but this will have to do until professionals get around to it.

In terms of money, biggest race in professional horse racing: the Breeder's Cup.

For those who missed this last weekend:

And for those complaining about the Starbucks holiday cups:

How Bakken Operators Are Capturing Oil That Would Otherwise Be "Orphaned" -- November 10, 2019

There are a number of "innovations" in the Bakken in which operators are utilizing to capture orphan oil. This remains a problem in the Permian, but the operators and regulators in North Dakota seem to have it figured out. With some consolidation in the Permian, the same thing will happen in the Permian, all to the good.

Note how CLR is capturing oil that would otherwise be "orphaned":

Wells number 1 - 6 in the graphic below were extended less than 100 feet, across the section line/drilling unit line, to capture otherwise "orphaned" oil.

I'm curious about the spacing unit for these wells. Let's look at #1 in the graphic below.

• 35347, 1,974, CLR, Sorenson 10-16H1, four sections; 29 stages, 7.2 million lbsAlkali Creek, t4/19; cum 138K 9/19; four-section spacing unit -- sections 16/21/28/33-154-94
  

Note the relatively low number of stages used for this well. This is commonly seen in Three Forks wells.

Production profile:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2019	30	15972	16051	12189	40695	33090	7226
BAKKEN	8-2019	31	22641	22719	16121	40999	35272	5312
BAKKEN	7-2019	31	22154	22042	17432	35100	8984	25711
BAKKEN	6-2019	30	24453	24423	22228	38829	22794	15645
BAKKEN	5-2019	31	39742	39780	36479	58587	54558	3639
BAKKEN	4-2019	11	12751	12477	10715	16308	14551	1757
BAKKEN	3-2019	2	0	0	981	387	0	387

 

****************************************

Giving Me A "Thumbs Up"

The artist taking a break.

OMG! CLR Did It Again! The CLR Carus Wells -- Cedar Coulee -- Section 28-147-96

Updates

August 2, 2021: graphic update --

September 23, 2020: new Carus permit --

• 37854, conf, CLR, Carus 14-28H1, Cedar Coulee, SESW 28-147-96; see also #37066, below;

June 1, 2020: new Carus permit --

• 37606, conf, CLR, Carus 3-28H, Cedar Coulee, SESW 28-147-96, 442 FSL 1466 FWL; probably near #16648, and #21974
• 16648: Carus 13-28H, t8/07; cum 571K 4/20; see this post;
• 21974: Carus 2-28H1, t7/13; cum 323K 3/20;

Original Post

 

Initial production data for CLR Carus wells coming off the confidential list during the week of November 17, 2019, are posted here. 

For newbies:

• these are huge wells; most will have a 50K+ month of production;
• they are just one mile west of one of the most prolific fields in the Bakken
• until now, the Cedar Coulee oil field has had little activity
• all that talk about putting too many wells in one section seems not to be a problem in the Bakken
• eleven wells sited in this section and it appears that is well less than half of what it will eventually have

Disclaimer: I am inappropriately exuberant about the Bakken. 

The graphic:

The wells in the graphic:

• 21974, 379, CRL, Carus 2-28H1, t7/13; cum 323K 3/20; nice jump in production, 6/19; not full months of production, 9/19 - 10/19; cum 332K 5/21; cum 347K 6/22;
  
• 16648, 508, CRL, Carus 13-28H, t8/07; cum 571K 3/20; huge jump in production, 7/19; cum 684K 5/21; cum 710K 6/22;
  

Almost all of these Carus wells will have a 50K+ month of production:

• 35550, 1,063, CLR, Carus 4-28H1, Cedar Coulee, t10/19; cum 142K 3/20; a 26K month; cum 232K 5/21; cum 247K 6/22;
• 35549, 1,160, CLR, Carus 5-28H, 42 stages; 12.8 million lbs; Cedar Coulee, t9/19; cum 181K 3/20; cum 258K 5/21; cum 286K 6/22;
• 35548, 2,512, CLR, Carus 6-28H1, 42 stages; 12.8 million lbs; Cedar Coulee, t7/19; cum 298K 3/20; cum 407K 5/21; cum 424K 6/22;
• 35547, 2,041, CLR, Carus 7-28H, 42 stages; 12.7 million lbs; Cedar Coulee, t8/19; cum 308K 3/20; see details here; 50K month; cum 425K 5/21; cum 455K 6/22;

• 35575, 1,397, Carus 8-28H1, Cedar Coulee, t8/19; cum 251K 3/20; 60K well; cum 341K 5/21; cum 363K 6/22;
  
• 35576, 2,018, Carus 9-28H, Cedar Coulee, t7/19; cum 283K 3/20; cum 385K 5/21; cum 433K 622
  
• 35577, 2,017, CLR, Carus 10-28H1, Cedar Coulee, t8/19; cum 307K 3/20; see this post; cum 413K 5/21; cum 464K 6/22
  
• 35578, 2,652, Carus 11-28H, Cedar Coulee, t7/19; cum 333K 3/20; cum 437K 5/21; cum 484K 6/22;
  
• ***35587, 1,688, Carus 12-28HSL1, 42 stages; 12.8 million lbs; Cedar Coulee, producing; huge well; see this post; a 41K month; t7/19; cum 318K 3/20; cum 479K 5/21; cum 528K 6/22;
  

• 16797, 108, CLR, Bang 1-33H, Cedar Coulee, t4/08; cum 161K 3/20; cum 167K 5/21; huge jump in production; cum 235K 4/22; off line 4/22;
  
• 18636, 633, CLR, Bang 2-33T, Cedar Coulee, 5/10; cum 204K 3/20; cum 213K 5/21; cum 250K 5/22; offline 6/22; jump in production;
  

*****************************************

Example of Advantaged Oil

This should scare the heck out of Saudi Arabia. Think about it. And no one's talking about it. Very, very interesting.

The well:

• 16648, 508, CRL, Carus 13-28H, t8/07; cum 411K 9/19; huge jump in production, 7/19; see this post for updates;
  

Recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2019	29	26143	26021	32423	32299	31805	165
BAKKEN	8-2019	31	40586	40539	54740	48579	47682	478
BAKKEN	7-2019	30	42528	42338	60150	53111	45791	6925
BAKKEN	6-2019	0	0	0	0	0	0	0
BAKKEN	5-2019	4	208	194	6350	2469	0	2428
BAKKEN	4-2019	0	0	0	0	0	0	0
BAKKEN	3-2019	0	0	0	0	0	0	0
BAKKEN	2-2019	0	0	0	0	0	0	0

Compare with initial production back in 2008:

BAKKEN	1-2008	31	9206	9299	378	7633	7633	0
BAKKEN	12-2007	31	8448	8431	305	7059	7059	0
BAKKEN	11-2007	30	8773	8617	249	8107	8107	0
BAKKEN	10-2007	31	11772	11829	564	10697	10697	0
BAKKEN	9-2007	30	14220	14180	858	623	623	0
BAKKEN	8-2007	31	10833	10729	2252	0	0	0

The Greek Gods -- Enerplus -- Section 33-149-93 -- Mandaree Oil Field

Graphics:

Wells in the graphics:

• 23226, AB/752, Enerplus, Calypso 149-93-33C-28H TF, t3/13; cum 251K 4/19; off line as of 4/19; remains off line 6/22;
• 23227, 732, Enerplus, Atlas 149-93-33C-28H, t2/13; cum 263K 4/19; off line as of 4/19; a few days of production since then, 9/19; back on line, cum 282K 11/21; cum 291K 6/22;
  

• 34843, 132, Enerplus, Boreas ....H, Mandaree, t6/19; cum 142K 1/20; cum 252K 11/21; cum 283K 6/22;
  
• 34842, 342, Enerplus, Metis ....TF, Mandaree, t6/19; cum 115K 1/20; cum 191K 11/21; cum 216K 6/22;
  
• 34841, 1,012, Enerplus, Athena ....TF, Mandaree, t6/19; cum 102K 1/20; cum 168K 11/21; cum 190K 6/22;
  
• 34840, 504, Enerplus, Zeus ....H, Mandaree, t6/19; cum 169K 1/20; cum 256K 11/21; cum 273K 6/22;
  
• 34839, 1,065, Enerplus, Apollo ....TF, Mandaree, t6/19; cum 47K 1/20; cum 99K 11/21; cum 115K 6/22;
  
• 34838, 1,123, Enerplus, Hera 149-93-33D-28H, Mandaree, t6/19; cum 191K 1/20; see this post; cum 271K 11/21; cum 287K 6/22;
  
• 34837, 655, Enerplus, Homer ....TF, Mandaree, 6/19; cum 158K 1/20; cum 319K 11/21; cum 335K 6/22;
  
• 34836, 576, Enerplus, Nyx ....H, Mandaree, t6/19; cum 164K 1/20; cum 252K 11/21; cum 264K 6/22;
  
• 34835, 2,105, Enerplus, Eos ....TF, Mandaree, t6/19; cum 150K 1/20; cum 328K 11/21; cum 346K 6/22;
  

Initial Production Data For Wells Coming Off The Confidential List This Next Week -- A Lot Of DUCs? -- November 10, 2019

35605, conf, Whiting, Sylte 24-10-2H, Tyrone,

Date	Oil Runs	MCF Sold
9-2019	16085	15873
8-2019	19231	17039
7-2019	19382	16053
6-2019	10233	8073
5-2019	328	21

36039, conf, WPX, White Owl 32-29HY, Eagle Nest, no production data,
35835, conf, Kraken, Richard 19-20 1TFH, Sanish,

Date	Oil Runs	MCF Sold
9-2019	22973	10159
8-2019	23228	9565
7-2019	23801	9061
6-2019	23550	0
5-2019	308	0

35576, conf, CLR, Carus 9-28H, Cedar Coulee,

Date	Oil Runs	MCF Sold
9-2019	25751	29418
8-2019	42416	42767
7-2019	29129	29705
5-2019	1204	0

34722, conf, Oasis, Mildred Nelson 5298 12-25E 7T, Elidah,

Date	Oil Runs	MCF Sold
9-2019	21695	56586
8-2019	29157	72452
7-2019	31966	65915
6-2019	37263	66272
5-2019	12319	30001

36030, conf, RimRock, Skunk Creek 12-10-11-9H3B, South Fork, no production data,
35575, conf, CLR, Carus 8-28H1, Cedar Coulee,

Date	Oil Runs	MCF Sold
9-2019	26973	31541
8-2019	35243	40998
7-2019	16309	15285
5-2019	717	0

34884, conf, Hess, AN-Norby-152-94-0409H-2, Antelope, no production data,
36040, conf, WPX, White Owl 32-29HC, Eagle Nest, no production data,
36031, conf, RimRock, Skunk Creek 12-10-11-16H, Antelope, no production data,
34883, conf, Hess, AN-Norby-152-94-0409H-3, Antelope, no production data,
29923, conf, Oasis, O M Erickson 5501 44-7 7B, Missouri Ridge,

Date	Oil Runs	MCF Sold
9-2019	17611	13312
8-2019	21082	15092
7-2019	15064	11635
6-2019	23839	12384
5-2019	19616	9341

36032, conf, RimRock, Skunk Creek 12-10-11-16HA, South Fork, no production data,
34882, conf, Hess, AN-Norby-152-94-0409H-4, Antelope, no production data,
32053, conf, Oasis, O M Erickson 5501 44-7 8BX, Missouri Ridge,

Date	Oil Runs	MCF Sold
9-2019	15612	10426
8-2019	18043	10244
7-2019	20755	12535
6-2019	11682	5381
5-2019	14251	9167

36364, conf, Newfield, Schneiderman 150-99-29-32-2HLW, South Tobacco Garden,

Date	Oil Runs	MCF Sold
9-2019	22042	27228

36033, conf, RimRock, Skunk Creek 12-10-11-16HA, South Fork, no production data,
34881, conf, Hess, AN-Norby-152-94-0409H-4, Antelope, no production data,
34880, conf, Hess, AN-Norby-152-94-0409H-5, Antelope, no production data,  
34836, conf, Enerplus Nyx, 149-93-33D-28H, Mandaree,

Date	Oil Runs	MCF Sold
9-2019	31201	28016
8-2019	24298	15688
7-2019	32062	1095
6-2019	1373	0

34835, conf, Enerplus, Eos 149-93-33D-28H-TF, Mandaree,

Date	Oil Runs	MCF Sold
9-2019	25584	22972
8-2019	20763	13405
7-2019	22636	773
6-2019	232	0

30991, conf, BR, Gudcadia 8-1-26TFH-ULW, Dimmick Lake, no production data,
36296, conf, Newfield, Schneiderman 150-99-29-32-3H, South Tobacco Garden,

Date	Oil Runs	MCF Sold
9-2019	21317	21973

36035, conf, RimRock, Skunk Creek 12-10-14-1HU, South Fork, no production data,
36034, conf, RimRock, Skunk Creek 12-10-11-16H3U, South Fork, no production data,
30992, conf, BR, Gudmunson 7-1-26MBH, Elidah, no production data,
30113, conf, Oasis, Jensen 5501 44-7 7B, Missouri Ridge,

Date	Oil Runs	MCF Sold
9-2019	16796	13751
8-2019	21332	16855
7-2019	26499	19750
6-2019	19712	10720
5-2019	17221	11682

36300, conf, Newfield, Schneiderman 15-99-29-32-6H, South Tobacco Garden, no production data, 
33965, conf, CLR, Angus Federal 6-16H2, Elm Tree,

Date	Oil Runs	MCF Sold
9-2019	25305	22114
5-2019	1951	0

30993, conf, BR, Gudmunson 6-1-26TFH, Elidah, no production data,
35438, conf, Hess, GO-Elvin Garfield-156-97-1918H-6, Dollar Joe, no production data,
36299, conf, Newfield, Schneiderman 150-99-29-32-6H, South Tobacco Garden, no production data,
35439, conf, Hess, GO-Elvin Garfield156-97-1918H-7, Dollar Joe, no production data,

Wells Coming Off The Confidential List This Next Week -- November 10, 2019

Monday, November 18, 2019: 61 for the month; 156 for the quarter:
35605, conf, Whiting, Sylte 24-10-2H,

Sunday, November 17, 2019: 60 for the month; 155 for the quarter:
36039, conf, WPX, White Owl 32-29HY, 
35835, conf, Kraken, Richard 19-20 1TFH,
35576, conf, CLR, Carus 9-28H, 
34722, conf, Oasis, Mildred Nelson 5298 12-25E 7T, 

Saturday, November 16, 2019: 56 for the month; 151 for the quarter:
36030, conf, RimRock, Skunk Creek 12-10-11-9H3B,
35575, conf, CLR, Carus 8-28H1, 
34884, conf, Hess, AN-Norby-152-94-0409H-2, 

Friday, November 15, 2019: 53 for the month; 148 for the quarter:
36040, conf, WPX, White Owl 32-29HC, 
36031, conf, RimRock, Skunk Creek 12-10-11-16H,
34883, conf, Hess, AN-Norby-152-94-0409H-3, 
29923, conf, Oasis, O M Erickson 5501 44-7 7B, 

Thursday, November 14, 2019: 49 for the month; 144 for the quarter:
36032, conf, RimRock, Skunk Creek 12-10-11-16HA,
34882, conf, Hess, AN-Norby-152-94-0409H-4, 
32053, conf, Oasis, O M Erickson 5501 44-7 8BX,

Wednesday, November 13, 2019: 46 for the month; 141 for the quarter:
36364, conf, Newfield, Schneiderman 150-99-29-32-2HLW,
36033, conf, RimRock, Skunk Creek 12-10-11-16HA, 
34881, conf, Hess, AN-Norby-152-94-0409H-4, 
34880, conf, Hess, AN-Norby-152-94-0409H-5, 
34836, conf, Enerplus Nyx, 149-93-33D-28H, 
34835, conf, Enerplus, Eos 149-93-33D-28H-TF, 
30991, conf, BR, Gudcadia 8-1-26TFH-ULW, 

Tuesday, November 12, 2019: 39 for the month; 134 for the quarter:
36296, conf, Newfield, Schneiderman 150-99-29-32-3H, 
36035, conf, RimRock, Skunk Creek 12-10-14-1HU, 
36034, conf, RimRock, Skunk Creek 12-10-11-16H3U,
30992, conf, BR, Gudmunson 7-1-26MBH, 
30113, conf, Oasis, Jensen 5501 44-7 7B, 

Monday, November 11, 2019: 34 for the month; 129 for the quarter:
36300, conf, Newfield, Schneiderman 15-99-29-32-6H, 
33965, conf, CLR, Angus Federal 6-16H2,
30993, conf, BR, Gudmunson 6-1-26TFH, 

Sunday, November 10, 2019: 31 for the month; 126 for the quarter:
35438, conf, Hess, GO-Elvin Garfield-156-97-1918H-6, 

Saturday, November 9, 2019: 30 for the month; 125 for the quarter:
36299, conf, Newfield, Schneiderman 150-99-29-32-6H, 
35439, conf, Hess, GO-Elvin Garfield156-97-1918H-7, 

Peak Oil? What Peak Oil? Iran Reports Huge Crude Oil Discovery -- November 10, 2019

Iran can't be trusted with reports like this, but in this case, there's nothing to suggest this report is bogus. Putting this in perspective: this is like finding another Bakken.

Link here. Data points -- with a bit of politics and opinion throw in --

• Iran
• new oil reservoir called "Namavaran"
• previously proven reserves in the field: 31.3 billion bbls
• new proven reserve in the field: 22 billion bbls
• total proven reserve in the field: 53.3 billion bbls
• new recoverable oil with recovery rate of 10%: 2.2 billion bbls
• new oilfield -- estimates, 53 billion bbls or oil
• located in the country's oil-rich Khuzestan province
• will boost the country's reserves by a third
• Iran: fourth-largest reserve holder of oil; second-largest holder of gas reserves 
• no wonder "we" have sanctions on Iran
• as Ill-Hand Omar would say: it's all about the Benjamins
• country waiting for new leadership in Washington when all sanctions could be lifted

Week 45: November 3, 2019 -- November 9, 2019

Top international non-energy story:

• Completely under-reported: UN unable to make payroll
• Just how serious is it in Saudi Arabia?

Top international energy story:

• Saudi Aramco's IPO released; panned; sells less than 0.5% of the company
• Saudi Arabia delays payment on Sabic deal by four years;
• Brazil's off-shore auction a total disaster;
• First trade surplus in petroleum for the US in more than 40 years;
• Canadian oil prices tumble due to Keystone (not the XL) pipeline shutdown
• Iran announces huge 53-billion-bbl crude oil discovery (technically a top story for next week)

Top national non-energy story:

• The economy; all major indices hit new all-time records; fear of heights;
• AAPL hits an all-time high;

Top national energy story:

• MRO: breaks the $5 million floor for completed well costs
• The Permian is flaring as much natural gas as the entire state of New Mexico consumes
• US natural gas storage goes over 5-year average for first time in quite awhile
• US crude oil re-balancing: back to where we were one year ago;
• Another unexpected build in the US crude oil in storage
• West Coast refinery throughput dropping;

Top North Dakota non-energy story:

• North Dakota: hardest working state in the US -- WalletHub;
• US agriculture secretary designates disaster in North Dakota;  

Top North Dakota energy story:

• Propane shortage for farmers;

Geoff Simon's top North Dakota energy stories:

• Security to be tight at Wednesday's -- November 13 -- DAPL hearing in Linton, ND 
• ND Supreme Court heard challenge to new ND refinery
• current ND Supreme Court Chief Justice says he will step down at the end of year; will remain on the bench, but not as Chief Justice; elected chief justice five times since 1993; 26 years; Gerald VandeWalle, 86
• prior to Justice VandeWalle, Chief Justice Ralph Erickstad for "two decades"

Operations:

• Random look at production data for wells that were drilled 4Q15, the review continues;
• Wells drilled back in 2010 that have produced in excess of 500,000 bbls of oil;
• EOG: increases drilling locations;
• XTO: existing wells to be used as EOR pilot study
• Number of rigs in North Dakota drops to another recent low: 53
• The XTO Johnsrud Federal wells in Bear Den
• Whiting's P Vance wells appear to be coming back on line
• Something going on in Haystack Butte? 

Fracking:

• CLR reports an 81-stage frack;
• Second frack for a Bruin Antelope-Sanish well;

Advantaged oil:

• The MRO Kent Carlson wells; and, here;
• A BR Kirkland well in Pershing oil field;

DUCs:

• Five incredible MRO DUCs;

Increased density projects:

• CLR's Angus Federal / Simmental Federal wells;

Commentary:

• Breakeven points; and, here;
• Just how serious is it in Saudi Arabia?

Miscellaneous:

• Investor's Business Daily reports IRS increases caps on IRAs for 2020 -- inaccurate;
• Cost to de-commission a single wind turbine -- $532,000