One New Permit Today -- Appears To Replace A Canceled Permit -- March 23, 2020

Gasoline: source.

“We are now looking at a scale of surplus in the second quarter we probably never have seen before,” said Bjarne Schieldrop, chief commodities analyst at SEB.

Until now, the biggest annual contraction was recorded in 1980, when it tumbled by 2.6 million barrels a day as the global economy reeled under the impact of the second oil crisis.

Flashback: in 1973, we thought the world was running out of oil. Now, as far as one can project, the world will never be short accessible and affordable crude oil and gasoline.

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Back to the Bakken

Active rigs:

$24.02	3/23/2020	03/23/2019	03/23/2018	03/23/2017	03/23/2016
Active Rigs	49	69	60	49	32

One new permit, #37465 --

• Operator: XTO
• Field: Hofflund (Williams)
• Comments:
• XTO has a permit for a single Frisinger well in SWSE section 8-154-95, Hofflund oil field; 411' FSL 1706' FEL; looks like a replacement for #36176 (see below);

One permit canceled:

• XTP: a Frisinger permit in Williams County (#36176): SWSE 80154-95;  411' FEL 1751' FEL;

One producing well (a DUC) reported as completed:

• 34854, SI/A, CLR, Uhlman Federal 5-7H1, Banks, t--; cum 43K in 33 days; 40K month; from the file report:
• API: 33-053-08513
• Three Forks, first bench
• spud December 11, 2018, 0940 hours
• KOP: reached after drilling about 52 hours;
• curve, BHA#4: resumed drilling 12/16/18; 2040 hours;
• it looks like it took three BHAs to drill the curve
• gas:
• upper Bakken shale: 418- 4,401 units, averaging 2,031 units;
• lower Bakken shale: 175 - 1,136 units, averaging 589 units; 
• Three Forks B1; 587 - 3,589 units;
• lateral:
• began February 7, 2019; 1850 hours;
• TD: February 11, 2019; 0951 hours; total 94 hours drilling time;
• gas: 42 - 8,690 units, averaging, 239 units;
• From FracFocus:
• fracked 6/23/19 - 7/8/19
• 8.64 million gallons of water; 90.3% water by mass;
• friction reduction: 0.00097.