Petro-Hunt With Three New Permits In East Tioga Oil Field -- May 7, 2020

OPEC basket, link here: $22.40.

EOG: 1Q20 quarterly results.

MDU: 1Q20 quarterly results.

Saudi Arabia is in deep doo-doo: I haven't read the story yet, but I saw the headline -- "US to withdraw Patriot missiles from Saudi Arabia over oil dispute." Think about that. Then think about this post: someone compared those photos of the ULCCs and VLCCs off the coast of California to our "sitting ducks" at Pearl Harbor in 1941.

The decision, if accurate, to remove Patriot missiles from Saudi Arabia didn't happen overnight. Obviously our SecDef (whoever that might be; I've long forgotten) and SecState Pompeo have been discussing our options with their Saudi counterparts for sometime, now.

If Saudi was given a heads-up that we might pull our Patriot missiles out of Saudi Arabia -- wow -- that on-shore storage in the desert looks even more like "sitting ducks." No wonder Prince MbS emptied his on-shore storage and put it out of harms' way on ULCCs and VLCCs off the coast of California. This is absolutely fascinating. 

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Back to the Bakken

Daily activity report not posted by NDIC today.

Active rigs (history of ND rig counts at this post):

$23.87	5/7/2020	05/07/2019	05/07/2018	05/07/2017	05/07/2016
Active Rigs	20	64	61	49	27

Three new permits, #37564 - #37566 (NDIC daily activity report in error), inclusive --

• Operator: Petro-Hunt
• Field: East Tioga (Mountrail)
• Comments: 
• Petro-Hunt has permits for a Jorgenson/Johnson permit in SESE 11-158-94, East Tioga oil field, all about 375 FSL; all 840 FEL;

Six permits renewed:

• XTO: four Jorgenson Federal permits and two Johnsrud permits, all in McKenzie County.

Three producing wells (DUCs) reported as completed:

• 36661, drl/A, MRO, Thoen 41-28H, Reunion Bay, t--; cum 128K in less than 3 months;
• 36662, drl/A, MRO, Doven 11-25TFH, Reunion Bay, t--; cum 90K in less than 3 months;
• 36789, SI/A, MRO, Oates 21-27H, Reunion Bay, t--; cum 125K in less than 3 months;