A Good Day For Oil Bulls -- June 29, 2020

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COP: for bedtime reading, later tonight -- a contributor over at SeekingAlpha writes about COP.

• oil continues to be slammed by the price war and COVID-19
• any big oil producer makes for a fine long-term investment
• however, ConocoPhillips is presently the best positioned
• Selling puts against it is a great way to generate income and potentially buy it at a value price
• a word search of the article: does not mention "Bakken"; huge oversight

WLL: a contributor at SeekingAlpha. 

Oil: had a good day for bulls --

• WTI: up 2.6%; trading just under $40 again
• OPEC basket: up 2.2%; trading well under $40, at $37.99, link here. 

Harold Hamm: with his most recent purchase, Harold Hamm now owns almost 80% of the total common CLR shares outstanding as of April 30, 2020

• in addition, IAW with SEC rules, he has announced he intends to acquire shares of CLR common stock "with certain timing, volume and price limitations"
• the trading plan was entered into on June 25, 2020
• some years ago, during a conference call, Harold Hamm was asked point blank, why didn't he take his company private
• it should be noted that a very, very successful Bakken operator, Slawson, is privately held; there are a few others, but probably not as well known
• market cap, for CLR: $5.92 billion but for this discussion, let's call it $6 billion
• 20% of $6 billion = $1.2 billion

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Back to the Bakken

Active rigs:

$39.50	6/29/2020	06/29/2019	06/29/2018	06/29/2017	06/29/2016
Active Rigs	10	61	67	59	30

Three new permits, #37670 - #37672, inclusive --

• Operators: Whiting, Enerplus, Minnkota Power Coop
• Fields: Sanish (Mountrail); Squaw Creek (Dunn); and, wildcat, Oliver County
• Comments:
• Whiting has a new Lacey permit, SWNW 10-152-92, Sanish oil field;
• Enerplus has a Kudu permit in SWNE 3-148-94, Squaw Creek oil field;
• Minnkota Power has a J-ROC1 permit in section 4-141-83, Oliver County