No New Permits -- July 22, 2020

COP to buy Montney acreage in $375 million deal. From SeekingAlpha. See note of April 6, 2018, also.

• ConocoPhillips agrees to acquire additional acreage in Canada's Montney shale from Kelt Exploration for $375M
• Conoco says the deal includes 140K net acres in the liquids-rich Inga-Fireweed asset Montney zone, directly adjacent to the company's existing Montney position and increases its acreage in the play to 295K net acres with 100% working interest.
• separately, Conoco says it initiated production from its Montney development during Q1, and production continues to ramp up from its first multi-well pad
• Conoco recently guided for Q2 production excluding Libya totaling 960K-980K boe/day, in-line with the prior-year period and ~5% below Q1 totals

Back of the envelope: $375 million / 140,000 net acres = $2,700 / acre.

OPEC basket: up to $44.29. 

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Back to the Bakken

Active rigs:
 

$41.85	7/22/2020	07/22/2019	07/22/2018	07/22/2017	07/22/2016
Active Rigs	11	55	67	58	32

No new permits.

Three permits renewed:

• Oasis: one Erickson permit in Burke County;
• Slawson: one Stallion permit in Mountrail County;
• XTO: one Edwards Trust Federal permit in McKenzie County