Tuesday, November 3, 2020

CLR With Fourteen New Permits, All In Elm Tree; Ten Permits Renewed -- November 3, 2020

MDU: preview (November 3, 2002; will report November 4, 2020):

  • consensus EPS: 63 cents vs 47 cents last year
  • consensus revenue: $1.6 billion (+2.3% y/y)

Oil prices today:

Active rigs:

$37.06
11/3/202011/03/201911/03/201811/03/201711/03/2016
Active Rigs1457665536

Fourteen new permits, #37945 - #37958, inclusive:

  • Operator: CLR
  • Field: Elm Tree (McKenzie)
  • Comments:
    • CLR has permits for fourteen wells, all sited in NESW 14-153-94:
      • the fourteen permits will be placed from 2506' FSL to 2515' FSL, and from 2420' FWL to 1900' FWL;
      • fourteen wells will run in a single horizontal line from 2420' FWL to 1900' FWL; north to south, the northernmost will be only 15' from the southernmost; east-to-west, each well is 40' from each of its neighboring well. This is the closest I've seen surface well spacing in the Bakken; generally, the surface spacing is at least 50 feet (in one direction) and more than ten feet separation in 90° in corresponding direction;
    • the wells:
      • Brangus FIU (7)
      • Brangus Federal (6) 
      • Charolais South Federal (1)

Ten permits renewed:

  • Bruin (3): three FB Leviathan permits in McKenzie County
  • Whiting (2): two Gullikson permits in McKenzie County
  • Rimrock (2): one Hammerhead permit and one Tiger permit, both in Dunn County;
  • Oasis (2): one Dahl permit in McKenzie County and one Barron permit in Burke County;
  • Newfield: one Bice permit in Dunn County

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