Flattening The Curve -- Not The Bakken EUR Curve, But The Coronavirus Curve -- March 15, 2020

Wow, they're reading the blog.

A couple of days ago I said the numbers won't be any better two weeks from now than they are now.

Lather, rinse, repeat.

If the Waffle House closes, you know we're in DEFCON 4.

Right now, I would say we are two CNN reports telling us to remain calm before we move to DEFCON 4. Talking to my brother-in-law in California, it sounds like Texas is a relative oasis of calm.  Italy is closing in on China. That is quite remarkable, to say the least.

With only17 new cases, 43 total cases, and no deaths, it looks like Mexico may want to close the border with the US -- perhaps build a wall. LOL.

Algebra I:

If country A has 25,000 cases of coronavirus and will continue at a steady rate of 3,500 new cases each day, and country B has 75,000 cases of coronoavirus and will continue at a steady rate of 25 new cases day, how many days will it take for country A to have more cases than country B?

25,000 cases + [(3,500 cases/day) * x]  =  75,000 cases + [(25 cases/day) * x]

15 days. 

Let's check. Yup. Checks. 

Interestingly enough, using algebra II/calculus and using the "actual rate of change," country A will have a whole lot more cases than country B in less than 15 days.

Country A is increasing at a rate of 14% whereas country B is increasing at a rate of 0.03%. Not 3%; and not 0.3%, but 0.03%.

If the "rate of change" (14%vs 0.03%) remains unchanged, then it will be less than 9 days in which country A will overtake country B. (If the "rate of change" stays constant, we don't have to use calculus.)

Idle Rambling -- OOIP -- Bakken -- March 15, 2020

If we have a prolonged period of low prices due to the Russia-Saudi spat, there may be an interesting data point in the Bakken.

Something folks have argued about for quite some time is the amount of original oil in place in the Bakken, and the percent of that OOIP that is recoverable.

During a period of significant price pullback, the operators will circle the wagons, pull back, and pretty much only drill the very best spots in the Bakken. The more wells they drill in a given location, the more we learn about a) OOIP; and, b) maximum primary production. Looking at what is going on in such fields as Sand Creek, Banks, Clarks Creek, and the Antelope-Sanish certainly suggests we may learn more about the Bakken.

During significantly depressed prices, operators will concentrate on what they know best: the middle Bakken and to some extent in some areas, the first bench of the Three Forks.

We know what theoretically has been forecast. It will be interesting to see how much of that pans out. 

Random Update Of A Statoil Enderud Well in Banks Oil Field -- March 15, 2020

Isn't this interesting, from 2Q16 -- very, very few wells are still not completed and producing from this period, four years ago, but look at this well, the last time I looked at it:

• 32270, TA, Statoil, Enderud 9-4 3TFH, Banks, no production data, 

Now, today, we have an announcement! Obviously this was reported a long time ago, I simply did not update it when it was first reported.

• 32270, 1,392, Statoil, Enderud 9-4 3TFH, Banks, t8/18; cum 186K 1/20; 44 stages; 8.6 million lbs; full production profile:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2020	31	10724	10351	19927	32409	24589	7820
BAKKEN	12-2019	22	3485	3986	7452	9684	4502	5182
BAKKEN	11-2019	19	7817	7249	17420	20832	18380	2452
BAKKEN	10-2019	2	0	126	4	148	115	33
BAKKEN	9-2019	0	0	0	0	0	0	0
BAKKEN	8-2019	0	0	0	0	0	0	0
BAKKEN	7-2019	11	6590	6758	7541	21828	21691	137
BAKKEN	6-2019	30	17150	17249	25973	54819	53046	1773
BAKKEN	5-2019	31	23223	23292	29571	69794	69533	261
BAKKEN	4-2019	30	27927	28045	31668	76098	73883	2215
BAKKEN	3-2019	11	10795	10106	14212	28062	23365	4697
BAKKEN	2-2019	4	2395	2405	6630	5900	5799	101
BAKKEN	1-2019	0	0	564	0	0	0	0
BAKKEN	12-2018	0	0	0	0	0	0	0
BAKKEN	11-2018	21	20747	20496	40840	52549	49664	2885
BAKKEN	10-2018	25	23421	23443	55687	56119	54645	1474
BAKKEN	9-2018	30	24664	24584	69601	62205	57237	4968
BAKKEN	8-2018	12	6579	6175	20929	14794	11787	3007

From the file report:

• spud: December 14, 2015
• cease drilling: March 16, 2016
• TVD: 11,288.5 feet
• vertical: about four days
• the curve: 10.2 drilling hours in a single run;
• lateral: 87.5 hours in two runs; incredible; 
• drilling time: compare to recent report from Oasis in the Permian -- 25 days in the Permian; 7 days in the Bakken; and this was a deep one -- the Three Forks;
• gas: 212 to 4,192 units;
• 100% in the zone: great geologists; great roughnecks; great team, obviously; 

Still A DUC, But Producing Nicely -- Statoil Sax In Banks Oil Field -- March 15, 2020

Isn't this interesting, from 2Q16 -- very, very few wells are still not completed and producing from this period, four years ago, but look at this well, the last time I looked at it:

• 24090, TA, Statoil, Sax 25-36F 8TFH, Banks, no production data,

Now, today, we have an announcement! Still TATD (like a DUC) but we have production:

• 24090, TATD, Statoil, Sax 25-36F 8TFH, Banks, t--; cum 46K in four months:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2020	25	12314	12051	25735	39275	29689	9382
BAKKEN	12-2019	31	8812	9092	22806	59238	10453	48501
BAKKEN	11-2019	30	14456	14535	28563	33282	32251	1031
BAKKEN	10-2019	15	8647	8307	16227	13412	13283	129
BAKKEN	9-2019	4	1734	1678	0	3390	3203	187

From the file report:

• spud: December 13, 2015;
• cease drilling: February 29, 2016
• target: Three Forks;
• TVD: 11,258.69 feet (0.69 feet = 82.8 inches -- measured two miles down)
• curve: 22 drilling hours, three runs; problems though: drilling started on November 11, 2015; EOC reached on February 8, 2016 (typo?)
• lateral: began January 1, 2016; 91 drilling hours in two runs
• gas: low
• 98% in the zone

Completing IP Data For The Few Wells Left To Be Reported Back From 2Q16

From 2Q16, four years ago; finally closing out the last few wells that I had not updated. There are only a couple of wells from 2Q16 that are still not reporting production. This page won't be updated:

• 30227, 792, BR, Sun Notch 42-32TFH, Sand Creek, t10/16; cum 410K 1/20;
• 30226, 1,560, BR, Old Hickory 42-32TFH, Sand Creek, t1/17; cum 325K 1/20;
• 32032, 486, Hess, EN-Pederson-LW-154-94-0408H-8, Alkali Creek, t11/16; cum 99K 1/20;
• 31703, 112, Statoil, Shorty 4-9F 8TFH, Charlson, t3/18; cum 71K 1/19; off line, 1/20; 
• 31702, 357, Statoil, Shorty 4-9F 7H, Stony Creek, t3/18; cum 133K 12/19; off line 1/20;
• 31625, 495, XTO, Ames Federal 31-13FXG, Grinnell, t5/17; cum 110K 1/20;
• 31701, 254, Statoil, Shorty 4-9F 6TFH, Stony Creek, t3/18; cum 102K 12/19; off line 1/20;
• 30968, 1,237, EOG, Van Hook 48-3626H, Charlson, t5/17; cum 325K 1/20;
• 31626, 381, XTO, Ames Federal 31-13BXC, Grinnell, t5/17; cum 152K 1/20;
• 31700, 398, Statoil, Shorty 4-9F 5H, Stony Creek, t3/18; cum 122K 12/19; off line 1/20;
• 31627, 598, XTO, Ames Federal 31X-13G, Grinnell, t5/17; cum 102K 1/20;

If you missed them the first time, look how good these wells are:

• 30227, 792, BR, Sun Notch 42-32TFH, Sand Creek, t10/16; cum 410K 1/20;
• 30226, 1,560, BR, Old Hickory 42-32TFH, Sand Creek, t1/17; cum 325K 1/20;
• 30968, 1,237, EOG, Van Hook 48-3626H, Charlson, t5/17; cum 325K 1/20;

FracFocus Data For A Huge CLR Uhlman Well -- March 15, 2020

FracFocus for this well:

• 36143, conf, CLR, Uhlman Federal 10X-7H, 33-053-08964, Banks, fracked 7/25/19 - 8/7/19; 11.4 million gallons of water; 89.13993% water by mass; friction reducer, 0.09664;

Date	Oil Runs	MCF Sold
1-2020	69768	93645
12-2019	1882	2475
9-2019	439	0

Back of the envelope:

• water: 8.34 pounds/gallons
• 8.34 * 11,424,783 gallons = 95,282,690 pounds
• water by mass = 89.13993%
• 0.8913993 * total mass = 95,282,690 pounds
• total mass = 106,891,143 pounds of which 95,282,590 pounds was water
• non-water proppant: 11.61 million lbs
• so, we'll see for this middle Bakken CLR well in Banks oil field;

Completion strategies here for CLR:

• Three Forks, first bench, Elm Tree, 81 stages; 15.6 million lbs;
• middle Bakken, Elm Tree, 80 stages; 20 million lbs
• middle Bakken, first and second bench, Three Forks;  
• Ravin wells in Dimmick Lake: 62 stages; 10 - 17 million lbs;
• middle Bakken, Pershing: 51 stages; 8 million lbs
• Three Forks, B1, Pershing: 51 stages; 8 million lbs
• Three Forks, B1, Banks: 57 stages, 6 million lbs
• middle Bakken, Corral Creek: 60 stages; 10.8 million lbs
• Three Forks, H2, Corral Creek: 56 stages; 10.6 million lbs
• middle Bakken, Elm Tree: 64 stages; 15.9 million lbs
• Three Forks, B1, CMC, 68 stages; 10.6 million lbs  (CMC = Crazy Man Creek)
• middle Bakken, CMC, 40 stages; 8 million lbs

************************************

Gold, Frankincense, and Myrrh

From various sources:

• the gifts:
• gold: no explanation needed
• frankincense: a perfume
• myrrh: an anointing oil; embalming ointment; penitential incense in funerals and cremations; 
• Eastern Orthodox Church: the sacraments of chrismation and/or unction, traditionally scented with myrrh; receiving either of these sacraments commonly referred to as "receiving the myrrh"
• so, then incense: Raoul McLaughlin devotes an entire chapter to incense in his book, The Roman Empire and the Indian Ocean: The Ancient World Economy & The Kingdomesof Africa, Arabia, and India, c. 2014, 2018.

"Incense: A Unique Product," Chapter Three, 22 pages, but then is carried throughout the rest of the book.  

• introduction
• origins and the use of incense
• medicines
• flavourings
• personal fragrances
• balsam
• profits from balsam
• Roman balsam

Further notes will be recorded elsewhere.

********************************

Nagi

Friend of Sophia's here in the apartment complex. 

As an Indian name.

Rhymes with "soggy" or "doggy."

From familyeducation:

• Muslim: variant of Arabic Naji, from an Arabic word meaning "close friend." Najiullah ‘friend of Allah’ is an epithet of the Prophet Muhammad. 
• Indian (Panjab/Punjab): Hindu and Sikh name based on the name of a subgroup of the Tank goldsmiths of the Panjab, from Sanskrit nāgī "one with serpents," which is an epithet of the god Shiva. 

The "crossover/association" between Muslim and Punjab makes sense. At one time, part of the Mughal (Muslim) Empire. In 1947, the Partition of Punjab: to the northwest: Pakistan (Islam); to the southeast, far northern India (Sikhism). 

BR's Renegade Wells -- March 15, 2020

Updates

New Permits

December 30, 2020:

• 38050, conf, BR, Renegade 14-10TFH, Sand Creek, 290FSL 541 FWL, SWSW 10-153-97;
• 38053, conf, BR, Renegade 14-10MBH, Sand Creek, 290FSL 676 FWL, SWSW 10-153-97;

Original Post

The wells, all at the south line and drilling to the north. The wells on these pads drilling to the south are Chuckwagon wells:

• 33023, conf-->SI/A-->F/A, BR, Renegade 24-10 MBH, Sand Creek, first production, 9/20; t--; cum 29K 10/20; cum 93K 2/21;
  
• 33024, drl/A-->F/A, BR, Renegade 24-10 TFH, Sand Creek, first production, 10/20; t--; cum 21K 10/20; cum 77K 2/21;
  
• 32925, 13 (no typo, but not atypical of BR IPs), BR, Renegade 34-10 MBH, Sand Creek, note the chronological number; t12/18; cum 189K 8/20; remains off line 10/20; very intermittent production; cum 216K 2/21;
  
• 20777, 2,405, BR, Renegade 34-10 TFH, Sand Creek, again, note the chronological number; t9/12; cum 78K 10/20; off line 1/19; remains off line 1/20; was never a good well; 5 stages; 461,700 lbs proppant; cum 78K 2/12; after being off line for three months, back on line 2/21;
  
• 32924, dry, BR, Renegade 34-15TFH, Sand Creek, drilled to depth but cement casing/liner problem;
• 36301, conf-->SI/A-->F/A, BR, Renegade 34-15TFH-R, Sand Creek, first production, 9/20; t--; cum 61K 2/21;
  
• 32934, 276, BR, Renegade 24-10 MBH, Sand Creek, t12/18; cum 227K 8/20; remains off line 10/20; back on line 11/20; came back nicely; cum 245K 2/21;
  

Full production profile to date for #32934:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2020	31	10519	10527	13997	46764	45696	231
BAKKEN	12-2019	31	10463	10452	13610	43503	42689	0
BAKKEN	11-2019	26	12186	12137	14421	39050	35445	2965
BAKKEN	10-2019	31	10198	10147	12617	33442	32623	0
BAKKEN	9-2019	30	14118	14188	14535	45134	44156	303
BAKKEN	8-2019	31	16146	16223	13963	49589	48557	425
BAKKEN	7-2019	31	16445	16292	13932	47205	46443	209
BAKKEN	6-2019	30	12381	12516	11675	36467	25191	10855
BAKKEN	5-2019	31	15380	15421	14828	40902	29328	11057
BAKKEN	4-2019	30	16809	16690	16377	35015	30918	3515
BAKKEN	3-2019	31	22186	22261	21880	48955	29357	18991
BAKKEN	2-2019	28	22709	22567	16300	17230	16716	0
BAKKEN	1-2019	15	7890	7857	8226	7748	7494	0
BAKKEN	12-2018	1	1024	966	14323	4209	4084	0

"Flattening The Curve" And Killing Open Borders -- March 15, 2020

Link here.

The Trump administration has a plan, of course, and limiting travel from areas where the virus is widespread is part of it. The Democrats’ open borders ideology is so deeply engrained that even in the midst of a public health crisis, it prevails over everything else [Biden still calling for open borders; no travel restrictions].

Thursday was also the day when House Democrats quietly shelved their bill limiting the president’s power to restrict foreign travel.

Link here.

House Democrat leaders on Thursday withdrew from the calendar a floor vote on a bill targeting President Trump’s travel restrictions, to the dismay of the Council on American-Islamic Relations (CAIR), which advocates against what critics describe as the “Muslim ban.”

CAIR, which calls itself the nation’s biggest Muslim civil rights and advocacy group, called on Speaker Nancy Pelosi (D-Calif.) and Majority Leader Steny Hoyer (D-Md.) “to recommit to rescheduling a vote” on the legislation, and urged Americans to “ask their member of Congress to support the immediate rescheduling of this important measure.”Although the bill was introduced long before the outbreak of the novel coronavirus, Republicans drew attention to the fact that the legal authority it targets is the authority that enabled Trump to move quickly last month to deny entry to any foreign national who has visited China in the 14 days prior to arrival.

That same authority – Section 212(f) of the Immigration and Nationality Act (INA) – allowed the president this week to expand that restriction to apply to 26 European countries in the Schengen zone.

Democrats pushed back against that criticism, arguing that the bill is aimed at what they call the “Muslim ban,” not the federal government’s response to the COVID-19 outbreak.

Rep. Judy Chu (D-Calif.), who introduced the National Origin-Based Antidiscrimination for Nonimmigrants (NO BAN) Act in April last year, complained that Republicans were being “dishonest” about her bill.

It's amazing how close the US House came to passing a really, really bad bill. Banning travel from Europe and the UK/Ireland pretty much puts the lie to the anti-Muslim / racist overtones. 

Schengen Zone?

Schengen Area, signifies a zone where 26 European countries, abolished their internal borders, for the free and unrestricted movement of people, in harmony with common rules for controlling external borders and fighting criminality by strengthening the common judicial system and police cooperation.

Schengen Area covers most of the EU countries, except Ireland and the countries that are soon to be part of: Romania, Bulgaria, Croatia and Cyprus. Although not members of the EU, countries like: Norway, Iceland, Switzerland and Lichtenstein are also part of the Schengen zone.

And the Dems blame Trump? 

**********************************

Case Studies

On February 28, 2020, I wrote the following - case studies for the future:

• South Korea: will be incredibly interesting from many aspects; 
• South Korea may indeed be "the model" for the US
• Italy: could be the model for the EU
• Iran: third world country; method of containment: trucks driving down city streets spraying germicides;
• Russia: a fairly closed society

Update, March 15, 2020: Iran reports biggest single-day jump of coronavirus deaths as president rules out quarantine. Iran is also "working" to keep its borders open. Of course, they can. No other country will allow anyone to return from Iran, and anyone foolish to enter Iran at this time is ... well, foolish.   

Timing Is Everything -- But It's All Luck -- Planning Has Become Impossible -- March 15, 2020

Who would have thought a respiratory pandemic would have resulted in a toilet paper shortage pandemic? Impossible to plan.

This reminds me of the 50's when everyone in America was building a fallout shelter in their basements or root cellars.

Highly recommend folks start hoarding (one assumes water and electricity will not be interrupted):

• charcoal briquets, environmentally-friendly starter cubes/flats
• frozen steaks (one may want to purchase a second freezer for essentials)
• liquor, mixers, olives
• chocolate (liquor is quicker, but candy is dandy, or is the other way around?)
• batteries, chargers, extension cords
• ammo
• paper products (if you have not already started, it's too late)
• air freshener
• Raid

This is why folks are hoarding: retail stores will start to close. First to announce nationwide closing: Nike.

Big winner in all this? Amazon. Amazon has run out of some essentials already but if you order now, you will be on the "list" when "stuff" starts to become available. For some items I've ordered, first available delivery, for example, is April 15, 2020.

Best analogy for this panic? A massive hurricane. But instead of a regional panic, it's nationwide. Have to think that way. Plan accordingly. If so, indicator to watch? Waffle House. If Waffle House closes down, double down on your stockpiling. The good news? You won't need to worry about gasoline -- there will be no reason to drive anywhere. You won't need to worry about gasoline? Something tells me I'm wrong on that one.

Starbucks: starting tomorrow -- no more "sit-down" in Starbucks. Drive-through only and pick-up at the counter -- and then get out. Pretty funny.

Ski resorts: shut down. Sophia got her year of skiing in just in time! Wow.

Camping out at home. This is beginning to feel more and more like camping out at home. I'm lovin' it.

Question: why are there still toilet paper ads on television? TP is selling itself, to coin a phrase.

Me? Breakfast at home. From this:

              To this:

President with emergency powers. Low hanging fruit, one example:

• if you have nothing but W-2s and "1099s" -- you have the option of filing this year. The IRS already had that information. Simply send in a postcard with name, age, dependents, and whether you want to donate $1 to President Trump's re-election campaign.
• My hunch: 75% of Americans have only W-2s and 1099s. Refunds? That's really the only reason 75% of Americans file in the first place -- other than it's the law. 

Crisis: this is really the opportunity for Americans to change some of their habits. I'm lovin' it.

Flaring: Triples Over Two Years In The Permian -- March 15, 2020

Published in S&P Global Platts back on March 6, 2020. The Permian:

• flaring triples 
• tightening of regulations likely
• federal government could start regulatory push next year (2021)

By the way, this is a big deal here in Texas -- lots of ads.

Flaring, or burning off associated natural gas during oil production, has roughly tripled in two years in the Permian. And, as flaring has skyrocketed, so have the calls to curb it. But there is little agreement on how that should be done.

"We want to reduce flaring ... the question is how we do it," Texas Railroad Commissioner Ryan Sitton recently told reporters.

Sitton, a Republican, lost his re-election campaign in this week's primary election. James Wright, the Republican who defeated him, has yet to outline a plan for flaring. But both Democrats still vying for their party's nomination in November's election have said they plan to make the state's flaring permitting process stricter.

Either Democrat faces long odds of victory in November, but even if one bucks Texas voting trends, it is unclear how much one new member of the three-member commission may be able to do.

To put this in perspective (with a bit of hyperbole): replace Lynn Helms with St Greta.

Okay: a lot of hyperbole. But somehow I needed to understand why this has become such a big political issue in Texas. I think it was the #1 political ad running in Texas before the primary.

Again, going into the general election:

Sitton, a Republican, lost his re-election campaign in this week's primary election. James Wright, the Republican who defeated him, has yet to outline a plan for flaring.

But both Democrats still vying for their party's nomination in November's election have said they plan to make the state's flaring permitting process stricter.

The Year Ahead -- CLR, Oasis, And Toilet Paper -- March 15, 2020

One could say that for all intents and purposes, there are only a handful of operators still "really" active in Bakken. CLR is one of them. See this week's list of wells coming off the confidential list.

Years ago, it was my impression that Whiting was looking for a buyer.

This is going to be a really, really tough year for shale operators.

Harold Hamm will celebrate his 75th birthday just before Christmas this year (December 11, 2020).

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

Oasis: February, 2020, presentation.

Analysis: Columbia Energy Exchange -- why this oil crash is different. 

Re-posting in case anyone missed it:

Oasis: Feburary, 2020 -- Presentation

Oasis: February, 2020, presentation (website here);

• net acres:
• Williston: 408K
• Delaware: 25K
• average rigs in 2020:
• Williston: 2
• Delaware: 2
• 2020 gross op completions:
• Williston: 45 - 55
• Delaware: 20 -25
• 4Q19 production (rounded):
• Williston: 80,000 boepd
• Delaware: 8 boepd
• Plays in the Bakken:
• top-tier
• Montana
• Red Bank
• Painted Woods
• Indian Hills (sic)
• Wild Basin
• South Cottonwood
• Alger
• additional upside
• North Cottonwood
• "State Line" -- east Montana (Roosevelt) / west North Dakota (Williams)
• portfolio strategy:
  Bakken: cornerstone asset delivering + free cash flow
• Delaware: repeatable, capital efficient growth
• top tier returns:
• Bakken; peer leading well productivity with lower well costs
• Delaware: development mode improves capital productivity
• free cash flow
• Bakken: significant FCF generation to fund Delaware and repay debt
• Delaware: growth engine to reach FCF inflection
• Delaware
• bolt-on success
• added 1,800 acres in 2019
• Delaware:
• drilling days: ~ 25 days
• well costs: ~$8.6 million 
• Bakken:
• drilling days: ~ 7 days
• well costs: $7.8 million (which, by the way, seems to be a bit on the high side)
• E&P operating cost structure, per bbls
• the small print says the 2018 and 2019 data includes both the Bakken and the Delaware
• interestingly, in big print bubble: "Oasis is a top oil and gas producer in the Williston Basin
• 2014: $38.86/boe
• 2018: $22.99/boe
• $22.21/boe
• comment: costs significantly higher in the Delaware than the Bakken
• if one were to exclude the Delaware, costs/boe would be slight less, but probably not all that much; the ratio of Bakken to Delaware is 10:1
• very concerning: 2020 plan 
• positive free cash flow at $55 WTI
• cash flow neutral at $50 WTI
• midstream
• Bakken: OMP
• Delaware: Panther DevCo 
• of note:
• Oasis testing a three mile lateral in south Cottonwood
• a reader might know where this well is -- I don't see it
• a lot of Cottonwood locations are not PNC'd
• Oasis does have two pads in south Cottonwood with four wells each all on loc status; I check four of them; none of them were extended long laterals;
• the big takeaway from this presentation: when, if ever, does the Delaware become profitable for Oasis?
• same number of rigs in both plays (2)
• will complete twice as many wells in the Bakken as the Permian in CY 2020
• 2019: Bakken produced 10x production compared to Permian with same number of rigs

Flashback:

• From Reuters, December 21, 2017:

Oasis shares have tumbled 21 percent following last week’s disclosure, pointing to growing tension between oil producers looking to invest in their future and investors demanding better returns.

Oasis said the $946 million cash-and-stock investment secures a premier foothold in the Delaware basin area of the Permian, the nation’s fastest-growing oil field, while spreading its costs over a wider drilling footprint.
Oasis is buying the land from Forge Energy LLC, a private company backed by some of the same investors who funded Oasis when it was founded in 2007. At a cost of about $46,600 an acre, the deal is among the most-expensive this year in the Permian, according to data from PLS, an oil and gas research firm.

Chief Executive Officer Tommy Nusz said in an interview that Oasis is not running out of opportunities in the Bakken, where he said it has at least 16 years of drilling ahead of it, and adding that Permian land will improve economies of scale by spreading costs. 

• From OGJ:

The agreement, expected to close in February 2018, covers 20,300 net acres across Loving, Ward, Winkler, and Reeves counties in Texas.

November production from the assets totaled 3,500 boe/d from 601 gross operated locations (76% working interest) and 507 net core locations targeting the Wolfcamp A, B, and C and the Bone Spring formations.

• $1 billion / 20,000 net acres = $50,000 / acre  

Permian vs the Bakken in a WTI beatdown.

Bottom line: Oasis has had their play in the Permian for two full years. They have two rigs in each play. In one play: 80,000 boepd. In the other play, 8,000 boepd. And per their February presentation, Oasis has some of the best locations in the Permian.

Initial Production For Wells Coming Off Confidential List This Next Week -- March 15, 2020

Note:

• the CLR Uhlman/Pittsburgh wells are tracked here; 
• CLR's Long Creek Unit is tracked here;
• BR's Corral Creek unit is tracked here;
• BR's Renegade wells are tracked here;

35776, conf, Whiting, Anderson 34-21-2H, Glass Bluff,

Date	Oil Runs	MCF Sold
1-2020	17008	1631
12-2019	19711	6705
11-2019	22813	11673
10-2019	26104	2343
9-2019	5449	0

35384, conf, CLR, Palmer 6-25H, Haystack Butte,

Date	Oil Runs	MCF Sold
11-2019	762	0
9-2019	445	0

31792, conf, Petro-Hunt, USA 153-96-13A-24-7H, Keene,

36449, conf, Crescent Point Energy, CPEUSC Chase Douglas 2-32-29-159N-100W MBH, Blue Ridge,

36443, conf, Crescent Point Energy, CPEUSC Chase Douglas 32-29-159N-100W MBH, Blue Ridge,

35163, conf, CLR, Uhlman Federal 11-7H1, Banks,

Date	Oil Runs	MCF Sold
1-2020	30126	45847
12-2019	576	900
9-2019	342	0

34848, conf, CLR, Pittsburgh 5-18H1, Banks,

Date	Oil Runs	MCF Sold
1-2020	27985	37599
12-2019	1320	1855
9-2019	100	0

34846, conf, CLR, Patterson Federal 8-13HSL1, Banks,

Date	Oil Runs	MCF Sold
1-2020	20962	28895
12-2019	24959	33929
11-2019	20029	25541
10-2019	3564	5262
9-2019	429	0

31793, conf, Petro-Hunt, USA 153-96-13A-24-1HS, Charlson,

34853, conf, CLR, Uhlman Federal 4-7HSL, Banks,

Date	Oil Runs	MCF Sold
1-2020	39190	55117
12-2019	28402	39171
11-2019	25868	33864
10-2019	6478	9730
9-2019	810	0

34375, conf, White Butte, Jore Federal 3-12H, Clarks Creek,

36944, conf, CLR, LCU Jessie 4-24H1, Long Creek,

35777, conf, Whiting, Anderson 34-21H, Glass Bluff,

Date	Oil Runs	MCF Sold
1-2020	14816	1466
12-2019	15624	5308
11-2019	16270	11875
10-2019	24398	2235
9-2019	5653	0

31794, conf, Petro-Hunt, USA 153-95-7C-31-1HS, Charlson,

36857, conf, Resonance Exploration, Resonance Greene 15-23H, wildcat,

36301, conf, BR, Renegade 34-15TFH-R, Sand Creek,
 
36143, conf, CLR, Uhlman Federal 10X-7H, 33-053-08964, Banks, FracFocus data here,

Date	Oil Runs	MCF Sold
1-2020	69768	93645
12-2019	1882	2475
9-2019	439	0

35161, conf, CLR, Uhlman Federal 9-7H1,  Banks,

Date	Oil Runs	MCF Sold
1-2020	27818	46755
12-2019	818	1450
9-2019	239	0

 34850, conf, CLR, Pittsburgh 7-18H1, Banks,

Date	Oil Runs	MCF Sold
1-2020	26707	39293
12-2019	813	1035
9-2019	435	0

34847, conf, CLR, Pittsburgh 4-18HSL, Banks,

Date	Oil Runs	MCF Sold
1-2020	36758	49822
12-2019	27301	35684
11-2019	23450	30738

34378, conf, White Butte, Jore Federal 4-12H, Clarks Creek,

34373, conf, White Butte Oil Operations, LLC, Jore Federal 11-12TFH, Clarks Creek,

33806, conf, BR, CCU Gopher 6-2-15TFH, Corral Creek,

34854, conf, CLR, Uhlman Federal 5-7H1, Banks,

Date	Oil Runs	MCF Sold
1-2020	39696	65987
12-2019	2254	3447
9-2019	465	0

 34852, conf, CLR, Kuhn 8-12HSL1, Banks,

Date	Oil Runs	MCF Sold
1-2020	21774	32017
12-2019	28144	38617
11-2019	24239	33883

34849, conf, CLR, Pittsburgh 6-18H, Banks,

Date	Oil Runs	MCF Sold
1-2020	42376	54773
12-2019	1323	1631
9-2019	819	0

34377, conf, White Butte Oil Operations, Jore Federal 10-12TFH, Clarks Creek,

36943, drl, CLR, LCU Jessie 3-24H, Long Creek,

36942, drl, CLR, LCU Jessie 2-24H1, Long Creek,

35160, 1,050, CLR, Pittsburgh 11-18H1, Banks,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2020	29	23347	23830	38765	33692	32985	654
BAKKEN	12-2019	31	22293	22348	37620	31870	31285	121
BAKKEN	11-2019	30	27296	27353	45458	38307	37635	0
BAKKEN	10-2019	10	7024	6356	12284	10282	9348	934
BAKKEN	9-2019	4	0	0	0	584	0	584

35159, conf, CLR, Pittsburgh 10-18H, Banks,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2020	18	14923	15319	13155	20565	20134	399
BAKKEN	12-2019	31	17767	17816	28825	24991	24532	95
BAKKEN	11-2019	30	21973	22158	35225	29148	28637	0
BAKKEN	10-2019	10	7116	6439	12445	10417	9471	946
BAKKEN	9-2019	4	0	0	0	715	0	715

35158, conf, CLR, Pittsburgh 9-18H1, Banks,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2020	31	21012	20953	43275	32762	32075	636
BAKKEN	12-2019	1	284	277	823	368	362	1
BAKKEN	11-2019	0	0	0	0	0	0	0
BAKKEN	10-2019	0	0	0	0	0	0	0
BAKKEN	9-2019	3	153	153	4548	502	0	502

34856, conf, CLR, Uhlman Federal 7-7H1, Banks,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2020	31	43201	43125	45611	59358	58114	1151
BAKKEN	12-2019	2	2376	2317	2494	3327	3266	13
BAKKEN	11-2019	0	0	0	0	0	0	0
BAKKEN	10-2019	0	0	0	0	0	0	0
BAKKEN	9-2019	4	399	399	1155	890	0	890

34855, conf, CLR Uhlman Federal 6-7H, Banks,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2020	31	56395	56290	52310	78835	77182	1529
BAKKEN	12-2019	2	2883	2811	2718	3822	3752	14
BAKKEN	11-2019	0	0	0	0	0	0	0
BAKKEN	10-2019	0	0	0	0	0	0	0
BAKKEN	9-2019	3	437	437	1957	811	0	811

END