Hess With Four New Permits -- January 7, 2021

Backwardation: I'm hearing that term more often these days. For example from today from another site:

The Brent futures curve has returned to backwardation, the state of the market signaling tighter supplies with prompt prices higher than those further out in time. Backwardation removes the incentives for traders to store oil in floating storage.

For newbies: when it comes to a commodity like crude oil that "should" deplete / become scarcer in the long term --

• contango is the normal state of affairs: the price of oil should go up in the future, all things being equal, since global oil should deplete over the long term; "contango" -- come tango, come dance with me; a pleasant experience;
• backwardation: is not the normal state of affairs; oil is getting cheaper in the future, not because there is going to be more oil in the long term, but there are geopolitical, economic, strength of the dollar, chokepoints, manmade, etc., reasons for the price of oil to be going down in the near future; barkwardation -- it even sounds unpleasant;

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Back to the Bakken

Active rigs:

$50.83	1/7/2021	01/07/2020	01/07/2019	01/07/2018	01/07/2017
Active Rigs	11	56	64	54	39

Four new permits:

• Operator: Hess
• Field: Dollar Joe
• Comments:
• 38060, loc, Hess, GO-Braaten-156-97-2833H-2, Dollar Joe, SESW 21-156-97, 350 FSL 1569 FWL,
• 38061, loc, Hess, GO-Braaten-156-97-2833H-3, Dollar Joe, SESW 21-156-97, 350 FSL 1536 FWL,
• 38062, loc, Hess, GO-Braaten-156-97-2932H-3, Dollar Joe, SESW 21-156-97, 350 FSL 1470 FWL,
• 38063, loc, Hess, GO-Braaten-156-97-2932H-2, Dollar Joe, SESW 21-156-97, 350 FSL 1437 FWL,

Dollar Joe: tracked here but as a rule I no longer update the various fields in the Bakken, Dollar Joe is on the south side of Ray, North Dakota, and northeast of the very interesting Brooklyn oil field. There are only two wells in these drilling units:

• 20308, 654, Hess, GO-Soine A-156-97-3229H-1, Dollar Joe, t9/11; cum 170K 11/20;
• 20372, 451, Hess, GO-Braaten-156-97-3328H-1, Dollar Joe, t10/11; cum 118K 11/20;

Eight producing wells (DUCs) reported as completed:

• 37203, drl/A, CPEUSC, CPEUSC Tami 11-85-157N-99W-LL TFH,
  
• 33840, drl/A, CPEUSC, CPEUSC Tami 10-8-5-157N-99W TFH,
  
• 33945, loc/A, MRO, Walcel USA 42-8H, Reunion Bay, first production, 9/20; t--; cum 97K 11/20;
  

  Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
  BAKKEN	11-2020	22	33192	33179	27065	43556	41498	0
  BAKKEN	10-2020	28	63483	63035	52810	79947	73024	3133
  BAKKEN	9-2020	3	812	761	1126	1028	0	983

• 33946, loc/A, MRO, Ranum USA 44-8TFH-2B, Reunion Bay, first production, 9/20; t--; cum 69K 11/20:
  

  Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
  BAKKEN	11-2020	30	26173	26054	38281	33264	31647	0
  BAKKEN	10-2020	28	36216	36335	60713	39208	35740	1330
  BAKKEN	9-2020	3	6379	5975	15657	8920	7034	1463

• 36888, drl/A, Murex, Sophia Drake 25-36H-R, Sanish, first production, 10/20; t--; cum 27K 11/20;

  Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
  BAKKEN	11-2020	30	21568	21153	3861	13823	13823	0
  BAKKEN	10-2020	10	5559	4447	2952	2054	1924	0

  
  
• 34256, drl/A, CPEUSC, CPEUSC Tami 3-8-5-157N-99W MBH, Lone Tree Lake, --
  
• 34258, drl/A, CPEUSC, CPEUSC Tami 2-8-5-157N-99W MBH, Lone Tree Lake, --
• 34259, drl/A, CPEUSC, CPEUSC Tami 6-8-5-157N-99W--LL TFH, MBH, Lone Tree Lake, --

Seven permits canceled:

• EOG (5): five Sidonia permits in Mountrail County;
• NP Resources (2): two20901 Elhorn permits in Billings County;