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Thursday, January 7, 2021

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
1/7/202101/07/202001/07/201901/07/201801/07/2017
Active Rigs1156645439

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;
    PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
    BAKKEN11-20202233192331792706543556414980
    BAKKEN10-20202863483630355281079947730243133
    BAKKEN9-20203812761112610280983
  • 33946, loc/A, MRO, Ranum USA 44-8TFH-2B, Reunion Bay, first production, 9/20; t--; cum 69K 11/20:
    PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
    BAKKEN11-20203026173260543828133264316470
    BAKKEN10-20202836216363356071339208357401330
    BAKKEN9-202036379597515657892070341463
  • 36888, drl/A, Murex, Sophia Drake 25-36H-R, Sanish, first production, 10/20; t--; cum 27K 11/20;
    PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
    BAKKEN11-2020302156821153386113823138230
    BAKKEN10-202010555944472952205419240

  • 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;

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