Major CLR Update -- May 5, 2021

Wow, I love this blog. Earlier today I updated the operators and active rigs in North Dakota. And there it is. This morning I noted that CLR now has five active rigs in North Dakota. Now, The Williston Herald corroborates that (see below).

In addition, CLR will start drilling out the Long Creek unit in August. The Long Creek Unit is tracked here.

I may quit blogging for the day; more than enough news to digest. LOL. No, I'm just beginning. 

With oil markets balancing, CLR is shifting back to its oil-heavy assets in the Bakken -- The Williston Herald.

During the pandemic, Continental went with a gas-weighted profile, but now, with supply-demand curves balancing, it’s planning to flip that ratio around.

That will mean ramping up well completions in the more oil-heavy Bakken instead of the Scoop-Stack play in Oklahoma. In the second half of the year, 70 percent of its well completions will be in the Bakken, versus the 50 percent ratio the company had at the beginning of this year.

That’s going to mean at least one more rig in the Bakken to add to the four that are already running, and the completion of about 65 wells. The company will start drilling out Long Creek in August, which has so far shown very strong initial production stats. The company plans about 56 wells there.

Continental is also paying off its debts faster than expected, thanks in part to stronger than anticipated oil prices. WTI was trading around $65 on Wednesday — versus $15 a barrel last year amid a demand-crushing pandemic and a Russia-OPEC price war that oversupplied an already oversupplied market.

By the way, there is something very interesting about CLR's Long Creek Unit which no one has mentioned yet. I won't mention it either because I don't need the push back. I'll wait for CLR to do the announcement for me.