Oasis, Back In The Bakken, Has Two New Permits -- June 15, 2021

RIDE: no product; no CEO, no CFO (except a director now taking on those roles) was actually up 75 cents on a $10-stock on a day the market was down, tech was really down. Fundamentals no longer matter for these meme stocks. 

Ten-year Treasury: 1.489%.

Rate hikes: everyone agrees, earliest, 4Q22 but the really smart, credible folks don't see rate hikes until 2024. And even if they are wrong, the Fed will raise rates ever so slightly. GDP will be strongest since the Marshall Plan and rates are at zero percent. The economy is simply "on fire." And rates are at zero percent.

House prices: people are not yet buying these expensive houses with cheap dollars; they are buying these houses with money in the bank that accumulated during the lockdown, and they are buying these houses at really, really cheap rates.

Brent: $74.30. 

*****************************
Back to the Bakken

Active rigs:

$72.45	6/15/2021	06/15/2020	06/15/2019	06/15/2018	06/15/2017
Active Rigs	19	13	61	62	56

Two new permits, #38372 - #38373, inclusive:

• Operator: Oasis:
• Field: Camp (McKenzie)
  
• Comments:
• Oasis has permits for two Rey Federal wells:

• #38372, loc, Oasis, Rey Federal 5201 32-11 3B, NWSW 11-152-101, 1669 FSl 1221 FWL;
• #38373, loc, Oasis, Rey Federal 5201 32-11 4B, NWSW 11-152-101, 1662 FSl 1189 FWL;

Six producing wells (DUCs) were reported as completed:

• 37713, drl/A, CLR, Morris 12-26H1, Oakdale, first production, 4/21; t--; cum --;
• 37714, drl/A, CLR, Morris 13-26H, Oakdale, first production, 4/21; t--; cum --;
• 37715, drl/A, CLR, Carson Peak 11-35H2, Oakdale, first production, 4/21; t--; cum --;
• 37716, drl/A, CLR, Carson Peak 12-35H1, Oakdale, first production, 4/21; t--; cum --;
• 37794, drl/A, CLR, Carson Peak 13-35H, Oakdale, first production, 4/21; t--; cum --;
• 36273, SI/A, Hess, EN-Chamley-LW-156-93-0508H-1, Baskin, first production, 12/19; t--; cum 209K 4/21; 
  

The CLR Carson Peak / Morris wells are tracked here.

CLR is very, very active with these wells:

• many of the wells are now "inactive," suggesting neighboring wells are being fracked;
• several DUCs were reported as completed today;
• several wells that were inactive are back on line;
• several wells have produced well above 700K bbls crude;
• most interestingly, four wells that were previously reported at "PNC" are now actively producing.