Thursday, July 29, 2021

Two Permits Canceled; Five DUCs Reported As Completed; -- July 29, 2021

NOG press release:

  • total proved reserves as of June 30, 2021, increased 106% from year-end 2020 to 252.3 million barrels of oil equivalent, with an associated PV-10 value of $1.69 billion at SEC Pricing, 87% of which is proved developed
  • using strip pricing as of June 30, 2021, total PV-10 value was approximately $2.4 billion
  • the midyear reserves exclude Northern's recently announced Permian acquisition expected to close in August
  • SEC pricing as of June 30, 2021, was $49.78 per barrel of oil and $2.428 per MMbtu of natural gas
  • PDP PV-10 value alone exceeds Q1 2021 total debt by 1.5x and 2.0x at SEC pricing and strip Pricing, respectively
  • proved undeveloped reserves included 61.4 net drilling locations, reflecting an average of only 12.3 net organic wells per year over the five-year drill schedule limitation, compared to current guidance of 35.5-37.8 net wells that Northern expects to add to production during 2021 

WTI: up 1.7%; up $1.23; trading at $73.62.  

Gasoline demand: link here. Most recent week -- 9.3 million bpd.

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Back to the Bakken

Active rigs:

$73.62
7/29/202107/29/202007/29/201907/29/201807/29/2017
Active Rigs2312606261

Two permits canceled:

  • CLR: two Clear Creek Federal permits in McKenzic County

Five producing wells (DUCs) reported as completed:

  • 31392, drl/NC, Slawson, Mauser Federal 2-18-7H, North Fork, no production data,
  • 37198, drl/NC, Slawson, Mauser Federal 9-18-17TFH, North Fork, no production data,
  • 37199, drl/NC, Slawson, Mauser Federal 3-18-7H, North Fork, no production data,
  • 34341, loc/NC, Ovintiv, Kestrel 154-96-33-28-1H, Grinnell,
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN5-20213040724405003097781799762995405
BAKKEN4-202134414410000
  • 34333, loc/NC, Ovintiv, Kestrel 154-96-33-28-10H, Grinnell,
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN5-20213026473263275341259468554703929
BAKKEN4-202134374370000

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