Random Update Re: PNC Slawson Osprey Federal Wells -- Production Being Reported -- June 17, 2021

See this post. Lots of activity. Too tired to try to explain it all tonight. Bottom line: it looks like Slawson and the BLM have gotten these wells "squared away" and they're turning out to be great wells. In addition, at least one well is showing a nice jump in production after coming back on line. 

Memo to self: come back later to compare "old" location for this pad with the "new" location.

 Let's take a look at these wells whose permits were canceled (see this post):

• 31435, PNC, Slawson, Osprey Federal 10 SLTF2H,
• 33991, PNC, Slawson, Osprey Federal 4-26-29TFHPNC,
• 33990, PNC, Slawson, Osprey Federal  8-26-29TF2HPNC,
• 33989, PNC, Slawson, Osprey Federal  2-26-29HPNC,
• 33988, PNC, Slawson, Osprey Federal  5-26-29TFHPNC,
• 33987, PNC, Slawson, Osprey Federal  3-26-29HPNC,
• 33986, PNC, Slawson, Osprey Federal  9-26-29TF2HPNC, 

So, looking at them tonight:

• 31435, PNC:
  

• sundry form received June 3, 2016: this permit is being canceled for economic reasons;
• this well pad location had one existing well on it;

• 33991, PNC:
  

• sundry form received February 20, 2019: "Please cancel the approved permit to drill this well. 
• the BLM requested the pad be moved. Slawson intends to re-permit the well at a later date."

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	4-2021	29	26238	25686	52637	14006	0	13861
BAKKEN	3-2021	0	0	0	0	0	0	0

• 33990, PNC:
  

• sundry form, ditto
• no production data;

• 33989, PNC:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	4-2021	24	27282	26873	45094	15283	0	15164
BAKKEN	3-2021	0	0	0	0	0	0	0

• 33988, PNC:
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	4-2021	23	22240	22115	36053	14068	0	13953
BAKKEN	3-2021	0	0	0	0	0	0	0

• 33987, PNC:
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	4-2021	29	22130	21576	45719	12712	0	12567
BAKKEN	3-2021	0	0	0	0	0	0	0

• 33986, PNC:
  

• no production data;

Is It Kumbaya Or "Can We All Just Get Along?" -- June 17, 2021

Exhibits A - I:

• Biden gives Putin a pass on ransomware; human rights issues; drops sanctions re: NordStream 2
• China? Ditto with re: human rights issues; war games.
• US infrastructure: trillion-dollar bill with bipartisan support
• Venezuela: the US has issued Venezuela sanctions waivers for transactions related to Covid-19; the first hint of the new US administration's shift away from the "maximum pressure" policy -- ArgusMedia
• Iran: sanctions going away?
• southern surge / illegals streaming across southern border: no longer a priority; the person in charge, VP Kamala appears uninterested in the job; media no longer writing stories about the influx;
• another Federal holiday; either eleven or twelve Federal holidays now; some sources say eleven; some say twelve (seems like it should be easy to count);
• government money keeps flowing to unemployed despite eight million jobs remain unfilled;
  
• only a matter of time before US starts shipping agricultural products to North Korea now that Kim says country in dire need of food;
• G-7: everyone gets along; they even agree to backpedal on contentious issues like EVs;
• the Fed: makes sure the punch bowl remains filled; everybody's happy
• Portland's "riot response" team resigns en masse; tells me all I need to know about Portland (it must not be as bad as they say);
• ATT is giving special deals to all its customers, not just new customers, if you can believe the ads;
• State Farm: ditto -- everyone gets the best rates, again, if you can believe the ads;
• Philadelphia 76's feel bad for the Atlanta Hawks; give up 26-point lead to allow Hawks to win; 
• Phil Mickelson shoots a plus four in the US Open; eight back; at this rate he will miss the cut; wants to give the younger players a chance to win;
  

I hate the "Kumbaya" song, so we will go with this one:

And this one would have worked, too, a "Christian" song written by a Jewish lyricist:

I have no complaints. My portfolio has never looked so good.

Two DUCs Reported As Completed; One Permit Canceled; Seventeen Permits Renewed; Five New Permits; Oasis With Four New Permits; Equinor Renews Five Permits — June 17, 2021

I’ve  received some great e-mail from readers in addition to some additional stories, but posting will be delayed. I pick up Sophia shortly and will go swimming. Later I take her older sister to soccer practice. I probably won’t get back to blogging until later this evening.

Later: I'll do a bit of blogging tonight but not much.

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Back to the Bakken

Active rigs:

$70.72	6/17/2021	06/17/2020	06/17/2019	06/17/2018	06/17/2017
Active Rigs	21	12	62	62	57

Five new permits, #38380 - #38384, inclusive:

• Operators: Oasis (4); Petro-Hunt
• Field: Siverston (McKenzie); West Ambrose (Divide)
• Comments:
• Petro-Hunt has a permit for a Murphy well in SESW 33-163-100; the well will be sited 425 FSL and 1450 FWL;
• Oasis has permits for four Swenson Federal wells in SWSE 35-151-97;
• the wells will be sited 307 FSL and between 2128 FEL and 2227 FEL;
• the Oasis wells will be sited on a line, 2227 FEL ... 2194 FEL ... 2161 FEL ... 2128 FEL, or
• 0 ... 33 feet ... 33 feet ... 33 feet; amazing; up until recently the Bakken standard was 50 feet between well heads; now 33 feet between wellheads. Remember, once they are completed, pumps will be placed on each of these wells.

Seventeen permits renewed:

• Murex (5): a Barrett Leigh permit; an Iner Skari permit; a Laura Skari permit, a Vernon E Skari permit, and an Evar P Skari permit, all in McKenzic County
• Oasis (5): five Domalakes permits in Burke County
• Equinor (5): five State 36 permits, all in Williams County; I thought Equinor was exiting the Bakken;
• Liberty Resources Management: one Sundhagen permit in Williams County
• Hess: one RS-State E permit in Mountrail County

One permit  canceled:

• Hess: a BL-Olson permit in Williams County

Two producing wells (DUCs) reported as completed:

• 37506, loc/A, CLR, Kennedy 12-31H2, Dimmick Lake, no production data,
• 37508, loc/A, CLR, Kennedy 14-31H2, Dimmick Lake,  minimal production over three days;

Breaking News -- New Investment Vehicle Introduced Following Jay Powell's Remarks Yesterday -- June 17, 2021

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

Birch-coin may not be suitable for all accounts.

Birch-coins can be expensive but can be bought in smaller denominations:

• chips -- one-half of standard coin;
• slivers -- 1/1024rth of a standard coin; and,
• dust -- one-one-millionth of a standard coin.

The last option is often referred to as "saw-dust," as in "I saw dust but thought it was just gold so I ignored it. I was looking for birch-coin."

In addition to demand, supply is likely to be severely limited due to the fact that the spotted owl has pretty much decimated the "mining" of birch-coin in the far northwest.

Dot Plots suggest the birch-coin will peak in late 2023, but whether it's a transitory phenomenon or not is still open to question. The Federal Reserve says they will start talking about when they should start talking about possibly purchasing birch-coin assets.

George Soros has already shorted birch-coin.

Bill Gates lost his wood-pile of birch-coin to Melinda.

Jim Cramer says: "Back up the truck."

Jamie Dimon: "Finally, a worthy competitor to e-coin. We're getting out of cash and moving into wood piles."

Joe Biden: "Birch-coin? I like the aroma of wood in the morning but, c'mon man, we had this when I served in W-W-I."

Brian Williams: "Don't get ahead of us now, but we can do the math."

Warren Buffett: "Futures in birch-coin? Count me out."

Hillary: "Here, hold my beer."

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It's All Greek To Me

ξύλινο νόμισμα: xýlino nómisma

The NY Times On Katie Ledecky -- June 17, 2021

A huge "thank you" to a reader for sending me this link, behind a paywall at The NY Times, but easily found elsewhere. One such link here.

The headline: Katie and Jon Ledecky: two sports, three states and very perfect timing. 

Katie Ledecky’s summer break fell on the calendar five days early as she traveled her longest road through the United States’ swimming trials on Tuesday by scoring 1,900 meters of racing – 2,300 meters within a 24-hour team if you beat her include arduous victory. the 400-meter freestyle late Monday – and qualifies for a third consecutive Olympics.

Her endless day, made even longer by the extra miles she warmed up and down before and after races, was exhausting. But her uncle, Jon Ledecky, may have had it worse.

Sleep can wait for Jon, who is wrestling the best out of a week in which his two biggest sports loves, Katie and the island team he co-owns since 2016, are fighting for places to sleep on their biggest stages. The islanders opened their NHL semifinal series against the Lightning in Tampa on Sunday and Tuesday with two games. Katie, a five-time Olympic gold medalist, opened her ambitious swimming week on Monday with the preliminary round and final of the 400 freestyle.

The Ledeckys are a close-knit family and could not be together in one place for more than a year during holidays and other events due to pandemic-related travel and event restrictions. The swimming trials at CHI Health Center are the first time since Christmas in 2019 that Katie has been with her parents and older brother, Michael. Jon Ledecky did not want to miss the reunion, but Katie was worried about him racing between Long Island, Florida and Nebraska.

Much, much more at the link, obviously. 

For readers new to the blog, Katie Ledecky is a granddaughter of E. J. Hagan, MD, one of my two family practice physicians while growing up in Williston, ND. 

Dr Hagan always seemed so gruff and so serious, but can you imagine being a family practice physician -- when such physicians were also true surgeons and obstetricians -- on the true frontier, not all that far removed in time from the Civil War? Sure, a hundred years in the past, but one needs to remember this was western North Dakota.

Marathon Has Now Completed All Of Its Spectacular Wells On The P-R-S-4W Pad -- June 17, 2021

Link here. 

IPs have been updated; "cumulative" production has been updated. This is a great pad for newbies to check out. 

This is why MRO is consistently rated the best operator in the Bakken year-after-year.

A Bruin "AB" Well Goes Back To "Active" -- June 17, 2021

The well:

• 22090, 1,085/AB-->A, Bruin, Fort Berthold 152-93-17C-08-4H, Four Bears, t1/13; cum 229K 2/20; remains off line 8/20; remains off line 2/21; back on line 3/21; cum 291K 4/21;
  

*******************
Blogging Interrupted

One of the reasons blogging is delayed during the summer.

Random Update Of CLR's Long C reek Unit -- June 17, 2021

The CLR Long Creek Unit is tracked here.  

At that link, compare an older graphic with the current graphic:

The rig is sitting on #36985 in this graphic.

• 36985, drl/TAI, CLR, LCU Truman Federal 3-23H1, Long Creek, no production data,

Notes From All Over -- Morning Edition -- June 17, 2021

Slow, slow news day. I may take the day off. The biggest piece of "investment" news that caught my attention, Jim Cramer's take on Disney+, paraphrasing: "Disney+ has become ESPN without ads." Further, and a direct quote: "Disney+ is an albatross around Disney's neck." 

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

DIS:

• March 8, 2021, three months ago: $201
• today: $175

I find that interesting. I really thought the Disney+ bundle (Disney+, Hulu, and Netflix) would be unbeatable in the short term (two years).

What happened?

See this post for earlier comments. 

Who owns Hulu?

No wonder I have trouble following this story. From google:

Wiki.

Are we moving to two streaming services?

• Hulu
• Amazon

Or:

• Disney+++
• Amazon Fire

******************************
Reading To Corky 

Sophia was reading to Corky on the patio this morning before she left for mini-soccer camp.

The US Economy Is "On Fire'; No One Is Going Back To Work; And The Global Economy Is Yet To Take Off -- June 17, 2021

Covid-19 vaccination rate:

• US: about 55%
• rest of world: about 3%

Crude oil demand: it was my understanding that demand for crude oil was going to fall off the cliff by 2022. 

Something funny happened on the way to 2035.

************************
The Geico Rock Award

We have the first 2021 nominee for the Geico Rock Award. 

Quote from Intel CEO yesterday,"the world is becoming more digital and needs more chips."

Two Wells Coming Off Confidential List; Twelve Operators With Twenty-One Active Rigs -- June 17, 2021

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.  

**********************************
Opening Volley

"Apple struggles in push to make health care its greatest legacy." Link: https://www.foxbusiness.com/technology/apple-struggles-healthcare-legacy. 

This follows the failed attempt by Buffett, et al, to "fix" the health sector (previously posted). The millennials seem pre-occupied with "health," but seem not to understand how "medicine" works. Whatever. 

****************************
Return

Jobs report today: not necessarily a bad report but certainly not good. Economy on fire and folks not returning to work. Think about that. What's the number one expense businesses have? Yup, personnel costs. 

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My Biggest Mistake Last Night ...

.... when I quit watching the Atlanta Hawks - Philadelphia 76ers NBA game in the third quarter when the latter was 26 points ahead of the former ... and then went on to lose by three points...

**********************************
The Dot Plots

The Dot Plot that got everyone excited at this link (it's behind a paywall but one can easily get around it (LOL We've talked about that before.)

 ********************************
US Shale Free Cash Flow

Link here at Bloomberg Quint. 

 ********************************
Infrastructure

Line here at The WSJ: one failed bridge in Memphis, TN, costing business millions. I think we've seen this movie before.

 ********************************
The Buzz

Jim Cramer:

• flipped on energy; now loves the oil sector; a change from about six months ago;
• absolutely loves Jay Powell (I agree completely)

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Back to the Bakken

Active rigs:

$71.88	6/17/2021	06/17/2020	06/17/2019	06/17/2018	06/17/2017
Active Rigs	21	12	62	62	57

Twelve operators with twenty-one active rigs:

• CLR (7): Gordon Federal, Gale, Jensen, Pasadena Federal, Harrisburg, Tallahassee, LCU Truman Federal,
• Hess (3): BB-State A, EN_Johnson A, GO-Soine A,
• MRO (2): Loraas, Goddard USA,
• Enerplus: Sable
• Slawson: Mauser Federal
• RimRock Oil & Gas: FBIR Guyblackhawk
• Ovintiv: Olson,
• Whiting: Lapica
• Kraken: Bigfoot
• Petro-Hunt: Blikre
• KODA Resources: Porter
• Oasis: Fraser Federal

Twenty-one? Almost double what it was a year ago. And producing more oil than New Mexico with 70+ rigs. 

Two wells coming off the confidential list -- Thursday, June 17, 2021: 68 for the month, 92 for the quarter, 170 for the year:

• 37777, drl/NC, MRO, Bulls Eye USA 41-6TFH, Reunion Bay, no production data,
• 36850, 2,379, Hess, EN-VP And R-154-94-2536H-15, Alkali Creek, t12/20; cum 126K 4/21;

RBN Energy: the social and governance parts of ESG, part 5. 

CureVac On Life Support -- June 17, 2021

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

Link here.  From early August, 2020, last year:

• CureVac doesn't rule out accelerated approval for Covid-19 vaccine; interesting, interesting story; connecting the dots;
• German biotechnology firm
• expects to put its vaccine on the market in mid-2021
• CureVac: backed by Bill Gates
• CureVac: listed ont eh NASDAQ three days ago, Friday, August 14, 2020, raising $213 million;
• ticker symbol: CVAC
• closing price on first day of trading: $55.90; up 250%)

First day of trading, back in early August, 2020:

From August 8, 2020:

CureVac: of the thousands of sticker symbols I could have chosen, back on August 14, 2020, I chose CureVac (CVAC) trading up 250% on its first day of trading; closed at $56. Today, I see CVAC is up another $15, up almost 14% today; and closed at $130. Moderna had a great day. This is clearly not rocket science. PFE. JNJ.

Fast forward, today, June 17, 2021: CureVac plummeting. Over at The WSJ, "CureVac sharees plunge premarket on disappointing Covid-19 vaccine trial. Vaccine was 47% effective in an analysis of a trials, says the company, which attributed the poor performance to variants. 

Not even mentioned on CNBC this morning. Makes sense: Bill Gates and MSNBC --> CNBC joined at the hips.

For its main listing in the U.S., shares were down 45% in off-hours trading. Shares in the company listed in Frankfurt traded 43% lower Thursday.