Monday, March 7, 2022

Eight New Permits; Eight Permits Canceled; Two DUCs Reported As Completed -- March 7, 2022

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.

The market:

  • AAPL: closed below $160; closed down 2.37%; closed down $3.87; 
    • has "event" tomorrow
  • SRE: after a rocky start, SRE actually closed 90 cents / share higher;
  • ENB / EPD: closed marginally lower.
  • Most interesting after the "good" news coming out of the Biden White House and Venezuela earlier today, CVX closed up over 2%, closed up $3.44; closed at $162. How did the others do in comparison:
    • XOM: up 3.6%; up $3.03; closed at $87
    • COP: up 1%; up $1.00; closed at $101
    • TTE: closed down 0.8%; closed down 40 cents; closed at $49
    • SHEL: closed up 4.4%; closed up $2.16; closed at $51.56

Note: several readers have asked me where I think WTI is headed (much of it is headed overseas):

  • the tea leaves (which, by the way, are very hard to read) do not suggest the price of WTI is going to drop below $100 for the next five years;
  • my crystal ball, which has an accuracy rate of 1.45% forecasts WTI will not drop below $110 for the next three years, except for short flash-crashes lasting less than 72 hours;
  • the tarot cards do not suggest any deaths in the family in the next six months, but the pack is quiet regarding oil (WTI and Brent)
  • the ouija board today was quiet;
  • my technical analysis, which has the same accuracy rate as my crystal ball, suggests WTI will remain -- on average -- above $100 for the next ten years; or maybe not; I lost track of the decimal
  • one's astrological reading will vary by birthday; mine says oil had a relatively good day today but I need to be careful later this week when there could be a major pull back
  • the entrails of a dead bird in our apartment complex were unrecognizable / unreadable due to decomposition
  • the NDIC says their IT data is still not working
  • Sophia told me to "get a life."

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Back to the Bakken

Active rigs:

$119.40
3/7/202203/07/202103/07/202003/07/201903/07/2018
Active Rigs3116556560

Eight new permits, #38812 - #38819, inclusive:

  • Operator: Grayson Mill (Equinor) (5); CLR (damn the torpedoes, full speed ahead) (3)
  • Fields: Poe (McKenzie); Jim Creek (Dunn); Rattlesnake Point (Dunn)
  • Comments:
    • CLR has permits for three Bonneville wells in Jim Creek/Rattlesnake point; 
      • two in NWNW 24-146-96 and one in SESE 27-146-96; 
      • two will be sited 484 FNL and between 397 FWL and 352 FWL; 
      • the third will be sited 463 FSL and 1042 FEL;
    • Grayson Mill has five permits for three Bugs wells and two Lloyd wells; 
      • all five wells will be sited in NWNE 34-151-100, but Bugs will run opposite direction as the Lloyd wells (more later); 
      • the wells will be sited 286 FNL and between 2420 FEL and 2300 FEL; 
      • based on their names, it looks like the Bugs wells will run from south to north; and, the Lloyd wells will run from the north to the south;

Eight permits were canceled:

  • EOG (4): four Ross wells in Mountrail County; continues a pattern of EOG canceling permits;
  • Ovintiv (Newfield) (3): two in Dunn County; one in McKenzie County;
  • Hess: a TI-Beauty Valley permit in Williams County;

Two producing wells (DUCs) reported as completed:

  • 38355, 1,063, CLR, Dolezal FIU 10-5H1, Chimney Butte, minimal production, typical for CLR at this point in time in the life-cycle of the well; nothing new or alarming;
  • 37246, 2,581, MRO, Jake 44-33TFH, yup, another nice MRO well, t--; cum 48K 1/21;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN1-20223124352243375138421046203580
BAKKEN12-20212123756236175096419920182650

Disclaimer: in a long note like this, there will be content and typographical errors. If this is important to you, go to the source.

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