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

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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	3/7/2022	03/07/2021	03/07/2020	03/07/2019	03/07/2018
Active Rigs	31	16	55	65	60

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;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2022	31	24352	24337	51384	21046	20358	0
BAKKEN	12-2021	21	23756	23617	50964	19920	18265	0

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