Sunday, March 27, 2022

Observations Regarding Wells Coming Off Confidential List This Next Week -- March 27, 2022

See initial production data for wells coming off the confidential list this next week at this link.

  • rigs don't matter: don't take this out of context
    • I think I recall CLR had only five rigs on the active rig list last week; needs to be fact-checked; most observers expected CLR to have at least eight active rigs in North Dakota by now, if not nine
  • if it weren't for CLR, would we even be talking about the Bakken today?
    • of the 17 wells coming off confidential list:
      • CLR: 8
      • Ovintiv: 4
      • Petroshale: 3
      • Hess: 2
  • of the 17 wells coming off the confidential list, those reporting production:
      • Petroshale: 3 (and two of the wells look mediocre at best)
      • Hess: 2 (nice to very nice wells)
      • CLR: 1 ( a mediocre well at best)
  • operations
    • even CLR not getting their wells fracked
    • there is no use adding rigs to drill more wells, when one can't even get exiting wells completed -- CLR
    • except for CLR, and maybe two or three others, producers aren't able to frack
  • pad drilling;
    • the only reason there are seventeen wells even coming off the confidential list: pad drilling
    • without pad drilling, all of eight wells might be coming off confidential list this next week

3 comments:

  1. On the CLR rig count last week in the LCU at least one rig and possibly both were moving up the hill from the Reckitt / Ralph / Foster drainage then back down the Truman drainage.

    ReplyDelete
    Replies
    1. That explains that, thank you.

      Regardless, it was quite a shock to see only five CLR active rigs, albeit a snapshot in time.

      Delete
    2. With oil at $110 and unhedged, CLR would have eight rigs active all the time if frack spreads were available and / or affordable.

      Delete

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