Oasis With Three New Permits -- January 10, 2023

Will weekly EIA data corroborate today's data? Link here. API data:

• crude oil inventories rose by almost 15 million bbls
• refineries had been shut down a week earlier due to freezing weather and were just getting back to business as usual
• and, yet, gasoline prices continue to drop
• SPR release: a very, very small 0.8 million bbls
• US crude oil production rose to 12.1million bpd in first week of 2023
• represents an increase of 400,000 bpd for 2022
• but still one million bpd lower than peak production seen in March, 2020

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Back to the Bakken

Active rigs: 44.

WTI: $74.62.

Natural gas: $$3.603.

Three new permits, #39560 - #39562, inclusive:

• Operator: Oasis
• Field: Cottonwood (Mountrail)
• Comments:
• Oasis has permits for three Hagen Federal wells, SWSE 31-157-92;
• to be sited 310 FSL and betweeen 2103 FEL and 2193 FEL

Three permits renewed:

• Enerplus: three Fort Berthold permits, Eagle Nest, Dunn County

Eight permits canceled:

• EOG: five Round Prairie permits; two Mont permits; and one Hardscrabble permit, all in Painted Woods