One New Permit; Three Permits Renewed; Seven DUCs Reported As Completed -- April 2, 2024

Locator: 46898B.

JOLTS today: based on jobs report today, the economy is doing very, very well. Amazing. 

All day long talking heads talk about the Fed cutting rates as many as three times this year but some talking heads suggests folks making that prediction must be living in a different world. Right now, I can't imagine the Fed seriously considering a rate cut based on current data. The purpose of a rate cut is to make sure the Fed doesn't push the economy into a recession; the Fed is not there to protect a Wall Street bull run. A single rate cut or even two would have little effect on this economy. My hunch: the Fed is thinking it better to keep five arrows in its quiver in case a geo-political event upsets the apple cart. [Geo-political event? Cue up Drudge.]

Most amazing thing I've come across the past two days: how fast the US military has modernized -- I was blown away by all the Virginia-class submarines in-service and more coming on line; and then the number and capability of the F-35.

That Israeli mission to take out an "embassy" in Damascus? A perfect mission for a couple of F-35s with a pair of F-15s at altitude providing command, control, and cover for the mission.

****************************
Back to the Bakken

Active rigs: 37.

WTI: $85.15.

One new permit, #40633:

• 40633, conf, Oasis, Olson State Federal 5399 41-9 4B, SWSW 9-153-99, Crazy Man Creek, Williams; to be sited 343 FSL and 309 FWL; there's one "open" section in that area, with only one well currently active:
• 20120, 385, XTO, Olson State 11X-16, Crazy Man Creek, t12/11; cum 285K 2/24;

Three permits renewed:

• Foundation Energy: three Agate permits, Bicentennial oil field, Golden Valley, County;

Seven producing wells (DUCs) reported as completed:

• 39728, 1,271, WPX, Bull Moose 28-27HEL,
• 39848, 364, Oasis, Thunderhill Federal 5302 33-3 2B,
• 39849, 63, Oasis, Thunderhill Federal 5302 33-3 3B,
• 39984, 4,078, MRO, Calvin 11-21H,
• 39986, 3,090, MRO, Sahaydak 21-21H,
• 39987, 4,119, MRO, Basham 31-21H
• 39988, 2,481, MRO, Coan 41-21H,

39986:

39984:

Seven-well pad in an already busy area:

• #39728 is on a seven well pad; the other six wells are still confidential; none reporting any runs yet;
  
• 39727,
• 39726,
• 39725,
• 39724,
• 39723,
• 39722,

Well of interest:

• 17999, 373, MRO, Jacqueline Olson 14-16H, Jim Creek, t9/09; bcum 185K 2/24; just came back on line after going off line 5/23; 1,038 bbls over 9 days extrapolates to 3,450 bbls over 30 days;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	2-2024	9	1038	1035	1821	754	748	4
BAKKEN	1-2024	0	0	0	0	0	0	0
BAKKEN	12-2023	0	0	0	0	0	0	0
BAKKEN	11-2023	0	0	0	0	0	0	0
BAKKEN	10-2023	0	0	0	0	0	0	0
BAKKEN	9-2023	0	0	0	0	0	0	0
BAKKEN	8-2023	0	0	0	0	0	0	0
BAKKEN	7-2023	0	0	0	0	0	0	0
BAKKEN	6-2023	1	65	181	0	0	0	0
BAKKEN	5-2023	0	0	0	0	0	0	0
BAKKEN	4-2023	0	0	0	0	0	0	0
BAKKEN	3-2023	0	0	0	0	0	0	0
BAKKEN	2-2023	0	0	0	0	0	0	0
BAKKEN	1-2023	0	0	0	0	0	0	0
BAKKEN	12-2022	0	0	1	0	0	0	0
BAKKEN	11-2022	12	233	233	119	321	225	17
BAKKEN	10-2022	31	775	875	395	967	642	71
BAKKEN	9-2022	30	756	795	391	917	655	16