Wells Coming Off Confidential List This Week -- July 1, 2017

Friday, July 7, 2017

• 30786, 40, Crescent Point energy, CPEUSC Fairholm 5-27-28-164N-100W, West Ambrose, 4 sections; target: Three Forks Unit 5 / Three Forks Unit 6; TVD, 7,862 feet; TD, 18,280 feet;

Thursday, July 6, 2017

• 27445, 766, EOG, Parshall 158-20H, Parshall, one section, 22 stages, 7.6 million lbs, t1/17; cum 54K 5/17;
• 32887, SI/NC, Enerplus Wasp 150-94-11C-12H, Spotted Horn, no production data,
• 33164, SI/NC, Statoil, Russell 10-3F XW 1H, Painted Woods, no production data,

Wednesday, July 5, 2017

• 27444, 335, EOG, Parshall 78-20H, Parshall, one section, 24 stages, 8.6 million lbs, pt1/17; cum 22K 5/17;

Tuesday, July 4, 2017

• 32516, SI/NC, XTO, Lundin 11X-15F, Siverston, no production data,
• 33165, SI/NC, Statoil, Russell 10-3 2H, Painted Woods, no production data,

Monday, July 3, 2017

• 32515, SI/NC, XTO, Lundin 11X-15AXB, Siverston, no production data,
• 32886, SI/NC, Enerplus, Ladybug 150-94-11C-12H-TF, Spotted Horn, no production data,

Sunday, July 2, 2017

• 31324, dry, Crescent Point Energy, CPEUSC Aldag 5-26-25-164N-100W, West Ambrose, no production data,
• 31638, SI/NC, XTO, lundin 11X-15EXH, Siverston, no production data,
• 33166, SI/NC, Statoil, Russell 10-3 3H, Painted Woods, no production data,

Saturday, July 1, 2017

• 31136, SI/NC, Newfield, Jorgenson Federal 148-96-10-15-11H, Lost Bridge, no production data,
• 31637, SI/NC, XTO, Lundin 11X-15A, Siverston, no production data,
• 32441, 1,073, Nine Point Energy, Little Muddy 23H, Williston, 31 stages, 4 million lbs, producing,
• 32885, SI/NC, Enerplus, Beetle 150-94-11C-12H, Spotted Horn, no production data,
• 33167, SI/NC, Statoil, Russell 10-3 4H, Painted Woods, no production data,

************************************

32441, see above, Nine Point Energy, Little Muddy 23H, Williston:

te	Oil Runs	MCF Sold
5-2017	14685	0
4-2017	12981	2668
3-2017	21686	0
2-2017	28694	0
1-2017	12823	0

27444, see above, EOG, Parshall 78-20H, Parshall:

Date	Oil Runs	MCF Sold
4-2017	5683	4432
3-2017	5344	3023
2-2017	5050	3380
1-2017	2126	1348

27445, see above, EOG, Parshall 158-20H, Parshall:

ate	Oil Runs	MCF Sold
4-2017	8335	3744
3-2017	11329	6422
2-2017	9354	4721
1-2017	13787	5830

30786, see above, Crescent Point energy, CPEUSC Fairholm 5-27-28-164N-100W, West Ambrose:

Date	Oil Runs	MCF Sold
5-2017	5325	2510
4-2017	2468	1150

The Political Page, T+162 -- July 1, 2017

One has to assume that President Trump has read this story in The New York Times about France's new president: Emmauel Macron.

It's All About The RINS, No Doubt -- July 1, 2017

From biomassmagazine:

Tesoro oil refinery in Dickinson, North Dakota, has plans to co-process renewable feedstock along with regionally sourced Bakken crude oil to produce a 5 percent renewable diesel blend. Construction is planned to begin in October with start-up expected in December. 

Some data points:

• Tesoro acquired the Dakota Prairie Refinery in Dickinson last year
• capacity: can refine 20,000 bbls per day
• renewable feedstock: regionally sources soybean oil and distillers corn oil from ethanol plants
• Tesoro has applied for a $500,00 grant through the NDIC
• capacity: up to 16,800 gallons per day of renewable feedstock
• the total cost of the project: $3.5 million

It's all about the RINS:

As an obligated party under the federal Renewable Fuel Standard, Tesoro indicated the project’s motivation is the increased environmental value of renewable diesel under the RFS.

“The co-processed renewable diesel will generate about 1.7 D5 RINs per gallon,” the refiner stated. “The current market value of a RIN is approximately $1 per RIN.”

The company said the results of this project will help determine the potential for a larger future renewable project at the Tesoro Dickinson Refinery.

Reminder: Tesoro will change its name to Andeavor on August 1, 2017.

Richard Zeits' Analysis Of Carrizo's Recent Permian Acquisition -- July 1, 107

Link here to SeekingAlpha.

Summary:

• The Permian acquisition, while not inexpensive, improves the stock's risk/reward profile
• Divestitures will streamline the portfolio. The loss of the resource base will be compensated by the stacked-pay upside in the Permian
• Growth profile is unchanged in the near term and is more sustainable in the longer term.

Richard Zeits' observation regarding the price of the acquired property:

The acquired properties are of excellent quality but come at a high price, in-line with other comparable transaction in this specific area. Including the contingent payment, which I value for illustration at ~$75 million, the implied valuation is $33,000 per undeveloped acre.

My estimate is substantially higher than the $22,300 per acre metric provided by the company in its presentation (the company's estimate appears to exclude the contingent payment and is based on a somewhat arbitrary multiple of flowing production).

This is a great article to archive to see how one values the price paid for oil-producing assets. 

The Katie Ledecky Page -- June 30, 2017 -- More Records -- Coming In Threes; Lowers World's Fastest Time In 200 Meter Freestyle

From the Phillips 66 National Championships, June 27 - July 1, 2017, Indianapolis, IN:

Katie Ledecky won her THIRD title of the meet Friday in the women’s 400m freestyle, turning in a time of 3:58.44, a U.S. Open and meet record.

It was the THIRD-fastest performance of all time in this event. The win marks the THIRD event in which she’s qualified for the 2017 FINA World Championships, to be held June 23-30 (sic) in Budapest, Hungary. It will be her THIRD career World Championships.

The dates for the Budapest meet have to be a typographical error; I wonder if the dates aren't July 14 - 30, 2017?

Her earlier titles in the Phillips 66 meet:

• women's 800m freestyle, 8:11.50 (second place came in at 8:20.46)
• women's 200m freestyle, 1:54.84 (second place came in at 1:56.68)

From SwimmingWorldMagazine.com:

19-year-old Katie Ledecky won another national title in the 200 free on Wednesday night at the 2017 Phillips 66 USA Swimming National Championships.

Ledecky already had the number one time in the world after what she did at Santa Clara earlier this month. Ledecky lowered that time with a 1:54.84 to move further ahead of Sweden’s Michelle Coleman (1:55.64).