Amber Renee Updated -- August 27, 2022

This post from 2013 is trending, top spot, at the sidebar at the right. 

So, let's update the three wells and introduce a fourth:

Amber Renee, stalled out at 822K:

• 18408, TA/1,945,  Murex, Amber Renee 25-36H, Sanish, one mile to the west of the Chandler James; s12/09; t2/10; F ; "long" lateral; cum 750K 2/13;  822K 12/13; off line since 12/13;
  

Chandler James, goes over one million bbls:

• 17263,  3,124, Chandler James 25-36H, s7/08, produced 500,234 bbls in 484 days; as of 8/12 -- 899K; no pump; still producing 8,000 to 9,000 bbls/month; t10/08; cum 921K 2/13; cum 1,216,690 bbls 6/22;
  

Jacob Daniel:

• 16839, 864, Murex, Jacob Daniel 25-36H-RE, Sanish, t1/08; cum 417K 2/13; cum 562K 6/22;
  

Any others of note in that section or drilling unit?

On the same pad as #18408:

• 36887, drl/A, Murex, Amber Renee 25-36H-R, Sanish, first production, 8/21; t--;  cum 105K 6/22; full production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	6-2022	26	6607	6607	621	18190	11116	6736
BAKKEN	5-2022	31	8045	8045	1260	16872	16872	0
BAKKEN	4-2022	23	5795	5795	1574	12972	12665	8
BAKKEN	3-2022	17	4195	4195	1939	7543	7322	0
BAKKEN	2-2022	28	9249	9249	710	18975	15437	3174
BAKKEN	1-2022	31	10147	10147	689	20219	19816	0
BAKKEN	12-2021	31	10887	11087	870	21382	19875	1104
BAKKEN	11-2021	30	11255	11255	1064	19430	17960	1080
BAKKEN	10-2021	31	13372	13472	1378	21344	19666	1275
BAKKEN	9-2021	29	13075	13136	2282	17713	10699	6624
BAKKEN	8-2021	30	12650	12289	3328	15589	14631	568

Off Net Net In A Few Minutes -- August 27, 2022

I'll be off the net in a few minutes. As soon as the Nebraska - Northwestern game is over, I'm taking a short bicycle ride.

It looks like Nebraska is going to be upset in Ireland!

Yes! They are! Nebraska intercepted! Inside 90 seconds and inside the 20-yard line -- Northwestern has the ball. Wow. What an upset.

I will be back later. 

NASCAR: today at 6:00 p.m.?  Daytona. Final regular season race. Last two drivers selected for post-season.

It's only 3:00 p.m. Saturday! Wow, what a weekend! It's just beginning. And I've completely blown off the PGA tournament, though I will check in periodically, and if it's close, watch tomorrow.

Biggest let down: the PGA this weekend. Even Week 0, NCAA Football surpassed expectations.

Back later.

***************************
Mistake

The entire extended family is out of town for the three-day weekend. I am completely free, no responsibilities.

But I messed up. I should have rented a car from Enterprise and drove to Nashville, TN, to see Arianna.

I won't let this happen again. 

Going forward, I'm going to watch the school calendar like a hawk.

An Old QEP Well -- Now A Chord Energy Well -- Goes Over 500K Bbls Crude Oil Cumulative -- August 27, 2022

The well:

• 24615, 3,167, Oasis/QEP, Hemi 3-34-27BH, Grail, t5/13; cum 549K 5/22;

Recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	6-2022	0	0	8	0	0	0	0
BAKKEN	5-2022	15	98	150	121	810	445	0
BAKKEN	4-2022	30	398	396	522	3682	3136	0
BAKKEN	3-2022	31	599	631	323	2973	2485	0
BAKKEN	2-2022	28	625	600	530	3819	2567	750
BAKKEN	1-2022	31	713	798	91	1940	1346	0
BAKKEN	12-2021	28	1552	1592	3738	2198	2002	16
BAKKEN	11-2021	30	2712	2578	8316	2850	2543	226

Oasis Acquires Select QEP Resources In The Bakken -- August 27, 2022

I'm sure I posted this but I've long forgotten and I'm not in the mood to look for it, at least not now. [Later: see this post.]

But back on October 21, 2021 -- about a year ago -- Oasis Petroleum -- now Chord Energy -- completed the acquisition of select Williston Basin assets of QEP Resources. Link here.

Oasis Petroleum Inc. entered into a definitive agreement to acquire select Williston Basin Assets of QEP Resources, Inc. for approximately $750 million on May 3, 2021. 

The consideration is expected to be financed through cash on hand (approximately $106 million as of March 31, 2021), revolver borrowings ($450 million elected commitment on $500 million borrowing base, none drawn as of March 31, 2021), and a $500 million fully committed underwritten bridge loan committed by  J.P. Morgan and Wells Fargo (expecting high yield financing to replace the bridge loan), net proceed from the Permian Basin Sale and the net proceeds from the offering of $400 million in aggregate principal amount of senior unsecured notes due 2026 completed on June 9, 2021. 

The transaction is expected to close in the third quarter of 2021. As of May 24, 2021, the transaction is expected to close in July 2021. As of June 28, 2021, completion is expected to occur by the end of July 2021. As of August 2, 2021, the transaction is expected to close in late third quarter of 2021. As of September 30, 2021, the parties extended the outside date for the consummation of the acquisition to October 27, 2021. Net proceeds from the transaction are expected to be applied towards debt reduction. The transaction is accretive to cash flow per share and free cash flow per share in both the near and long-term before accounting for synergies.

Is this:

• $106 million cash-on-hand,
• $450 million, revolver borrowings,
• and a $500 million bridge loan
• net proceeds from $400 million from Permian sale?

The deal:

• 95,000 net acres.
• $745 million.
• $745 million / 95,000 net acres = $8,000 / acre. 

Much to say to the nay-sayers, but I don't have time for that now. Maybe later.

XTO And CLR -- A Smiley Face -- August 27, 2022

See this post.

See this post.

A reader asked me about this. My reply:

It certainly looks like XTO and CLR are trying to come to some kind of deal, but with CLR's focus on cutting debt they may be looking at other ways of playing this. 

This is really quite fascinating if you think about it. 

This may be a win-win for both XTO and CLR. 

By doing it this way, CRL does not have to come up with a lot of cash and over-pay for drilling locations in the Bakken. 

Meanwhile, XTO benefits from oil production and high oil prices without spending CAPEX on the wells and still hold their acreage in the Bakken.

I think it's brilliant. 

Mom-and-pop mineral owners benefit big time: if CLR and XTO didn't come to this arrangement, these drilling units might lie idle while XTO focuses elsewhere and doesn't drill in the Bakken. 

I'm lovin' it.