I Erred On the New Claims for Unemployment/New Jobs Numbers Earlier Today

I started this blog to help me keep track of the Bakken, in an attempt to better understand it.

Along the way, there were other issues that caught my attention about which I frequently blog.

One of them is the state of the economy because it affects directly/indirectly what is going on in the oil patch.

One of the indicators I follow regarding the economy is the number of new claims for unemployment benefits; another metric I follow is the unemployment rate.

For as long as I can remember, the "magic number" for new claims for unemployment benefits is 400,000. Below 400,000 new claims for unemployment benefits (monthly number), pundits generally agree is a good sign.  Above 400,000, not such a good sign.

The unemployment rate is easier to follow -- well, duh. Today it was reported to be 8.3 percent.

I don't recall if I have posted the "magic number" for the number of new non-farm jobs (again on a monthly basis). I don't know if the "magic number" is as straightforward as the unemployment claims "magic number," but based on today's news stories on CNBC it appears to be 200,000.

So, to keep it straight in my mind,

• the "magic number" for new claims for unemployment benefits: 400,000
• the "magic number" for new non-farm jobs: 200,000

Hopefully I can keep this straight.

I appreciate "anonymous" for alerting me to my error earlier today; the pundits have not moved the goalposts as I stated.

Now, back to the Bakken. Glad to have gotten that off my chest.

Seven (7) New Permits -- The Williston Basin, North Dakota, USA

March 9, 2012, Daily activity report --

Operators: Petro-Hunt (6), Fidelity

Fields: Eagle Nest, Sanish, Clear Creek

Five wells released from "tight hole" status; only two were completed, reporting an IP.

Another relatively unremarkable report.

Updated 4Q11 New Wells -- The Bakken, North Dakota, USA

I have just updated a lot of the wells on DRL status that have now reported IPs.

Here are some very nice wells. I cut the threshold off at about 2,000 to be posted here, but that means a lot of great wells were not posted here (but still updated at the linked site). It really is incredible how good these wells are. Anyway, here are the best of the best:

• 21138, 2,555, BEXP, Gathman 30-19 1H, Painted Woods, Bakken, [BEXP is in the process of correcting some production numbers as of June, 2012]
• 20326, 2,083, BR, Midnight Run 31-1TFH, Union Center, Bakken,
•  20327, 2,443, BR, Midnight Run 41-1TFH, Union Center, Bakken,
• 21192, 2,148, Newfield, Bernice 150-99-20-17-1H, South Tobacco Garden, Bakken,
• 18996, 2,064, BR, Berlin 34-14H, Crooked Creek, Bakken,
• 20717, 3,295, BEXP, Hilly 22-15 1H, Camp, Bakken,
• 19089, 2,500, Newfield, Sand Creek State 1-16H, Sand Creek, Bakken,
• 20712, 2,575, BEXP, Topaz 20-17 1H, Banks, Bakken,
• 20325, 2,846, BR, Midnight Run 21-1MBH, Union Center, Bakken,
• 20845, 2,151, BEXP, Art 6-7 1H, Sugar Beet, Bakken,
• 20528, 2,892, BR, Chuckwagon 21-15MBH, Sand Creek, Bakken,

It is likely that I have reported these earlier or elsewhere, but it's never too often to see them again.

Fracking Backlog Continues -- The Bakken, North Dakota, USA

Of the six new wells reporting today in North Dakota, only two reported IPs. The rest are still waiting to be completed. 2/6 --> only 1/3 of wells that reported today were completed.

New Building Available in Well-Developed Industrial Park -- Williston, North Dakota, Heart of the Bakken

Sent to me earlier:

I have a building, new, for lease in the well established industrial park, 10th Street East, by the Coco-Cola building. Contact information? Patti 775-842-7261.

I don't have any connection with Patti, and have no knowledge of the building.

Update: after posting, Patti sent me a follow-up: Patti is a Willistonite; she had the building built last year; her current tenant moved out and she is ready to re-lease. Sounds like a great opportunity.