Another CLR Well With Halo Effect -- May 24, 2023

Locator: 44740HALO.  

Drilled back in 2008: huge jump in production.

The well:

• 17159, 811, CLR, Rodney 1-29H, Cedar Coulee, t8/08; cum 171K 1/21; struggling; off line 4/21; remains off line 9/21; cum 173K 4/21; cum 304K 3/23;

Recent production:

• a jump from 500 to 35,000 = 70x.

ool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	3-2023	29	1747	1756	2220	5899	5512	31
BAKKEN	2-2023	16	1951	1978	2190	7938	7637	76
BAKKEN	1-2023	31	4493	4508	4262	20610	19894	289
BAKKEN	12-2022	31	4914	4906	4034	20873	20068	349
BAKKEN	11-2022	30	6168	6247	5594	22975	21964	538
BAKKEN	10-2022	31	9133	9112	7420	26233	25655	57
BAKKEN	9-2022	30	12625	12530	9171	31645	30833	352
BAKKEN	8-2022	6	1479	1459	1115	3276	3130	40
BAKKEN	7-2022	0	0	0	0	0	0	0
BAKKEN	6-2022	0	0	10	0	0	0	0
BAKKEN	5-2022	6	1770	1760	1161	3220	3093	50
BAKKEN	4-2022	0	0	18	0	0	0	0
BAKKEN	3-2022	13	3901	3972	3221	6538	6444	48
BAKKEN	2-2022	26	18858	18877	16985	28525	28308	113
BAKKEN	1-2022	31	24977	25032	23580	34537	33829	586
BAKKEN	12-2021	31	35042	35033	43277	45387	44267	988
BAKKEN	11-2021	7	4394	4240	8493	4833	4517	267
BAKKEN	10-2021	2	285	285	0	0	0	0
BAKKEN	9-2021	3	0	0	10685	1325	0	1325
BAKKEN	8-2021	0	0	0	0	0	0	0
BAKKEN	7-2021	0	0	26	0	0	0	0
BAKKEN	6-2021	0	0	0	0	0	0	0
BAKKEN	5-2021	0	0	231	0	0	0	0
BAKKEN	4-2021	22	473	605	70	745	462	0
BAKKEN	3-2021	30	870	797	272	1260	859	0
BAKKEN	2-2021	28	351	287	20	418	42	0
BAKKEN	1-2021	31	525	862	57	673	266	0
BAKKEN	12-2020	31	438	0	45	645	226	0

Huge Draw -- EIA Weekly Petroleum Report -- May 24, 2023

Locator: 44739WTI.  

WTI: flirting with $74 today. [Later: WTI just topped $74. Pre-market, trading at $74.18.]

API: huge draw yesterday. 

EIA weekly petroleum report: link here.

• US crude oil in commercial storage dropped by a whopping 12.5 million bbls; at 455.2 million bbls in commercial storage, this is 3% below the five-year average;
• US imports averaged 5.9 million bopd; decreased by 1.010 million bopd; imports are averaging 3.9% less than same four-week period last year;
• US refiners operating at 91.7% of their operating capacity
• distillate fuel inventories decreased slightly and are now 18% below the five-year average
• jet fuel supplied was up 3.7%

WTI, after report released: up 1.73%; up $1.26; trading at $74.17; had trended to nearly $75, earlier.

Gasoline demand, link demand:

That Renewable Energy Story In Norway? Starting To Fade -- May 24, 2023

Locator: 44738NOR. 

A Little Williston History -- Non-Bakken -- Non-Oil -- The Book Page -- May 24, 2023

Locator: 44737ND.  

Updates

May 24, 2023: books on the 164th --

• link here; link here.

Original Post 

A historical note sent to family overnight:

I don't know if you all remember the Old Armory in Williston, North Dakota. Prior to high school this was where I first played basketball. Prior to that, the Old Armory was where the boys' summer baseball leagues held their award ceremonies. I never knew the history of the Old Armory. [It was called the "Old" Armory after a "new" Armory was built on south Main, near the Amtrak station.]

This is really quite a story and some of you may already know the story; I did not.

I assume you all remember the names of some of the islands in the South Pacific that became "famous" during WWII (Guadalcanal, Iwo Jima, Midway).

Immediately after Pearl Harbor, the US Army quickly established a new division to occupy the islands off the northeast coast of Australia, the Solomon Islands, afraid the next Japanese target was Australia, somewhat protected by the south Pacific Islands.

The 1st Marine Division, under heavy fire, successfully "took" the largest Solomon Island. The largest Solomon Island province is called Guadalcanal and that is the Guadalcanal / the Solomon Island the US marines took.

The US Marines were hit incredibly hard and were reinforced and replaced by the 164th Regiment.

This is where it gets interesting. The 164th Regiment (referred to as the North Dakota National Guard) was, in fact, "established" in Williston, ND. It would have been established in the Old Armory in Williston. It was the Williston regiment (the North Dakota army national guard, the 164th regiment) that fought alongside and then relieved the US marines on Guadalcanal. Following closely were two more national guard units, one from Massachusetts, and one from Illinois.

Below is a passage rom wiki. It's a long passage but well worth reading.

Bruce

FROM WIKI:

The 164th Infantry, a unit of the North Dakota National Guard, entered federal service 10 February 1941 at Williston, ND.

Commanded by Colonel Earle Sarles, the 164th transited the South Pacific in March 1942.

The regiment spent nearly five months in combat training. In September, Colonel Sarles, a National Guard officer, was replaced as commander of the regiment by Colonel Bryant E. Moore, a West Point graduate. 

Arriving at Guadalcanal on 13 October 1942 as emergency reinforcement for the 1st Marine Division, the Regiment was the first U.S. Army unit to engage in offensive action during World War II in the Battle of Guadalcanal.

Between 24 and 27 October, elements of the Williston regiment withstood repeated assaults from Japanese battalions and inflicted some two thousand enemy casualties. The 1st Marine Division commander, Major General Alexander Vandegrift, was so impressed by the soldiers' stand that he issued a unit commendation to the regiment for having demonstrated "an overwhelming superiority over the enemy." In addition, the Marines took the unusual step of awarding the commander of the Williston regiment (3rd Battalion, 164th,) with the Navy Cross for his role in these battles

Until the Division commander, Major General Alexander M. Patch, and other units of the division arrived, the Williston regiment, the164th, fought alongside the Marines in a series of encounters with Japanese units in the Point Cruz area, where they successfully dislodged enemy troops from two hilltop strongpoints. The action earned them the nickname "The 164th Marines." Members of the 164th were also known as "jungle fighters" within the U.S. media because of the terrain on which they fought.

Later, the 164th participated in extensive jungle patrols as well as organized offensive sweeps of the island to eliminate remaining Japanese resistance. This experience gained the regiment valuable combat experience in jungle travel and navigation, ambush and counter-ambush, and small-unit tactics using small arms and light support weapons. After the Battle of Guadalcanal, the regiment returned to Fiji with the rest of the Division to refit and replenish losses. At this point, many veteran officers and men of the 164th volunteered to join the 5307th Composite Unit, better known as Merrill's Marauders, for service in Burma.

https://en.wikipedia.org/wiki/164th_Regiment_(United_States).

Some months ago I started reading Norman Mailer's The Naked and the Dead, but never got far into it due to other distractions. Time to go back and read it.

Four Wells Coming Off Confidential List Today -- May 24, 2023

Locator: 44736B. 

Lordstown (RIDE): reverse stock split, 1:15, coming -- necessary to meet NASDAQ's listing requirements. For the archives:

• ticker, RIDE, yesterday, closed at 28 cents
• it appears the pricing has already reflected the reverse split
• yesterday: down $3.98 (93.33%)
• pre-market today trading at $4.05; up $3.77 (up 1,325.55%)
• 15 shares yesterday x 28 cents, during the day = $4.20
• today, one share, pre-market = $4.05

GS: predicts an oil price rally. 

Cash: link here.

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

Active rigs: 37.

WTI: $73.95.

Natural gas: $2.331.

Peter Zeihan newsletter.

Thursday, May 25, 2023: 43 for the month; 95 for the quarter, 350 for the year
39239, conf, CLR, Skachenko FIIU 5-31H1,
39170, conf, WPX, Pennington 16-15HCL,

Wednesday, May 24, 2023: 41 for the month; 93 for the quarter, 348 for the year
39238, conf, CLR, Skachenko FUI 4-31HSL,
38969, conf, Hess, GO-Aslakson-156-97-2734H-4,
38943, conf, Iron Oil Operating, Antelope 4-32-29H,
37848, conf, Slawson, Genesis 3-13H,

RBN Energy: North American crude oil price differentials explain and foretell market shifts.

There is no debate about it: The CME/NYMEX domestic sweet (DSW) crude oil futures prompt-month contract at Cushing, OK, is the most closely followed benchmark in U.S. energy markets. It’s the price quoted in nightly news reports and general media publications. And now, with U.S. exports of WTI deliverable on the Brent contract, domestic sweet at Cushing is arguably setting the price for crudes around the world. But the fact is, most crudes traded in physical markets across North America are not priced at the DSW-at-Cushing benchmark but instead at a differential to Cushing — higher or lower on any given day based on each crude’s unique quality, location, and supply/demand characteristics. In today’s RBN blog, we discuss how the behavior of differentials from the Cushing benchmark can go a long way to explain what is happening with crude oil production, transportation volumes, storage and, of course, exports.

There are many crudes traded across North America, each with its own density (measured in API degrees), sulfur content (measured in percentages), total acid number (TAN), and other qualities. The value of all these crudes, with names like Midland Sweet (MIDSWT), Magellan East Houston (MEH), Mars, Bakken, West Texas Light (WTL), and Western Canadian Select (WCS) are typically quoted as differentials to the price of DSW deliverable on the NYMEX Cushing contract.