Nothing About The Bakken; Simply ... May 16, 2016

Stuttering Mess  

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If you came here looking for the Bakken, scroll down or go to the sidebar at the right.

I've been watching Pannebaker's 1968 Monterey Pop Festival DVD.

On any given night, I might pick a different "act" to call the "best." Tonight it happens to be Otis Redding's "I've Been Loving You Too Long." Wow.

And then I read the comments. Had it not been for the blog I would not have known about the Swampers. I've long forgotten who alerted me to the Swampers but whoever it was, a huge "thank you."

I have about a dozen music DVDs; they are the best of the best. And one of them is of Muscle Shoals; I never would have known of Muscle Shoals had I not blogged about Sam Phillips. Someone saw the post and said if I enjoyed the Sam Phillips DVD, I would love Muscle Shoals. That was so true; it became one of my favorites. Tonight, when I went to YouTube to see Otis Redding, someone said he did most of his good stuff with the Swampers. Incredible. It comes full circle.

So, there you have it. I could quit now, but I'm in the mood to let a stream of consciousness take over.

Otis Redding
I had a close friend some time ago. She said it best: "No, I don't think about suicide. But often I wish I could just fall asleep and not wake up again." Having been so lucky to have experienced the '60's I often think that if I fell asleep and never woke up, at least I saw the '60's. If that makes sense. It helps me put things into perspective.

Stand By Me, Ben E King
I see oil futures this evening have oil over $48 (WTI).

Can you believe this, OKC Thunder stuns Golden State Warriors, 108 - 102, at Sacramento? Wow.

Someone suggested it was time for another road trip; I agree. But I can't leave Sophia.

These are called "first world problems":

The [Baltimore] Ravens had "a five-minute period on May 6 [2015] when rookies and first-year players suited up in pads during a non-contact punt protection drill.

That's against the rules and the NFL will investigate.

According to Hensley's story, the Ravens thought rookie minicamps had different rules than regular OTA practices (so .... they've been violating the CBA for five years?) and pulled the players off the field after Ravens union rep Ben Watson offered some clarification.

If it was just five minutes, that's very easy to confirm because all practices are filmed. But it's still impossible to believe the Ravens had no idea that rookie minicamp wasn't under the same rules about padded practices as the rest of the OTA work.

It's not a new coaching staff and it's not a new rule, either. Maybe it's not a coincidence it happened with rookies who might not know any better. It might have only been five minutes, and maybe it was an honest mistake, but it'll be easy for the NFL to determine if the Ravens broke a longstanding rule. That five minutes could end up being pretty costly.

 And I thought "deflategate" was blown out of proportion. 

Obviously we're not going anywhere with this tonight. See you all tomorrow.

Update On A Few DUCs That Have Been Completed (1Q15, 2Q15) -- May 16, 2016

Since the last update one month ago, these three 1Q15 DUCs have been reported as completed:

• 25854, 3,098, Statoil, Skarson 1-12 2TFH, Banks, t4/16; cum --
• 25855, 3,115, Statoil, Skarston 1-12 3TFH, Banks, t4/16; cum --
• 25857, 4,545, Statoil, Skarston 1-12 4H, Banks, t4/16; cum 4K after 4 days;

Since the last update (unsure when that was), these 2Q15 DUCs have been reported as completed:

• 30193, 687, XTO, Evelyn 31X-3C, Lindahl, t3/17; cum 10K only 18 days in 3/16;
• 30194, 352, XTO, Evelyn 31X-3GXH, Lindahl, t315; cum 1K after 4 days;
• 30196, 231, XTO, Evelyn 31X-3H, Lindahl, t3/16; cum 7K; only 10 days in 3/16;
• 30195, 686, XTO, Evelyn 31X-3D, Lindahl, 3/16; cum 4K only 13 days in 3/16;
• 29968, 819, XTO, Odegaard State 31X-16C, Midway, t4/16; cum --
• 29969, 644, XTO, Odegaard State 31X-16BXC, Midway, t3/16; cum -- only 2 days on line;
• 28079, IA/689, Oasis, Helling Trust Federal 5494 42-22 12T2, Alkali Creek, t12/15; cum 4K after 8 days and then taken off-line;
• 29564, 3,583, Statoil, Skarston 1-12 XE 1H, Banks, t3/16; cum 14K after 6 days;

Since the last update (unsure when that was), these 3Q15 DUCs have been reported as completed:
30370, 698,
30372, 413,
30859, 156,
30651, IA, produced 3 days 2/16;
30669, 10,
30670, 320,
30173, drl --> SI/NC,
29448, 1,986,
30535, IA, produced a bit, but off-line immediately
30757, 81,
30758, 396,
29752, drl - 233,
30257, 2,110,
30420, 135,
30256, 1,617,
29972, 1,643,
29973, 3,702,
29974, 380,
30456, 1,558,
29563, 4,278,
  
************************************* Pool Girl

Enerplus Reports A Nice Bakken Well -- May 17, 2016

Active rigs:

	5/16/2016	05/16/2015	05/16/2014	05/16/2013	05/16/2012
Active Rigs	28	83	190	190	211

Wells coming off confidential list Tuesday:

• 24963, 1,936, Enerplus, Banjo 149-94-02B-01H- TF, Mandaree, t11/15; cum 124K 3/16;
• 29132, SI/NC, Hess, BW-Erler-149-99-1522H-5, Cherry Creek, no production data,
• 30622, see below/SI/NC, Crescent Point Energy, CPEUSC Aldag 4-36-35-164N-100W, West Ambrose, producing,
• 31202, SI/NC, XTO, Kaye Federal 13X-3C,  Lost Bridge, no production data,
• 31880, drl, CRL, Corsican Federal 7-15H, Sanish, no production data,

Kaiser-Francis Oil renewed one permit, a Torino permit in Mountrail County.

No new permits.

And that's all there was.

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30622, see above, Crescent Point Energy, CPEUSC Aldag 4-36-35-164N-100W, West Ambrose:

Date	Oil Runs	MCF Sold
3-2016	8461	3900
2-2016	12308	0
1-2016	4086	0

24963, see above, Enerplus, Banjo 149-94-02B-01H- TF, Mandaree:

Date	Oil Runs	MCF Sold
3-2016	24648	20820
2-2016	22918	22384
1-2016	25480	20369
12-2015	35011	20369
11-2015	15272	6262

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Channeling Jim Carrey

Notice at the very beginning she abruptly jumps from "herself" to her "acting/posing":

Saudi Aramco IPO: The Numbers Don't Add Up And For Bloomberg: Business As Usual -- May 16, 2016

Updates

Later, 9:13 p.m. Central Time: with regard to US Treasuries and Saudi Arabia, please do not read my post without reading the post at ZeroHedge, a post found by a reader (see first comment, thank you very much).  Too comments:

• Saudi Arabia could be holding more US Treasuries than being report by the US government
• it appears no one has any clue

Be sure to read the entire ZeroHedge post. Again, a huge "thank you" to the reader for spotting this. 

Original Post

 

From various sources this is my 30-second, elevator speech regarding Saudi Arabia and its trillion-dollar mistake:

• the country is said to have had about $850 billion in cash and marketable equities when this all started;
• the country is said to have lost maybe $250 billion since October, 2014, due to the "trillion-dollar-mistake"; maybe more, maybe less; maybe a lot more;
• currently the country is losing about $5 billion / month;
• the NY Times recently reported that if the "9/11 report" was released, Saudi Arabia was ready to sell $750 billion in US Treasuries; and,
• one would think about 2/3rds (maybe more of a country's assets) would be in cash, marketable equities, or in this case, 0.67 * 850 = $550 billion.

In a short Bloomberg story posted today, the writers note that the US Treasury Department:

... has released a breakdown of Saudi Arabia's holding of US debt (i.e., Treasuries), after keeping the figures scret for more than four decades. 

And ... drum roll ... drum roll...

The stockpile of the world's biggest oil exporter stood at $116.8 billion ... 

... let's just call it less than $150 billion, giving Prince Salman a bit of slack. Now 5% of a trillion company ($50 billion) looks a lot more reasonable. I always wondered why such a low amount ("less than 5%" has been the usual boiler-plate number) was being offered in the IPO. Well, now we know. If one's stockpile is only $150 billion, then $50 billion actually looks pretty impressive.

I don't know. Nothing adds up. But then my experience in the the Mideast for two years confirms that nothing ever adds up in the Mideast.

Compare the Saudi's state amount of US Treasuries (less than $150 billion) with that of:

• China, $1.3 trillion
• Japan, $1.1 trillion

Bloomberg says Saudi's $116.8 billion "ranks Saudi Arabia among the top dozen foreign nations in terms of holdings of US debt, and ..."

I don't know about you, but $120 billion is not even in the same ballpark as $1 trillion, especially when you are losing $5 billion/month. But then that many zeros has (have) always confused me.

Maybe I'm misreading something. 

1,000 DUCs In Eagle Ford -- May 16, 2016

Energent Group is reporting:

There are currently about 1,000 drilled uncompleted wells in the Eagle Ford.

Throughout 2015, operators completed additional wells reducing the uncompleted inventory.

Anadarko, EOG Resources, and Chesapeake are the operators with the most DUCs in the Eagle Ford. The three top operators hold 38% of the DUC inventory.

Link here.

The NDIC says that there are about 1,000 DUCs in the Bakken.  Emergent Group had an update on the Bakken DUCs in April, 2016.