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Linn Energy, LLC (LINE) Message Board

  • sandonthebeach47 sandonthebeach47 Oct 21, 2012 10:56 AM Flag

    Bakken info

    May rig count in ND hit an all time high of 218.

    As of 10/19/12
    this is from the ND State website with the data that they have posted:

    Jul rig count 211
    Aug rig count 198
    Sep rig count 190
    Today’s rig count is 186 (all-time high was 218 on May 29, 2012)

    Comments:
    "August weather was great for drilling and hydraulic fracturing resulting in a 3.7% oil production increase from July to August. A combination of several factors has led to lower stable drilling activity, but continued rapid production growth. Rig count has stabilized at around 190 as operators transition to higher efficiency rigs and implement cost cutting measures. The idle well count decreased significantly indicating an estimated 300 wells (a 25% decrease) waiting on fracturing services. Rapidly escalating well costs that consumed capital spending budgets faster than many companies anticipated and uncertainty surrounding future federal policies on hydraulic fracturing are impacting capital investment decisions. Over 95% of drilling still targets the Bakken and Three Forks formations....etc"

    Lynn Helms
    NDIC Department of Mineral Resources

    Jul Oil 20,963,713 barrels = 676,249 barrels/day
    Aug Oil 21,735,166 barrels = 701,134 barrels/day (preliminary)(NEW all-time high)

    Jul Gas 22,295,369 MCF = 719,205 MCF/day
    Aug Gas 23,616,598 MCF = 761,826 MCF/day (preliminary)(NEW all-time high)

    Jul Producing Wells = 7,467
    Aug Producing Wells = 7,701 (preliminary)(NEW all-time high)

    Jul Permitting: 183 drilling and 0 seismic
    Aug Permitting: 261 drilling and 1 seismic
    Sep Permitting: 273 drilling and 0 seismic (NEW all-time high)

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    • Director’s Cut
      Lynn Helms

      NDIC Department of Mineral Resources

      Jul Oil 20,963,713 barrels = 676,249 barrels/day
      Aug Oil 21,735,166 barrels = 701,134 barrels/day (preliminary)(NEW all-time high)

      Jul Gas 22,295,369 MCF = 719,205 MCF/day
      Aug Gas 23,616,598 MCF = 761,826 MCF/day (preliminary)(NEW all-time high)

      Jul Producing Wells = 7,467
      Aug Producing Wells = 7,701 (preliminary)(NEW all-time high)

      Jul Permitting: 183 drilling and 0 seismic
      Aug Permitting: 261 drilling and 1 seismic
      Sep Permitting: 273 drilling and 0 seismic (NEW all-time high)

      Jul Sweet Crude Price = $71.13/barrel
      Aug Sweet Crude Price = $80.65/barrel
      Sep Sweet Crude Price = $84.98/barrel

      Today Sweet Crude Price = $89.50/barrel ND (all-time high was $136.29 July 3, 2008)

      But,
      does anyone remember this interesting post?

      "Bakken Sour Crude Now Below $47
      Byrlp2451 Jun 21, 2012 6:51 PM

      "Ignore what the Bloomberg Bakken says. Here is a tutorial on how Bakken oil is priced, for those of you who think I maike this stuff up:"

      And,
      does anyone notice what the price is now and, that the post was about bakken sour crude a less costly bakken crude......not bakken sweet crude?

      Gee, I wonder what Continental Resources, Kodiak Oil, & Linn Energy produce in North Dakota?

      Bakken Sweet or Bakken Sour?

      Wow,
      anyone know which?

 
LINE
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