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April 2015 Archives

EOG HAS LION'S SHARE OF 900 NORTH DAKOTA WELLS AWAITING FRACKING

Reuters) - Oil producer EOG Resources Inc has the lion's share of an estimated 900 North Dakota wells waiting to be fracked, according to state data, showing that even major oil titans are mothballing operations while they hope for a rebound in oil prices.For months the conventional wisdom in North Dakota's Bakken shale formation had been that smaller producers with weak cash flow comprised the bulk of that estimate.While the estimate had been published monthly, it was not clear until a Tuesday update from the state's Department of Mineral Resources (DMR) who was dominating the list. Oilfield service companies have aggressively sought the information, hoping to drum up new business.By late May, the number of wells waiting to be fracked is expected to breach 1,000, DMR officials said, fueled largely by cheap oil and a $5.3 billion industry tax break expected to hit in June.

BAKKEN SHALE IS ALIVE AND, SORT OF, KICKING, ANALYSTS SAY

Came across some positive news for North Dakota amidst this downturn in the industry. SterneAgee analysts Tim Rezvan and Truman Hobbs presented at Hart Energy's DUG Bakken and Niobrara conference earlier this month where they learned that operators remain bullish about downspacing initiatives on core acreage in the Bakken/Three Forks, and generally agreed that break-even costs for core areas are in the high $40s per barrel level. The analysts also learned that Hess Corporation has plans to conduct five pilots on a 9 middle Bakken/8 Three Forks wells per unit configuration, including tests near QEP Resources' prolific South Antelope property in eastern McKenzie County. While rig counts have declined and overall activity has certainly slowed, the positive is that companies continue to remain active in North Dakota. You can read more about the analysts' findings in Bob Downing's post for the Akron Beacon Journal. 

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