The number of producing oil wells in North Dakota just hit a new record…by all accounts, North Dakota could be on track for having a record year.
On Friday, Lynn Helms, Director of Mineral Resources for the North Dakota Industrial Commission, released the Director’s Cut dated 5/12/2017 – which can be found here.
The Director’s Cut outlines oil and gas activity for the State of North Dakota on a monthly basis. The March 2017 Director’s Cut contains some interesting information:
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New Record: A new all-time high number of producing wells has been reported – The number of wells producing oil, according to the preliminary count in the March 2017 Director’s Cut, is 13,632. This is up over 100 wells since the numbers reported for February 2017.
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However, Daily Oil Production is Actually Down: According to the March 2017 Director’s Cut preliminary numbers, oil production is down from 1,034,248 barrels/day in February 2017 to 1,025,638 barrels/day for March 2017.
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Rig Count Up: The rig count as of Friday was reportedly 51, up from 39 in February of 2017.
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The Comments section of the March 2017 Director’s Cut gives us the insight that “[m]ore than 98% of drilling [in North Dakota] now targets the Bakken and Three Forks formations.”
As of right now, the price of oil is up. According to Bloomberg Energy, WTI Crude is currently at $49.06 per barrel, up 0.43%, and Brent Crude is at $51.98 per barrel, up 0.33%.
Good news for a Monday! Here’s hoping it is a record year…
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