Active Drilling Rigs – January 2011

The Active Drilling Rigs are up slightly from December at 162 total rigs. The numbers are mostly unchanged for the major Bakken players but Hess is worth a look here with 15 rigs in play. Their recent acreage land acquisitions as well as $5.6 billion in capital spending in 2011 will could attract attention from institutional investors looking for a way to gain exposure in the Bakken without taking a risk on a pure play.

Operator Well Name and Number Current Location
ABRAXAS PETROLM CORP. STENEHJEM 27-34-1H NENE 27-150N-97W
AMERICAN OIL & GAS INC BARMAN 15-7H SWSE 7-157N-96W
AMERICAN OIL & GAS INC FLATEN 15-8H SWSE 8-157N-97W
AMERICAN OIL & GAS INC SOLBERG 15-8H SWSE 8-156N-97W
AMERICAN OIL & GAS INC HAUG 14-19H SESW 19-156N-98W
ANSCHUTZ EXPL CORP WILLIAM KUBISCHTA 1-14-11H-143-96 NWNE 23-143N-96W
ANSCHUTZ EXPL CORP SHUCK 1-33-28H-144-97 SWSE 33-144N-97W
ANSCHUTZ EXPL CORP FISHER STATE 1-21-16H-142-97 SESW 21-142N-97W
ANSCHUTZ EXPL CORP NELSON 1-12-1H-143-95 SWSE 12-143N-95W
ANSCHUTZ EXPL CORP ALINA TORMASCHY 1-32-29H-143-96 SWSE 32-143N-96W
ARMSTRONG OP INC ZASTOUPIL 1-17 SESW 17-139N-96W
ARSENAL ENERGY USA INC. BRENLEE 100-19H SWSE 19-155N-90W
BAYTEX ENERGY USA LTD DAHL 13-24-162-100H NENW 13-162N-100W
BAYTEX ENERGY USA LTD OBRIEN SWD 1-7 SWSW 7-161N-97W
BAYTEX ENERGY USA LTD GRUNDSTAD 10-162-99H NWNW 10-162N-99W
BRIGHAM OIL & GAS LP HOVDE 33-4 1-H NWNE 33-151N-100W
BRIGHAM OIL & GAS LP AFSETH 34-3 1-H NWNW 34-158N-91W
BRIGHAM OIL & GAS LP DAVE ARNSON 8-5 1-H SWSE 8-154N-101W
BRIGHAM OIL & GAS LP A. TUFTO 18-19 #1-H SESW 7-155N-100W
BRIGHAM OIL & GAS LP IRWIN 15-22 #1-H NWNE 15-153N-103W
BRIGHAM OIL & GAS LP HOSPITAL 31-36 #1-H NESE 31-156N-92W
BTA OIL PRODUCERS LLC 20711 KREIDLE 3229 1-H LOT 3 5-154N-99W
BURLINGTON RES O&G CO GLACIER 31-4TFH NWNE 4-151N-96W
BURLINGTON RES O&G CO DEVILS BACKBONE 21-14H NENW 14-152N-97W
BURLINGTON RES O&G CO STAFFORD 13-34H NWSW 34-151N-95W
BURLINGTON RES O&G CO SUNLINE 11-1TF-2SH LOT 4 1-151N-96W
BURLINGTON RES O&G CO CRATER LAKE 21-14H NENW 14-152N-95W
CONTINENTAL RESOURCES DELLA 31-17SH NWNE 17-130N-104W
CONTINENTAL RESOURCES FASCHING 1-22H NENE 22-155N-104W
CONTINENTAL RESOURCES IVAN 1-29H NWNE 29-151N-97W
CONTINENTAL RESOURCES WINSTON 1-12H SESW 12-153N-99W
CONTINENTAL RESOURCES AKRON 1-27H NWNE 27-152N-99W
CONTINENTAL RESOURCES HOLTE 1-32H NENW 32-160N-95W
CONTINENTAL RESOURCES NORDENG 1-8H SESW 8-151N-97W
CONTINENTAL RESOURCES HOGAN 1-16H NENW 16-148N-98W
CONTINENTAL RESOURCES TEMPE 1-29H NENW 29-161N-96W
CONTINENTAL RESOURCES BARNEY 1-29H NWNE 29-155N-98W
CONTINENTAL RESOURCES CARSON PEAK 2-35H SESW 26-147N-96W
CONTINENTAL RESOURCES LAWRENCE 2-13H SWSW 12-159N-95W
CONTINENTAL RESOURCES FLOR 24-19NH SESW 19-133N-106W
CONTINENTAL RESOURCES CHICAGO 1-26H NENW 26-152N-99W
CONTINENTAL RESOURCES BUELINGO 1-20H SWSE 20-153N-94W
CONTINENTAL RESOURCES DOLEZAL 2-5H NWNW 5-145N-95W
CONTINENTAL RESOURCES BRATLIEN 2-35H SWSW 35-161N-95W
CONTINENTAL RESOURCES COLTER 2-14H SESE 14-147N-96W
CONTINENTAL RESOURCES MYRTLE 4-7H SWSW 7-159N-95W
CONTINENTAL RESOURCES MCCOY 3-18H SWSW 7-159N-95W
CONTINENTAL RESOURCES NIELSEN 1-12H SWSE 12-160N-97W
CORE 54 OIL & GAS LONGSHOT 10-23 1 NWSE 23-139N-97W
CORNERSTONE NAT RES LLC OLNEY 2-25H NWNW 25-163N-91W
ENCORE OPERATING LP KOESER 41-15 SWH NENE 15-150N-97W
ENCORE OPERATING LP HOFFMANN 149-98-1-12-1H LOT 3 1-149N-98W
ENCORE OPERATING LP SATTER 44-34SWH SESE 34-151N-98W
ENCORE OPERATING LP LINDVIG 14-10NEH SWSW 10-152N-101W
ENCORE OPERATING LP THOMPSON 31-11SWH NWNE 11-153N-96W
EOG RESOURCES INC LIBERTY LR 14-23H NENW 23-151N-91W
EOG RESOURCES INC SIDONIA 38-3019H LOT4 30-158N-90W
EOG RESOURCES INC LOSTWOOD 22-1423H NENW 14-158N-91W
EOG RESOURCES INC ROUND PRAIRIE 5-0904H SWSE 9-154N-103W
EOG RESOURCES INC LIBERTY LR 17-11H SESE 11-151N-91W
EOG RESOURCES INC ROSS 29-1716H NWNE 17-156N-92W
EOG RESOURCES INC COTTONWOOD 9-28H SWSE 28-157N-92W
EOG RESOURCES INC MONT 02-21H NWNW 21-155N-102W
EOG RESOURCES INC MANDAREE 9-04H SESE 4-149N-94W
EOG RESOURCES INC CLAYTON 01-35H SWSE 35-161N-91W
EOG RESOURCES INC CLEARWATER 101-0718H LOT1 7-157N-90W
EOG RESOURCES INC ROSS 31-0806H SESW 8-156N-92W
FIDELITY EXPL & PROD CO WOCK 14-11H SWSW 11-140N-97W
G3 OPERATING LLC ANDERSON 1-24-13H SESE 24-157N-102W
HELIS OIL & GAS CO. LLC HENDERSON 16-34/27H SESE 34-150N-95W
HESS CORPORATION EN-STATE D-154-93- 2635H-1 NWNE 26-154N-93W
HESS CORPORATION EN-MEIERS-154-93- 24H-1 SESE 24-154N-93W
HESS CORPORATION EN-WILL TRUST B-157-94- 2635H-2 NENW 26-157N-94W
HESS CORPORATION EN-TRINITY-154-93- 2833H-1 SWSE 21-154N-93W
HESS CORPORATION EN-REITCH-157-94- 3229H-1 SESW 32-157N-94W
HESS CORPORATION RS-SHUHART-156-90- 2726H-3 NWSW 27-156N-90W
HESS CORPORATION EN-FISHER-157-94- 2116H-3 SWSE 21-157N-94W
HESS CORPORATION RS-FLICKERTAIL-156-91- 1720H-1 NWNE 17-156N-91W
HESS CORPORATION EN-WEFALD-156-94- 1324H-1 NENW 13-156N-94W
HESS CORPORATION HA-SANFORD-152-96- 1819H-1 NENW 18-152N-96W
HESS CORPORATION EN-WEYRAUCH-154-93- 1918H-1 SWSE 19-154N-93W
HUNT OIL COMPANY MCALMOND 1-32-29H 1 SWSW 32-155N-89W
HUNT OIL COMPANY SHELL 1-35-26H 1 SESW 35-153N-89W
HUNT OIL COMPANY HALLIDAY 1-25-36H 1 NWNW 25-146N-93W
KODIAK OIL & GAS (USA) INC SKUNK CREEK 2-24-25-15H NWNE 24-149N-93W
KODIAK OIL & GAS (USA) INC KOALA 3-2-11-14H LOT 3 2-151N-100W
LEGACY OIL & GAS ND LEGACY ETAL BLISS 13-10H 1-H SWSW 10-162N-76W
MARATHON OIL CO JACOB MADISON 11-27H SWSW 22-151N-93W
MARATHON OIL CO FOREST USA 14-2H SWSW 2-147N-98W
MARATHON OIL CO DEBBIE BAKLENKO USA 12-26H SWNW 26-152N-94W
MARATHON OIL CO WARDNER 24-35H SESW 35-146N-95W
MARATHON OIL CO LARRY REPP 11-16H NWNW 16-145N-93W
MARATHON OIL CO JONES USA 14-14H SWSW 14-151N-94W
MUREX PETROLEUM CORP KAYLEE ANN 32-29H SWSW 32-157N-95W
MUREX PETROLEUM CORP VIRGINIA LEIGH 33-28H SESE 33-157N-95W
NEWFIELD PROD CO WILSON 150-99-29-32-1H SESW 20-150N-99W
NEWFIELD PROD CO CHRISTENSEN 159-102-17-20-1H NENW 17-159N-102W
NEWFIELD PROD CO HELSINGBORG 1-22H SESE 22-153N-96W
NEWFIELD PROD CO JOHNSON 150-99-34-27-1H SWSW 34-150N-99W
NORTH PLAINS ENERGY LLC WOLD 16-7H SESE 7-153N-97W
NORTH PLAINS ENERGY LLC D. CVANCARA 9-11H NESE 11-159N-97W
NORTH PLAINS ENERGY LLC HELLANDSAAS 16-8H SESE 8-153N-97W
OASIS PETRO NO AMER LOGAN 5601 42-35H SESW 35-156N-101W
OASIS PETRO NO AMER MOORE 5304 13-1H NWNE 1-153N-104W
OASIS PETRO NO AMER PARADISE 5892 11-30H NWNW 30-158N-92W
OASIS PETRO NO AMER MONTAGUE 5501 13-3H NWNE 3-155N-101W
OASIS PETRO NO AMER HENDRICKS 5602 42-36H SESW 36-156N-102W
OIL FOR AMERICA DOHRMANN 14-1 NENE 14-140N-94W
OXY USA INC SORLIE 160-90-18-P-1H SESE 18-160N-90W
OXY USA INC KANNEGIETER 160-90-17 P-1H SESE 17-160N-90W
PEAK NO DAK LLC EAGLES NEST 34-44H SESE 34-148N-94W
PEAK NO DAK LLC LOOK OUT RIDGE 4-31H NWNE 4-148N-93W
PETRO HUNT LLC FORT BERTHOLD 152-94-13B-24-1H NWNW 13-152N-94W
PETRO HUNT LLC ANDERSON 152-96-35C-26-2H SWSW 35-152N-96W
PETRO HUNT LLC BRENNA 152-96-14B-23-3H NWNW 14-152N-96W
PETRO HUNT LLC PRODUCER`S CORPORATION 159-94-17C-8-2H SESW 17-159N-94W
PETRO HUNT LLC THOMPSON 8D-4-4H NENE 17-153N-95W
PETRO HUNT LLC MONSON TRUST 157-101-26A-35-1H NENE 26-157N-101W
PRIMA EXPLORATION INC GUNNISON 41-23H NWNE 23-161N-91W
QEP ENERGY CO MHA 3-05-08H-147-92 LOT5 5-147N-92W
QEP ENERGY CO MHA 2-29-30-150-90 SENE 29-150N-90W
SAMSON RESOURCES CO DENALI 13-24-163-98H NWNE 13-163N-98W
SAMSON RESOURCES CO BARRACUDA 27-34-163-98H NWNE 27-163N-98W
SAMSON RESOURCES CO BONNEVILLE 36-25-163-100H SESW 36-163N-100W
SINCLAIR OIL & GAS CO HOVDEN FEDERAL 1-20H SWSW 20-146N-97W
SLAWSON EXPLORATION BONANZA 1-21-16H SWSE 21-152N-102W
SLAWSON EXPLORATION MUSTANG 1-22H SWSE 22-151N-92W
SLAWSON EXPLORATION TURBO 1-21-16H SESW 21-143N-95W
SLAWSON EXPLORATION GENESIS 2-13H NWNE 24-152N-92W
SLAWSON EXPLORATION SUBMARINER FEDERAL 1-23-24H NWNW 23-151N-92W
SLAWSON EXPLORATION BANDIT 2-29H NWNW 29-152N-91W
SM ENERGY CO LAMPERT 13-24H SWSW 24-163N-100W
SM ENERGY CO JAYNES 16-12H SESE 12-151N-100W
TRACKER RES DEVMNT TATTU 19-1H SWSE 19-151N-102W
TRACKER RES DEVMNT KOSTELNAK 28-1H NWNE 28-145N-97W
TRACKER RES DEVMNT WAHLSTROM 18-1H NWNE 18-149N-101W
TRACKER RES DEVMNT JCB 17-1H NWNW 17-154N-98W
WHITING OIL AND GAS CORP HOOVER 14-1XH SWSW 1-154N-92W
WHITING OIL AND GAS CORP HECKER 21-18TFH NENW 18-140N-99W
WHITING OIL AND GAS CORP OBRIGEWITCH 21-17TFH NENW 17-140N-99W
WHITING OIL AND GAS CORP JOHNSON 34-8H SWSE 8-149N-99W
WHITING OIL AND GAS CORP BREHM 42-35H SENE 35-153N-92W
WHITING OIL AND GAS CORP DIETZ 21-17TFH NENW 17-139N-99W
WHITING OIL AND GAS CORP DRY CREEK 11-13TFH NWNW 13-143N-103W
WHITING OIL AND GAS CORP HOLLINGER 21-14TFH NENW 14-154N-92W
WHITING OIL AND GAS CORP STATE 12-32H SWNW 32-153N-92W
WHITING OIL AND GAS CORP WARDEN 43-9TFH NESE 9-154N-92W
WHITING OIL AND GAS CORP HOLLINGER 11-14TFH NWNW 14-154N-92W
WHITING OIL AND GAS CORP ROBERT PATTEN 44-3TFH SESE 3-153N-91W
WHITING OIL AND GAS CORP NESS 42-31WH SENE 31-153N-92W
WHITING OIL AND GAS CORP GUINN TRUST 11-13TFH NWNW 13-154N-92W
XTO ENERGY INC ERNEST FEDERAL 31X-19 NWNE 19-148N-97W
XTO ENERGY INC FBIR BAKER 34X-25 SWSE 25-149N-92W
XTO ENERGY INC ELAINE FEDERAL 12X-19 LOT3 19-148N-96W
XTO ENERGY INC LINDA 41X-22 NENE 22-155N-95W
XTO ENERGY INC LONNIE 31X-3 LOT2 3-154N-95W
XTO ENERGY INC NORMARK 24X-31 SESW 31-158N-95W
XTO ENERGY INC DWYER FEDERAL 44X-1 SESE 1-147N-104W
ZAVANNA LLC COUGAR 1-35H NWNW 35-155N-100W
ZENERGY INC MARTELL 36-25H SWSE 36-151N-103W
ZENERGY INC NORDENG 24-13H SWSE 24-152N-98W
ZENERGY OPERATING CO LLC DAKOTA-3 STATE OF ND 10-3H SESW 10-150N-92W
ZENERGY OPERATING CO LLC DAKOTA-3 WICKER 34-27H SESW 34-149N-93W
ZENERGY OPERATING CO LLC DAKOTA-3 HELENA RUTH GRANT 33-34H SWNW 33-150N-93W

Happy New Year! 4 Bakken predictions for 2011

It has been a banner year for companies operating in the Bakken region.   Brigham Exploration (BEXP: N/A N/A) ,  Northern Gas & Oil (NOG: 0.99 +0.04%)  saw gains over 100% and American Oil & Gas was acquired by Hess corporation (HES: 39.29 -3.46%).   Bigger players such as Continental Resources (CLR: 32.68 -1.39%) and Whiting Oil (WLL: 4.40 -5.58%)] also rebounded in a big way and are within striking distance of all time highs in 2011.

Symbol Trade Market Cap P/E PEG Ratio Pct from Yr Low
NOG 27.21 1.37B 132.09 3.16 Up 159.89%
HES 76.54 25.14B 10.33 0.71 Up 57.17%
CLR 58.85 10.01B 37.99 1.38 Up 62.26%
WLL 117.19 6.86B 30.64 1.68 Up 87.03%
BEXP 27.24 3.18B 92.34 1.29 Up 116.53%
EOG 91.41 23.22B 45.80 5.93 Up 7.01%
SM 58.93 3.72B 23.51 -28.62 Up 91.95%
GEOI 22.21 438.05M 21.19 N/A Up 96.72%

So what will 2011 bring for the Bakken region?   Of course,  specific predictions are rarely accurate but in the spirit of the new year we will give it our best shot.   Underlying assumptions in our predictions are that oil prices will sustain over $90 per barrel over the majority of 2011 and that the overall domestic and global economies will continue a recovery albeit slow and sometimes painful.

PREDICTION #1 –  Brigham Exploration (BEXP: N/A N/A) gets acquired by a large O&G in the region such as EOG.

It is no secret that Brigham Exploration is one of the best executing pure plays in the Bakken Region.  Their expertise in multi-stage fracking is a boon for a larger player with untapped acreage.    They may look expensive on paper to some with a forward PE around 30,  but an acquisition would be focused around operational synergy with Brigham’s drilling prowess,  not necessarily looking at their current revenue numbers.

PREDICTION #2 –  PetroBakken goes up 50% in 2011 .

Although, most US based Bakken players did well in 2010,  PetroBakken (PBN on TSX),  just across the border did not fare as well.   Declining production and sub-par execution related to a number of factors such as bad weather caused many big investors to shun this stock for most of 2010.   PetroBakken has no shortage of opportunity with 210,000 net undeveloped acres with 1,000+ locations in the Bakken region “North of the Border”.      The company will put upwards of 20 rigs into action in 2011 and has a focus on Bilateral well drilling under their “Bakken 3.0” strategy which should increase Bakken boepd significantly over the next 12 months.  More about their strategy can be found on their latest presentation posted in Dec 2010

PREDICTION #3 –  Continental Resources (CLR: 32.68 -1.39%)  tops $75 per share in 2011 .

Continental has banked a lot on their ECO-pad strategy in the latter half of 2010 and that strategy is already paying dividends.  Continental Resources has nearly doubled its production from the North Dakota Bakken during 2010, growing from an average of 8,384 (BOE) per day during the 4th quarter of 2009 to 15,000+ BOE per day in Q3 2010.   We expect production to top 21,000 BOE per day by the end of 2011.   With seemingly few factors that can stop a 30% sustained growth rate for CLR,  a move above $75 seems quite probable in 2011.

PREDICTION #4 –  Bakken drilling continues to surpass estimates and will yield record production in 2011

The growth train that is the Bakken was derailed slightly in 2008 amidst the economic crisis but came back with bang in 2010.   North Dakota is currently is pumping about 350,000 barrels of crude per day and was on pace to produce about 110 million barrels in 2010, up from about 80 million in 2009.   In 2011, we expect the following

  • Record production in excess of 140 million BOE in 2011
  • Well completion time averaging 23 days in 2011 (was over 60 days 2 years ago)
  • USGS revision that outlines more than 11 billion barrels of recoverable oil in the Bakken region
  • 1900 new wells in North Dakota (200% growth from 2010)

We’ll check back in a few months to see how our predictions have fared,  but based on the solid growth in 2010,  we are not worried about what we’ll find.    Have a great start to 2011!   Look for more insight in the coming days on new plays in the region