Active Drilling Rig List – Jan 27, 2010

Posted by bakkenexpert

The active drilling rigs increased 12% to 88 from a count of 78 just 3 weeks ago.   The pace of drilling has increased and the bigger players are expanding their footprints.    Both Continental Resources (CLR) , Whiting Oil & Gas (WLL) and EOG Resources (EOG) all increased their rig count and some private players such as Slawson continuing to deploy rigs.    Given that energy ipo’s are expected to increase in 2010 over 2009,  I wouldn’t be surprised to see some of the smaller bakken players enter the capital markets over the next 18 months.

Rig	Operator	Well Name and Number	Current Location
NABORS 486	AMERICAN OIL & GAS INC	TONG TRUST 1-20H	SWSE 20-157N-96W
BRONCO 16	ANSCHUTZ EXPL CORP	NEAL 1-33-28H-144-95	LOT2 4-143N-95W
H & P 255	ANSCHUTZ EXPL CORP	STATE 1-25-36H-144-97X	SWSE 24-144N-97W
PATTERSON 490	ARMSTRONG OP INC	GRUMAN 18-3	NENE 18-139N-96W
ENSIGN 67	BAYTEX ENERGY USA LTD	JACOBSON 15-161-98H	SESE 15-161N-98W
NABORS 49	BRIGHAM OIL & GAS LP	PAPINEAU TRUST 17-20 1-H	NENW 17-151N-102W
NABORS 52	BRIGHAM OIL & GAS LP	JEROME ANDERSON 15-10 1-H	SWSE 15-155N-92W
NABORS 266	BRIGHAM OIL & GAS LP	JACK ERICKSON 6-31 1-H	SWSE 6-154N-102W
NABORS 350	BRIGHAM OIL & GAS LP	KALIL 25-36 1561-H	NWNE 25-156N-103W
NABORS 59	BURLINGTON RES O&G CO	BOXER 21-6H	LOT 3 6-149N-96W
PRECISION 825	BURLINGTON RES O&G CO	CAPITOL 34-7H	SWSE 7-152N-96W
NABORS 165	CIRQUE RESOURCES LC	FEAST OF FOOLS 12-16H	SESE 12-160N-91W
CYCLONE 9	CONTINENTAL RESOURCES	DUAINE 42-4SH	SENE 4-130N-106W
TRINIDAD 36	CONTINENTAL RESOURCES	IMSLAND 2-31H	SESW 31-160N-95W
CYCLONE 20	CONTINENTAL RESOURCES	OTIS 1-13H	NWNE 13-161N-96W
CYCLONE 22	CONTINENTAL RESOURCES	LUNDBERG 1-8H	NWNE 8-146N-96W
CYCLONE 28	CONTINENTAL RESOURCES	KATE 1-19H	NENE 19-147N-96W
CYCLONE 21	CONTINENTAL RESOURCES	BROCKMEIER 1-1H	NWNW 1-146N-98W
PATTERSON 180	CONTINENTAL RESOURCES	MURI 1-27H	NENW 27-151N-97W
CYCLONE 23	CONTINENTAL RESOURCES	WILLIE 1-25H	NENE 25-159N-95W
CYCLONE 25	CONTINENTAL RESOURCES	OBERT 1-13H	SESW 13-155N-104W
RED HAWK 357	EAGLE OPERATING INC	EM OAS 35-1	NENE 35-162N-93W
PATTERSON 305	ENCORE OPERATING LP	BECKERT 24-7H	SESW 7-145N-94W
PRECISION 289	ENCORE OPERATING LP	PORCUPINE RIDGE 11X-2H	LOT4 2-147N-96W
MAJOR 42	EOG RESOURCES INC	BURKE 4-06H	LOT4 6-155N-90W
BRONCO 28	EOG RESOURCES INC	AUSTIN 30-13H	SESE 13-154N-90W
NABORS 527	EOG RESOURCES INC	FERTILE 14-17H	SWSE 17-151N-90W
MAJOR 26	EOG RESOURCES INC	FERTILE 16-20H	SESE 20-151N-90W
NABORS 161	EOG RESOURCES INC	FERTILE 34-31H	NENW 31-151N-90W
BRONCO 23	EOG RESOURCES INC	BURKE 29-33H	SESE 33-155N-90W
NABORS 148	EOG RESOURCES INC	VAN HOOK 13-35H	SESE 35-152N-91W
DHS 12	EOG RESOURCES INC	ROSS 100-09H	SWSW 9-156N-92W
TRUE 32	EOG RESOURCES INC	SIDONIA 7-25H	NWNW 25-158N-90W
DHS 10	EOG RESOURCES INC	SIDONIA 34-31H	LOT1 31-158N-90W
TRUE 28	EOG RESOURCES INC	SIDONIA 8-26H	SESE 26-158N-90W
NABORS 108	FIDELITY EXPL & PROD CO	DEADWOOD CANYON RANCH 44-34H	SESE 34-154N-92W
NABORS 460	HESS CORPORATION	BB-FEDERAL-151-95- 0817H-1	NENW 8-151N-95W
H & P 179	HESS CORPORATION	EN-TROUT-157-93- 3130H-1	SWSE 31-157N-93W
H & P 241	HESS CORPORATION	EN-L CVANCARA-155-93- 2726H-1	SWNW 27-155N-93W
NABORS 1	HESS CORPORATION	RS-RUDOLPH-157-90- 1708H-1	SESW 17-157N-90W
BRONCO 20	HUNT OIL COMPANY	SEVERANCE 1-9-4H	SESW 9-153N-89W
UNIT 117	KODIAK OIL & GAS (USA) INC	MOCCASIN CREEK 13-34-3H	SWSW 34-148N-93W
H & P 259	MARATHON OIL CO	FETTIG 11-27H	NWNW 27-146N-95W
H & P 257	MARATHON OIL CO	GLENN ECKELBERG 24-8H	SESW 8-146N-93W
H & P 258	MARATHON OIL CO	MYRMIDON 1-2H	LOT 1 2-151N-94W
H & P 256	MARATHON OIL CO	MYLO MONITOR 1	SESW 11-151N-93W
PIONEER 44	MUREX PETROLEUM CORP	ALFRED BROWN 2	NENE 34-151N-96W
PRECISION 645	MUREX PETROLEUM CORP	JOYCE 3-10H	LOT 4 3-154N-91W
PRECISION 602	MUREX PETROLEUM CORP	TERESA NELL 20-17H	SESE 20-157N-95W
NABORS 419	NEWFIELD PROD CO	MANTA RAY 1-12H	SESW 12-150N-100W
NABORS 272	NEWFIELD PROD CO	PITTSBURGH 1-3H	NWNW 10-153N-96W
NABORS 476	NEWFIELD PROD CO	SAND CREEK FEDERAL 1-21H	NENW 28-153N-96W
NABORS 177	OASIS PETRO NO AMER	ANGELL 5200 31-28H	NWSW 28-152N-100W
NABORS 149	OASIS PETRO NO AMER	ENERSON 5792 44-4H	SESE 4-157N-92W
WHITE MT. 750	OASIS PETRO NO AMER	NJOS FEDERAL 5602 11-13H	NWNW 13-156N-102W
ENSIGN 93	PETRO HUNT LLC	FORT BERTHOLD 152-93-17C-08-1H	SESW 17-152N-93W
BRONCO 8	PETRO HUNT LLC	ANDERSON 152-96-35C-26-1H	SESW 35-152N-96W
ENSIGN 46	PETRO HUNT LLC	JONSRUD 151-96-3B-10-2H	NENW 3-151N-96W
UNIT 329	QUESTAR E & P CO	MHA 1-06-31H-150-92	SESW 6-149N-92W
BDR 1	RM RESOURCES LLC	SIGNALNESS 13-35	SWSW 35-151N-96W
KEY NRG 439	SAGEBRUSH RESOURCES LLC	HELLER 6-31	SENW 31-162N-82W
PRECISION 512	SIMRAY GP LLC	LEVINGS ESTATE 1-08H	SESE 8-149N-93W
PATTERSON 167	SINCLAIR OIL & GAS CO	MARTENS 1-4H	LOT 4 4-154N-92W
NABORS 687	SLAWSON EXPLORATION	CANNONBALL FEDERAL 1-27-34H	NENW 27-152N-91W
ENSIGN 125	SLAWSON EXPLORATION	MACHETE 1-19H	NENW 30-152N-92W
MAJOR 27	SLAWSON EXPLORATION	WHIRLWIND 1-31H	NWNE 6-151N-92W
RED HAWK 558	SLAWSON EXPLORATION	WIZARD 1-35H	NENW 35-152N-93W
NABORS 152	ST MARY LAND & EXPLORATION CO	ANDERSON 12-14H	NWSW 14-149N-96W
NABORS 182	TRACKER RES DEVMNT	WERRE TRUST 29-1H	SW SW 20-144N-94W
NABORS 44	TRACKER RES DEVMNT	DANIELLE 12-1H	SESE 12-145N-97W
PIONEER 56	WHITING OIL AND GAS CORP	PATTEN 44-3H	SESE 3-153N-91W
BRONCO 59	WHITING OIL AND GAS CORP	LEO 12-29H	SWNW 29-153N-91W
PRECISION 51	WHITING OIL AND GAS CORP	SORENSON 11-3H	LOT 4 3-152N-91W
NABORS 686	WHITING OIL AND GAS CORP	TTT RANCH 12-6H	LOT 5 6-153N-91W
PIONEER 66	WHITING OIL AND GAS CORP	MEIERS 11-17H	NWNW 17-154N-92W
PIONEER 67	WHITING OIL AND GAS CORP	SMITH 12-7H	LOT 2 7-153N-91W
NABORS 99	WHITING OIL AND GAS CORP	ROHDE 43-1H	NESE 1-153N-92W
PRECISION 520	WHITING OIL AND GAS CORP	TTT RANCH 21-26H	NENW 26-154N-92W
PRECISION 106	WHITING OIL AND GAS CORP	KINNOIN 21-14H	NENW 14-154N-91W
NABORS 265	XTO ENERGY INC	CAROL FEDERAL 24X-6	SESW 6-148N-96W
NABORS 742	XTO ENERGY INC	MONDAK FEDERAL 14X-11	SWSW 11-148N-105W
NABORS 681	XTO ENERGY INC	THOMAS 44X-18	SESE 18-154N-95W
H & P 180	XTO ENERGY INC	H M HOVE 34X-33	SWSE 33-155N-96W
NABORS 688	ZAVANNA LLC	GENE 1-22H	SESE 22-154N-99W
ENSIGN 76	ZENERGY INC	LUNDEEN 4-26H	NWNW 26-152N-98W
PRECISION 96	ZENERGY OPERATING CO LLC	DAKOTA-3 TAT 15-1H	SWSE 1-149N-93W
PARAMOUNT 517	ZENERGY OPERATING CO LLC	DAKOTA-3 CLARA 14-17H	SESW 17-149N-93W
PRECISION 517	ZENERGY OPERATING CO LLC	DAKOTA-3 VAN HOOK – R/S 16-4H	SESE 4-150N-92W

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Bakken Leasehold Value in Investment Decision

Posted by Merlin Klotz

Note:  The following entry was provided by one of our readers, Merlin Klotz, and provides some great insight when making an investment decision on a bakken play.  Thanks Merlin!

First, I am a retired CPA with a background in Oil and Gas. I’m far from being an expert, but with my background and all the public information on the Bakken/3 Forks, my portfolio is more than over weighted with stocks of the players.

It is apparent that with horizontal drilling and today’s technology the success rate in the Bakken/3 Forks universally approaches 100% with simple payouts often below a year and a half. When this is contrasted with drilling opportunities elsewhere, there is no other place for an O&G investor to play.

Accordingly, for me the name of the game in the Bakken/3 Forks is Leasehold acreage per value of a share of stock. Brigham talks of it in terms of acreage per market capitalization. For me that is too abstract.

Realizing that all acreage is not created equal but needing a common denominator, the November North Dakota State lease sale averaged $ 1,154 per acre. Using this factor, translated to my language the market value of Bakken/3 Forks leases held by BEXP equates to $ 3.32 (24%) of the value of a share of stock; AEZ = $.88 (21%); WLL = $ 1.02 (1%); KOG = $.69 (25%); NOG = $.92 (7%).

BEXP may be selling at a projected 40+ 2010/2011 PE, disproportionate to other players, but it is the value that these leaseholds bring to the table for future drilling that drives the premium value for me.

AEZ and KOG have similar percentage factors to BEXP, but they lack the history of applied technology contributing to the exceptional IBP rates of Brigham. If either of these announced a drilling arrangement with BEXP, I’d be instantly re balancing my portfolio.

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