Serving The Bakken And Beyond
Latest Prices

Latest Prices

Upper Rocky Mountain
Spot Crude Oil Prices

WTI and N. Texas: $52.27
CO North Central: $50.03
Colorado Western: $46.54
ND Light Sweet: $41.87
WB Mixed Sweet: $44.35
N Wyo. / S Mont.: $44.75
Wyoming Sweet: $46.29

Spot prices updated Nov. 14

Daily Cash Market
Spot Natural Gas Prices

US Spot Gas Average: $4.985
Henry Hub, Erath, LA: $4.590
N. Border, Watford, ND: $4.200
N. Border, Ventura, IA: $4.565
Chicago Citygate: $4.610
NGPL Midcontinent: $4.500
Cheyenne Hub, CO: $4.380
K. Morgan / CIG, WY: $4.990
Opal, SW Wyoming: $4.645

Spot prices updated Nov. 14

U.S. Rig Count

1081 as of 11/9/2018
+14 from 11/2/2018
+174 from 11/10/2017
(Courtesy Baker Hughes)
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Missouri River acreage in Dunn County pulled high bidding totaling $1.9 million with the highest bid of $6,000 posted for 15 acres at the Nov. 6 North Dakota oil and gas lease state sale.

The high bid came from Jeffrey Kendall Veigel of Rapid City, SD for the lease in Sec. 28, T150N-R93W. Bids totaled $2,112,455, with bonuses averaging $262 an acre for leases on 8,045 acres in five counties...

QEP Resources, Inc. of Denver sold its Williston Basin assets to Vantage Acquisition Operating Company LLC, also of Denver, for $1.725 billion in cash and common stock. It had rejected offers from other unnamed companies earlier this year.

The agreement provides for the sale of all of QEP’s assets in North Dakota and Montana, which includes its South Antelope and Fort Berthold leases in the Williston Basin...

Minor modifications of requirements to disclose the composition of chemicals used in hydraulic fracturing were approved by the Montana Board of Oil and Gas Conservation...
On the heels of completing a gas plant in McKenzie County, ND, ONEOK Inc. is building a companion gas plant at a cost of $410 million. The new plant is scheduled to come on line in the first quarter of 2020...
House For Sale
The U.S. Bureau of Land Management has given final approval of the environmental impact statement on a 3,500-gas well project proposed by Jonah Energy in Wyoming’s Powder River Basin...
The ND Industrial Commission gave the okay in August for two unusual drilling units that will cross the North Dakota-Montana state line and will cover 1,021 acres...
The continued delays in getting right-of-way approval on the Fort Berthold Indian Reservation is one of several issues plaguing ND operators, who were forced to cut back on production in June to comply with statewide flaring restrictions...
Citing high well performance in the Williston Basin, Whiting Petroleum of Denver saw total operating revenues exceed street estimates at $526.4 million for the second quarter of 2018, with cash flow exceeding capital spending by $107.2 million...
Despite protests, the Minnesota Public Utilities Commission gave the go-ahead to Enbridge to replace its existing crude oil feeder pipeline coming from Canada to St. Paul refineries...
News You Will Read Here First
Many copy our stories, but you will read them first in Oil Patch Hotline. We cover news to keep you informed on what is going on in the Williston Basin and the upper Rocky Mountain region. We supply rig locations and the latest drilling permits issued by state commissions in North Dakota, South Dakota, Montana, Wyoming, and Colorado.
Subscribe to Oil Patch Hotline by clicking here, or reach us by phone/text message at 407-463-2237.
Pipeline Construction
Construction of the $1.4 billion, 900-mile Elk Creek NGL pipeline is underway in Kansas and Wyoming. When the line is completed late next year by ONEOK, it will be utilized to export natural gas liquids from the Williston Basin.
Efforts by environmental groups to put the Meridian Energy Group refinery at Belfield under the jurisdiction of the ND Public Service Commission were thwarted by an administrative law judge...
Stepped-up North Dakota crude oil production—which is nearing 1.3 million BOPD, and could reach 1.5 million BOPD by the end of the year—is putting pressure on Dakota Access Pipeline to expand its capacity...
NOG Buys More WB Assets

Northern Oil and Gas Inc. paid $68.4 million in cash and 25.75 million shares of common stock for North Dakota wells producing 4,100 BOPD from Pivotal Petroleum Partners.

NOG made the initial announcement of the transaction on July 18, and the transaction closed Septemer 18. The location and number of wells have not yet been disclosed.

The agreement contains a mechanism for potential additional consideration to be paid during the 13-month lock-up period if Northern’s common stock trades below certain price targets.

NOG expects the newly acquired wells will generate $56 million over the first year.

“This transaction in the core of the Williston Basin is transformative for Northern, with both strong free cash flow and a high rate of return,” NOG president Mike Reger commented in July.

Empire Oil Co. of Williston grabbed the high bid at $600 an acre in Richland County, at the Montana state oil and gas lease sale on June 5, which brought in $470,980 with bids averaging $27/acre for leases covering 17,039 acres in six counties...
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