The DJ/Niobrara Basin| March 2021
Located mainly in the Northeast of Colorado, the Denver-Julesburg Basin consists of five main oil-producing formations: Niobrara sections A-C, Codell, and Greenhorn. These five plays produce over 90% of Colorado’s oil/gas.
State Drilling Statistics (End of March)
Active Drilling Rigs in Basin- 7
Total Rigs in Colorado- 9
Total Rigs in United States- 417
Total U.S. Rigs down 43% YTD
State Permitting Data (End of March)
Permits Waiting Approval – 79
Permits Approved – 67
State Top Producers
Top Producer By BOE – Extraction Oil & Gas
Colorado Senate Confirms Appointments to Oil and Gas Conservation Commission
The Colorado Senate confirmed Governor Jared Polis’ first five appointments to the Colorado Oil and Gas Conservation Commission. Republicans argue that these appointments do not represent Colorado or the state oil and gas industry. Furthermore, they argue that these appointments do not fit the statute of the institution which states that two members should be from the west of the continental divide and the others from areas with the highest oil and gas activity or employment.
HighPoint Resources Files for Chapter 11 Bankruptcy Protection
The DJ basin operator filed for Chapter 11 bankruptcy as part of their reorganization ahead of their merger with Bonanza Creek Energy. Under the transaction, Bonanza Creek will issue 9.8 million shares of common stock and up to $100 million in senior unsecured notes to HighPoint debt holders in an exchange offer and the remaining debt to be assumed for transaction valued at around $376 million. Highpoint holds interest in about 142,000 net acres located in three main areas across the DJ Basin, where more than three-quarters of its drilling rigs are idled, according to the Baker Hughes rig count.
Colorado Senate Bill 72 Proposed
Senate Bill 72 has been proposed in order to help prevent a potential disaster like the one that occurred in Texas recently. This bill will allow for Colorado’s grid to be more connected with other neighboring grids and for the states involved to be able to purchase the lowest cost power wherever and however it may come.
Top Permitting By Operator (March)
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Top Producers BOE (2021 cum)
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