The SCOOP/STACK Basin | November 2021
Ranking 6th in oil production and 3rd in natural gas production, the SCOOP/STACK play is one of the largest fields within the continental United States. It is primarily a shale play, with the Anadarko and Ardmore basins providing a bulk of the production. Some of the top formations are the Woodford Shale and Hunton Carbonate.
State Drilling Statistics
Total Rigs in Oklahoma- 46 (+2)
Total Rigs in United States- 569 (+19)
Total U.S. Rigs 76% YTD
State Permitting Data
Permits Approved – 92
Following its purchase of Jubilee Exploration, an oil and gas producer with 516 wells over 10 counties in northeastern Oklahoma and southeastern Kansas, Xfuels Inc. has announced plans to scale up production of at least 142 wells in Craig and Nowata counties in Oklahoma. Xfuels said in a press statement that it has agreed to buy 100 percent of Jubilee’s common stock, marking the company’s largest acquisition to date. It also stated that it intends to focus on expanding oil and gas production from a core group of 142 wells in Craig and Nowata counties as soon as possible.
The Biden Administration has announced intentions to strengthen oil and gas well regulations. The Environmental Protection Agency (EPA) has suggested restrictions to minimize methane emissions. Oklahoma is home to some of the country’s greatest natural gas and oil fields. Oklahoma was the fourth largest crude oil and natural gas producer in the United States in 2020. Brook Simmons, President of the Petroleum Alliance of Oklahoma, is concerned about the potential economic impact of the new regulations on Oklahoma.
Oklahoma was recently ranked second among U.S. states and Canadian provinces in terms of their attractiveness as locations for oil and gas projects. The Fraser Institute asked energy executives to assess how state or provincial legislation would influence their decision to invest in or not invest in projects. According to the institute’s findings, Oklahoma came in second only to Texas. In a news release, the institute stated, “Texas and Oklahoma are once again at the top of the rankings for the most attractive jurisdictions in North America for oil and gas investment.”
Most Permits By Operator in OK
|2||Kodiak Oil and Gas||7|
|3||Hinkle Oil and Gas||5|
Oklahoma Oil Production
Oklahoma Gas Production
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