The Williston Basin | August 2022
The Williston Basin is a large sedimentary basin along the eastern edge of the Rocky Mountains in western North Dakota, eastern Montana, and southern Saskatchewan, Can. The basin is characterized by thick sequences of sediments that underlie an area of about 110,000 square miles, and it is geologically closely related to the Alberta Basin in Canada. The first wells in the Williston were drilled in the 1936, and by 1954, 80% of possible producing acreage had been leased.
State Drilling Statistics
Active Drilling Rigs in Basin – 39 (-)
Total Rigs in North Dakota – 39 (-)
Total Rigs in United States- 759 (-3)
Total U.S. Rigs 51% YTD
Williston Top Producer
Top Producer – Continental Resources
On August 18, 2022, Doug Lawler was promoted to President and COO of Continental Resources. Lawler, the former CEO of Chesapeake Energy, was brought on as COO of Continental Resources in February of 2022. Lawler’s promotion comes soon after acquisitions in the Permian (Delaware) and Powder River basins, adding to the existing resource base in the SCOOP/STACK and Bakken plays in Oklahoma and North Dakota respectively. Continental Resources is the largest single leaseholder and producer in the Williston Basin.
Northern Oil and Gas has entered into an agreement to purchase $170 million worth of non-operated working interest in Dunn, Williams, and McKenzie Counties in the Williston Basin. The deal includes 3,500 acres, 9 net producing wells, nearly 3 wells in progress, and 15 engineered PUD locations. The working interests are operated by Marathon Oil, ConocoPhillips, and Continental Resources. The assets will produce more than 2,300 boe/d, most of which is oil. Northern Oil and Gas, which has working interests in North Dakota, West Texas, and Pennsylvania.
Riverbend Energy has closed on a $1.8 billion sale of non-operated oil and gas assets. The interests produce 47,000 boe/d from 11,000 wells. The assets are located in North Dakota, West Virginia, Pennsylvania, and East Texas. Riverbend Energy, having divested this asset, is focusing on managing Funds VII (Midland Basin), X (alternative energy systems), and IX (mineral and royalty interests). Riverbend energy has now successfully monetized seven funds and continues to raise capital for additional funds. After having been founded in 2003, Riverbend has acquired and managed over $5 billion in total enterprise value.
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North Dakota Oil Production
North Dakota Natural Gas
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