Williston News Pulse November 2022

Posted: December 15, 2022

The Williston Basin | November 2022

Field Overview

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 – 41 (-1)
Total Rigs in North Dakota – 37 (-1)
Total Rigs in United States- 776 (+7)
Total U.S. Rigs 34% YTD

Williston Top Producer

Top Producer – Continental Resources

Basin Highlights

Williston Rig Gains Lead Small Increase in Latest U.S. Drilling Tally

The first rig count in November revealed a nearly-flat U.S. rig count with static activity offshore, slight decreases of rig activity in the STACK play and in the Central Basin Platform, and marked increase only in the Williston (up 5%) and the SCOOP plays. The Delaware and Midland basins gained two rigs and lost one respectively. The Eagle Ford, DJ, Marcellus, and several other plays remained exactly flat in that period.

Northern Oil and Gas: I Heard it Through the Grapevine

Northern Oil and Gas (a rapidly-growing oil and gas company focused primarily on non-operated working interests mostly in the Williston Basin and secondarily in the Permian, Eagle Ford, and other basins) has been a healthy performer in the energy sector in the last year. After having made several major working interest purchases in West Texas, North Dakota, and other places, the company has experienced a 72% increase in stock value year over year. Northern Oil and Gas began making non-op investments in the Williston Basin and has since branched out to other regions.

State Minerals Worth $2.8 Billion: Oil Price Increase Added $420 Million

A recent analysis conducted by the North Dakota Board of University and School Lands concluded that the state’s mineral rights are worth $2.8 billion. The report indicates that the state will collect more than $10 billion in royalties in the next decade in addition to billions more in extraction and production tax revenue. North Dakota is experiencing a rising gas-to-oil ratio, causing natural gas to constitute an ever-larger share of North Dakota’s royalty income.