Stanley – The North Dakota Department of Mineral Resources released their latest directors cut highlighting the key statistics concerning oil activity in the Bakken.
Production in the Bakken increased slightly from June (1.027 million barrels/day) to July (1.029 million barrels/day).
The rig count in North Dakota also rose from June (28 rigs) to July (31 rigs), North Dakota currently has 33 active rigs.
“Operators remain committed to running the minimum number of rigs while oil prices remain below $60/barrel WTI. The number of well completions dropped from 45 (final) in June to 41 (preliminary) in July. Oil price weakness is the primary reason for the slow-down and is now anticipated to last into at least the fourth quarter of this year and perhaps into the second quarter of 2017,” – North Dakota Department of Mineral Resources