Independent Oil and Gas

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IOGsi WEEKLY HIGHLIGHTS: August 11, 2022

A total of 34 new oil and gas DRILLING PERMITS were issued in Kansas this past week by the KANSAS CORPORATION COMMISSION (KCC). This brings the year-to-date total of new locations issued to 1001 and is 396 more new permits as compared with the same period a year ago (+65.5%). A total of 490 permits have been granted this year to operators working in the Eastern Ranges of the State (49.0%) and 511 permits in the Western Ranges (+51.0%).

COFFEYVILLE RESOURCES (CVR) reported Kansas Common Crude price rose by $3.50 / bbl from a week ago to $84.50 / bbl as of August 11 , 2022 (+4.3%). Oklahoma Sweet Crude also rose by $3.75 / bbl to $90.75 / bbl (+4.3%). Other crude postings in Kansas include Central Kansas Crude at $86.00 / bbl and Eastern Kansas Crude at $83.50 / bbl.

SPOT MARKET crude oil (Nymex) for West Texas Intermediate (WTI) crude was up by $3.34 / bbl from last week to $94.28 / bbl (+3.7%). Spot Market natural gas price rose slightly by 58¢ / MMbtu to $8.78 / MMBtu (+7.1%). HENRY HUB pricing point for natural gas futures contracts as traded on the New York Mercantile Exchange (NYMEX), and trades on Intercontinental Exchange (ICE), was down by 14¢ / MMbtu for the week to $7/87 / MMbtu (-1.7%).

The total number of active DRILLING RIGS in Kansas, either scheduled, moving to, or currently on drill sites, was up by two from a week ago to 60 (+3.4%). There were 54 active drilling rigs in the State a month ago (+11.1%) and only 32 rigs a year ago (+87.5%). DRILLING ACTIVITY in Kansas as based on the number of wells spudded shows that 333 more wells have been drilled this year, totaling 888 wells, compared with only 555 wells over this same period in 2021 (+60.0%). Current overall Kansas oilfield activity monitored by IOGsi Scouting Reports shows 442 wells in various stages of drilling and completion, compared with 284 a year ago (+55.6%).

TOTAL FOOTAGE DRILLED this year in Kansas is estimated to be 2,560,191 ft, compared with 1,781,136 ft in 2021 (+43.7%). Drilling in the Western Ranges of the State recorded an estimated 2,156,104 ft of wellbore drilled, compared with 1,508,966 ft in same period in 2021 (+42.9%). An estimated 404,087 ft of wellbore has been cut in the Eastern Ranges of the State this year, compared with 272,170 ft in 2021 (+48.5%).

The number of licensed ACTIVE OPERATORS who have drilled a well in Kansas this year now totals 197, compared with 172 in 2021 (+14.5%). Exploratory well activity this year in Kansas totals 105 wildcat wells and accounts for about 11.8% of the total number of wells drilled this year. This is 31 more wildcats than was drilled in the first 32 weeks of 2021 (+41.9%).

For more news, see “WEEKLY NEWS” and “NEW DISCOVERIES” under the Red Top News banner.

EDITOR’s NOTE: 2022 RED BOOK changes: EPOC LLC telephone number was 620-820-0687, is 620-820-9687.