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IOGsi WEEKLY HIGHLIGHTS: October 21, 2021
- A total of 24 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 drill locations issued to 869, compared with only 358 locations during this same period a year ago (+142.7%).
- Coffeyville Resources (CVR) reported Kansas crude prices continued to rise by $1.75 / bbl from a week ago (+2.4%). Posted price on October 20th was Kansas Common crude $73.25 / bbl, Southcentral Kansas crude $75.00 / bbl and Eastern Kansas crude $70.50 / bbl. The Kansas crude price hasn’t been this high since November 2014.
- Spot market crude oil (Nymex) was up by 15¢ / bbl from last week to $81.98 / bbl for West Texas Intermediate (WTI) crude (+0.18%). Spot Market natural gas price declined by 68¢ / MMbtu to $4.97 / MMbtu (+13.7). 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 unchanged for the week at $5.56 / MMBtu.
- The total number of active drilling rigs in Kansas, either scheduled, moving to, or currently on drill sites, was up by four rigs this week to 42 (+10.5%). A month ago, 38 drilling rigs were reported active (+10.5%). This same time a year ago only 15 rotary rigs were active in the State (+180.0%). Drilling activity in the Kansas, based on the number of wells spudded, shows that 353 more wells have been drilled in the first 42 weeks of this year (792 wells), compared with the same time a year ago (+142.7%). The number of active operators searching for oil and gas in Kansas this year now totals 204, compared with 150 a year ago (+36.0%). Wildcat well activity now accounts for about 13.6% of the total number of wells that have been drilled this year (108), up 96.4% from a year ago.
- Total Footage Drilled (TFD) statewide this year is estimated to be 2,335,385 ft, compared with 1,463,001 ft a year ago (+59.6%). Of the TFD, an estimated 1,932,006 ft of hole has been drilled in the Western Ranges of the State, compared with 1,256,941 ft over the same period in 2020 (+53.7%). An estimated 403,379 ft of hole has been drilled in the Eastern Ranges of the State this year, compared with 206,060 ft a year ago (+95.8%).
For more news, see “WEEKLY NEWS” and “NEW DISCOVERIES” under the Red Top News banner. Anchor Bay Petroleum, LLC, Hays, KS., has successfully completed its first offsetting confirmation well in their recently established Brungardt Southwest oil field in Ellis County. ---------- Dick Schremmer, Nick Powell, Will Darrah, Nicole Kolsch and Dave Murfin have been appointed on Board of Directors for the National Stripper Well Association (NSWA).