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IOGsi RED TOP NEWS:
WEEK #24, JUNE 13, 2019
IOGsi Week #24, June 13, 2019 Oil & Gas Highlights - There
were 31 new Kansas drilling permits this past week. The year-to-date
total is 413 permits, compared to 726 a year ago (- 43%).----------
Kansas crude prices were up slightly by 50¢ / bbl from
a week ago (- 1.2%). Kansas Common crude closed the week at
$42.50 / bbl, Southcentral Kansas crude $44.25 / bbl and Eastern
Kansas crude $39.75 / bbl. ---------- The total number of active
drilling rigs in Kansas (either moving to or on drill sites)
improved slightly from a week ago as muddy field conditions
continue to dry out. There are 23 rigs active this week compared
to 22 a week ago (+ 5%). A month ago there were 28 active rigs
(- 18%). This same time a year ago 41 rigs were busy (- 44%).
Nearly 91 percent of the total drilling activity is taking place
in the Western Ranges of the State. Of the 20 western rigs,
14 rigs are currently making hole on drill sites and 9 others
are attempting to move to new drill sites.
In other news, a total of 140 Kansas operators have drilled
397 wells in the first 24 weeks of this year. In comparison,
there were 642 wells spud during this same period a year ago
(- 38%). Total footage drilled (TFD) in the State is estimated
to be around 1,380,696 ft, compared to 1,984,539 ft a year ago
(- 30%). Of the total number of wells drilled, 66 have been
wildcat exploratory wells compared to 96 a year ago (- 31%).
Wildcat wells account for nearly 17% of the total number of
wells that have been spudded in the State. Drilling in the Western
Ranges tallied an estimated 1,238,435 TFD, compared to 1,667,284
TFD a year ago (- 26%). Eastern Range activity has fallen from
an estimated 317,255 TFD in 2018 to 142,261 TFD in 2019 (- 55%).
To sum it up, the overall average of drilling activity in Kansas
is down 35% for the year.