Circle 9 Actively Leasing Seminole County

Oklahoma Weekly Report - July 9, 2018

Oklahoma Leasing Activity

• Circle 9, operating as C9 SUBCO LLC, has been the most active operator in Seminole county (recently acquiring more than 50,000 gross acres): are they on to something?

Oklahoma Spacing Filings 

• Grady remains the most actively spaced county in Oklahoma.

• Primary applicants are Continental Resources, Newfield, and EOG Resources.

Oklahoma Completion Filings

Oklahoma Pooling Activity

• BP has been filing pooling orders in the SCOOP.  

• Projected completed well costs in McClain county are higher than $10 MM per well. How does this compare to other operators in the area?

Oklahoma Drilling Intents Filed

• Newfield and Alta Mesa are currently the most active operators in the STACK. Both remain focused on the Mississippian formation.

• The SCOOP and STACK remain the third most active area in the country, check out our in-depth review of the SCOOP to gain a better understanding of the play.

Oklahoma Transfer Activity

Oklahoma Location Exceptions

• Location Exceptions are focused in Kingfisher county, signaling future horizontal drilling in the STACK during the second half of 2018.  
• In late 2017 with oil at just under $60/bbl, Newfield claimed they could make 40% returns on new wells in the STACK. With prices currently over $70/bbl, we wonder how their returns have been affected?

Oklahoma Increased Density Filings

• EOG’s recent Increased Density applications are focused in the Merge; don’t know about this up and coming area? Read all about it here.