Department of Transportation's PHMSA Issues Bakken Shale Oil Shipping Safety Alert

January 3, 2014 R.T. Dukes

The Department of Transportation's (DOT) Pipeline and Hazardous Materials Safety Administration (PHMSA) has issued a safety alert for Bakken crude.

PHMSA issued the alert to reinforce the need to test, characterize, classify, and where appropriate de-gassify the crude oil before transportation.

PHMSA also wants to remind first responders of that light sweet crude is assigned a packing group of I or II. Those packing groups mean the flash point is below 73 degrees Farenheit and the boiling point for packing group I is below 95 degrees Farenheit.

"Operation Classification" will be an ongoing effort, and PHMSA will continue to collect samples and measure the characteristics of Bakken crude as well as oil from other locations.

Read the full releast at phmsa.dot.gov

Bakken Job Market Expected to Boom in 2014 - Again

January 2, 2014 R.T. Dukes

Oil and gas operators in the Bakken are on a hiring frenzy as they look to fill long-term positions. Investments have shifted from exploration to development and that means more full-time positions are coming open with the major operators and service companies. That means even more Bakken Jobs in 2014 - Search HERE.

“We’re excited to significantly boost our employee base in response to the growing demand among energy industry customers for our services. ”

— Mark Johnsrud, Nuverra's CEO

A few of the businesses hiring include:

Power Fuels - Nuverra
BNSF
Pumpers
Rig contractors
Completion crews

Abraxas Will Run One Bakken Rig and Spend $54 Million in 2014

December 26, 2013 R.T. Dukes

Abraxas Petroleum will run one rig in and spend $53.8 million in the Bakken in 2014. The company plans to drill 7.2 net wells and complete 6.4 net wells.

“Abraxas enters 2014 with a pristine balance sheet and far more profitable and focused asset base. We continue to identify additional opportunities in the Bakken and Eagle Ford and will announce the results of these efforts when it is prudent. We look forward to what promises to be an active 2014 Bakken and Eagle Ford drilling program.”

— Bob Watson, CEO

Halcon Holds Production Guidance & Lowers Its 2014 Capital Budget

December 24, 2013 R.T. Dukes

Halcon Resources lowered its capital budget for 2014 and is keeping its production guidance the same (38,000-42,000 boe/d).

Approximately $125 million will be spent on leasehold, infrastructure, and seismic. Halcon also plans to divest $300-400 million in properties in 2014.

Halcon originally planned to spend more than $1 billion, but has lowered its budget 14% to $950 million.

“We expect to fund our entire 2014 capital budget with a combination of cash flow from operations, borrowings under our revolving credit facility and proceeds from additional non-core asset sales.”

— Floyd C. Wilson, CEO

SM Energy Will Run Three Bakken Rigs In 2014

December 23, 2013 R.T. Dukes

SM Energy plans to run three rigs spending $275 million on operated activity and another $75 million on non-operated properties.

Activity will primarily target the Bear Den, Raven, and Gooseneck areas in North Dakota.

SM Energy expects to complete 45 gross, operated wells in 2014.

Tony Best, CEO commented, "Our 2014 growth will be anchored by our core development programs in the Eagle Ford and Bakken-Three Forks, with additional investments being made in our emerging oil programs in the Permian Shales and the Powder River Basin."