Fight For Your Mineral Rights
Mark Fox, chairman, The Mandan, Hidatsa and Arikara Nation (MHA Nation), explains how the Department of the Interior reversed a treaty going back to 1825 by issuing an opinion that overturned three prior decisions from the department giving the state of North Dakota the rights to their minerals. Fox is demanding the Department of Interior uphold its duty as the tribe’s trustee and restore justice regarding the tribe’s Missouri River property rights.
Bakken Hits Record Production Drop
According to the recent North Dakota Mineral Resource’s Director’s Cut, North Dakota crude oil production dropped by an average of more than 200,000 barrels per day in April in response to a steep drop in oil prices. This equals about a 15% drop.
Click here for April Production Results
Click here for April Director’s Cut
Director of the Department of Mineral Resources Lynn Helms said the 15% decline was the biggest month-to-month drop since record-keep began in 1970.
In his monthly Director’s Cut news conference, Helms said April production averaged 1.22 million bbl/day, down from 1.43 million bbl/day in March. And he said the news is not getting any better. He added that he expects the May production average will be around 950,000 bbl/day.
The good news is that the drop in production has bottomed out and “turned the corner.” Helms said he believes the low point occurred the week of May 16-23 and has climbed 60,000-to-100,000 bbl/day since then.
He cautioned that U.S. crude oil stocks are continuing to increase at a time of year when they should be falling, so would prefer to see a slow rebound in crude production.
Some media outlets and social media posts have been reported that nearly 7,000 wells have been shut in, but according to Helms, fewer than 2,200 wells on the “Inactive” list.
Swan Energy Buying Leases
Jeremy Pate, Swan Energy, explains why their company has been buying up natural gas leases and are looking for more. Pate talks about the diversity in industry Swan Energy has created, giving them a unique opportunity in the current market.
Pate says their is opportunity right now in the oilfield and his company is creating more opportunity for energy businesses everyday. He also gives an update on some of the areas of Swan Energy that is slow, breaking even or being addressed accordingly.
The Crude Life Podcast can be heard every Monday through Thursday with a Week in Review on Friday.
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