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In the recent episode of the MonDak OilField Review, Lynn Helms, director, North Dakota Department of Minerals, spoke of oil supply from the lease perspective.
Helms said North Dakota is looking at about one year of leases, which is average for lead time. Helms said industry tries to keep drilling permits in a 9-15 months supply timeline in front of each rig.
He added with each well permit there are 40 drilling permits which he called “medium term optimism.”
Helms also noted a conversation “which a CEO of a major Bakken Three Forks” oil company where the oil company felt $60 by the end of the year could be a possibility.
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