As for the Bakken, the Luxe Energy group plans to get back in in 2016.
A recent survey quizzed Americans about their oil and gas knowledge. The survey was conducted by Aries Residence Suites, a company that specializes in housing to those connected with the oil industry in North Dakota and Texas.
Lower 48 oil production has grown from 8 million barrels a day at the end of June 2014 to 9.1 million, while WTI has declined from $107 to $60.
And hedge-fund manager David Einhorn’s presentation had “some giant flaws.”
The biggest gains on hedging in Q4 were clearly made by oil producers rather than gas producers; with the exception of Enerplus, all of these companies’ production portfolios are made up of over 75% oil.
The Oklahoma play is now making a quarter of Continental “I’m Not Just Bakken Now” Resources Inc.’s oil.
But EnerVest’s John Walker expects LNG and other demand growth will absorb the new, natural-gas supply.
During these tough times, it is easy to be hasty and to make mistakes. While we all have our theories and opinions, we don’t know when and where the bottom of this fall will be. Uncertainty is very difficult and can be unnerving. It is important to know what to do and what not to do.
U.S. wells waiting on completion may prolong a low oil price.