I received notice today that more wells in Grady County, Oklahoma, that are operated by Continental Resources, are being shut-in. They already reported shutting in all their wells in N. Dakota as well as stopping all drilling there. I expect them to cancel all drilling in the SCOOP in Oklahoma for the foreseeable future. Unit Drilling out of Tulsa is laying over their new rigs (BOSS) and preparing to file Chapter 11. Unfortunately, with all that is happening in the world there is going to be some serious hurt put on millions of mineral owns, along with small oil companies.
Bad news. I read that Oklahoma is making it possible for CLR to shut down wells and still retain lease rights. Any details available?
Haven’t read anything about that. If shut-in clauses come into play we are all screwed & what we own won’t be worth a plugged nickel anyway.
Todd: I wonder if the costs of servicing a producing well are greater than the income derived. If not, what would be the rationale for stopping production. Waiting for better prices?
Temporary order with hearing on May 11. Oklahoma experts should comment.
All about the price of oil!
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