ShaleTech: Bakken/Three Forks ///

If the Saudis thought they could shut down the Bakken/Three Forks play by flooding the global market with crude, they don’t know about Yankee ingenuity and the spirit of independence that drives U.S. shale operators. Like the proverbial Timex watch that takes a beating, but keeps on ticking, the leading operators in the Bakken/Three Forks play have made prudent cutbacks in the face of the rapid decline in crude oil prices. Most of the operators in the play have reduced rig count, deferred some of their completions and retreated E&P activity to the core sweet spots. They’ve also achieved tremendous improvements in E&P efficiency to lower their break-even point. From a low of $43.16/bbl late last year, the WTI price already has crept back to nearly $60/bbl. If the price nears $65/bbl, the Bakken/Three Forks will be back in business, from the core to the fringes.

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