To the surprise of many, including the director of the Department of Mineral Resources, North Dakota's oil production increased – yes, increased, by about 1% in March to just shy of 1.2 million barrels per day.
Around 189 new wells were completed in March, more than offsetting the reduction in drilling brought on by low commodity prices. Finally, the March figures show a decrease in the number of wells waiting to be fracked from 900 to 880. At the same time, though, Director Helms' report states that the drilling rig count "dropped 25 from February to March, 17 more from March to April, and has fallen 8 more" since April.
As to the falling rig count, Director Helm's is quoted as saying: "We think we're at or near the bottom."
What does this mean for future activity in North Dakota? For commodity prices in general? I could make a prediction – but it really would just be a guess.
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