27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
1. North Dakota drillers produced almost 20 million barrels of oil in June from a record 7,352 wells.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
2. There are about 35,000 wells have yet to be drilled in western North Dakota's Oil Patch, almost five times the number of existing wells, so we can the exponential increases in Bakken oil output to continue in the future.
3. Oil companies are increasingly making inroads with speedier technology, and drillers are finishing wells at a rate of eight per day, up from less than one a day five years ago.
4. The time needed to drill a well has dropped by two-thirds since 2007 from 60 to 20 days, as the industry continues to fine-tune cutting through dense rock to the oil trapped nearly two miles beneath the surface. This significant increase in efficiency is due in part to the increased use of diamond-tipped bits and the growing number of "walking drill rigs," which can be moved between well sites on hydraulic feet without having to be disassembled.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
5. About 350 wells were completed and awaiting hydraulic fracturing services in June.
6. Sate and industry officials are reporting that 99 percent of rigs in the Bakken and Three Forks formations hit oil, while nine of 10 rigs are profitable.
7. A typical well drilled in North Dakota will produce about 540,000 barrels of oil during its 29-year lifespan.
8. It will take at least 15 more years to complete drilling in the Bakken formation.
Source: Jamestown Sun
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.