As of June 2026, Cobra Oil & Gas Corp. holds a substantial North Dakota well portfolio — 660 total wells, 366 active, 261 currently producing, and 183 plugged — but shows zero forward momentum: no pending permits, no authorized wells, no upcoming hearings, and no active development counties on record. The one recent regulatory footprint is a May 2026 Unitization Ratification Order in McKenzie County's Bull Moose Field, pointing to asset-level housekeeping rather than growth. This is an operator in consolidation or wind-down posture, not an expansion one.
Cobra carries no pending cases, no scheduled hearings, and no active development counties as of the report date. The momentum county list is empty. The only recent regulatory action is Order 34356, a Unitization Ratification Order signed May 22, 2026, covering McKenzie County's Bull Moose Field — a mature, established Williston Basin area. That single order is the entirety of Cobra's current NDIC footprint.
Cobra's well count is large by North Dakota independent standards: 660 total wells, of which 366 are classified active and 261 are currently producing. Another 183 wells have been plugged. The gap between active and producing wells, and the substantial plugged count, together paint a picture of a portfolio that has been harvested over time and is no longer being actively replenished. No new well authorizations are in the pipeline.
One order on record in the current window: Order 34356, a Unitization Ratification Order, signed May 22, 2026, in McKenzie County for the Bull Moose Field. Unitization ratification orders in North Dakota typically formalize the pooling of interests across a producing unit — administrative work associated with managing or repositioning an existing asset, not initiating new development. No other cases, names, or convergence activity appear in the data.
Every data layer points the same direction: Cobra is not building, it is managing — and possibly winding down or preparing to transact. Zero momentum metrics, a large plugged-well count (183), a meaningful idle-active inventory, and a lone unitization order in a mature McKenzie County field all converge on an operator in late-lifecycle mode. The null win rate and average probability confirm there is no recent docket history to analyze — Cobra simply isn't in the room. For a counterparty, acquirer, or competitor, the operative question is whether the 261 producing wells and remaining active inventory represent a value opportunity or a liability overhang.