Five States Operating Co., LLC is a small North Dakota operator with a total portfolio of 9 wells, 4 of which are active and all 4 currently producing — a clean, zero-plugged book. That's where the good news stops. As of August 2026, the company carries zero pending cases, zero high-probability authorizations, and zero wells authorized for drilling. Its last recorded regulatory action was a Standup Drilling Unit Establishment in Golden Valley County's Madison Pool, signed June 12, 2026. There is no hearing scheduled, no ramp signal, and no named personnel or convergence activity on file. The operator looks like a small producer coasting on an intact but unreplenished legacy position.
Five States carries no pending cases and no scheduled hearings as of the report date. The only recent regulatory footprint is Order 34455, a Standup Drilling Unit Establishment / Horizontal Well Authorization signed June 12, 2026, in Golden Valley County, North Dakota, covering the Madison Pool. No other counties appear in the active docket.
The operator holds 9 total wells. Of those, 4 are active and 4 are producing — meaning every active well is online. Zero wells have been plugged. The portfolio is small, intact, and apparently young, but it is not growing: zero wells have been authorized for new drilling.
Momentum indicators are uniformly flat. Pending cases: 0. High-probability authorizations: 0. Wells authorized: 0. Ramp signal: 0. Win rate and average probability are not calculable — there is simply no case history to draw from. No hearing is on the calendar. The operator is generating no new regulatory activity.
Five States presents as an operator in deliberate or forced pause. Its 4 producing wells (90% confidence read: a young, non-declining book for now) provide a revenue base, but with no inventory being built and the only recent order being a unit establishment rather than a drill permit, the company is not replenishing. In ND context, Madison Pool horizontal plays require sustained capital commitment; the absence of any follow-on activity after the June 2026 unit order is the sharpest signal of strategic dormancy.