as of 2026-06-25

Formentera Operations LLC: Divide County Bakken Consolidator With Near-Perfect Regulatory Execution

306

Producing now

512

Total wells

Pending cases

Wells authorized

100%

Win rate

2026-06-25

Next hearing

Producing now306 / 512

Active (status A/AC)287 / 512

Plugged / abandoned86 / 512

Formentera Operations LLC is a focused Bakken operator running a 512-well portfolio — 287 active, 306 producing — concentrated entirely in Divide County, North Dakota. As of June 25, 2026, the company has 7 pending cases at a single hearing date, 7 wells authorized in the pipeline, and a 14% production ramp underway, all against a 1.0 historical win rate and an average case probability of 0.997. A burst of 8 orders signed on June 12 and May 28 — spanning spacing, forced pooling, and lease-line authorizations across the Frazier-Bakken and Larson-Bakken pools — signals that Formentera is moving from regulatory setup into active development at pace.

What stands out

A 1.0 win rate paired with a 0.997 average case probability isn't luck — it reflects an operator that has internalized NDIC process well enough to file only cases it will win, effectively converting regulatory filings into near-certain outcomes in Divide County.
The 14% production ramp lands immediately after the June 12 order cluster (spacing establishment, two forced pooling orders, and a lease-line well authorization — all in Frazier-Bakken on the same date), suggesting completions were staged and waiting on regulatory clearance rather than representing new drills.
With only 86 plugged wells out of 512 total, Formentera's portfolio skews strikingly young or well-maintained relative to typical Bakken operators — the asset base is overwhelmingly intact and productive rather than in harvest or abandonment mode.
Three orders in Burke County's Larson-Bakken Pool (forced pooling plus a spacing unit amendment) sit quietly alongside an otherwise Divide-dominant docket — a low-capital optionality play that keeps a second formation in the regulatory queue without committing the core portfolio.

Docket & Locations

All 7 pending cases are scheduled for a single hearing on June 25, 2026, entirely in Divide County. The docket spans one spacing unit case (Case 32947, Colgan-Bakken and Big Dipper-Bakken pools, T.163N. R.101W.), three pooling cases (Cases 32952, 32983, 32984 — Bluffton-Bakken and Frazier-Bakken pools across T.162N. and T.161N., R.97W.), and three well authorizations (Cases 32977, 32978, 32979 — Baukol Noonan and Noonan fields). The spacing case alone covers 1,920 acres and seeks authorization for 4 wells. Two Frazier-Bakken pooling cases (32983, 32984) each reference 1,920-acre spacing units at T.161N., R.97W. Earlier in the cycle, Cases 32872 and 32902/32903 (heard May 28) targeted a 3,840-acre Frazier-Bakken spacing unit and companion pooling orders in the same township-range, with 2 wells authorized on the spacing case.

sources: hr-32947, hr-32952, hr-32983, hr-32984, hr-32977, hr-32978, hr-32979, case-32947, case-32952, case-32983, case-32984, case-32977, case-32978, case-32979, mom-next_hearing, mom-counties

Portfolio

Formentera carries 512 total wells: 287 active, 306 producing now, and 86 plugged. The gap between active and producing counts is consistent with a portfolio that includes permitted or drilled-but-not-yet-producing inventory. The low plugged count relative to total wells points to a portfolio that has not yet entered significant decline or abandonment phases. The operator works across the full development stack — drilling rigs, frac crews, frac sand, new-pad dirt and construction, rentals and workforce, and water logistics and trucking — indicating self-sufficient field execution rather than reliance on a single service relationship.

sources: port-total, port-active, port-plugged, port-producing_now, mom-ramp

Recent Orders & Cases

Eight orders were signed across two hearing dates. On June 12, 2026, five orders landed in Divide County's Frazier-Bakken Pool: a Spacing Unit Establishment and Pool Redefinition (Order 35453), two Forced Pooling Orders (35828, 35829), a Spacing Unit Establishment and Lease-Line Well Authorization (35798), and a Dismissal without Prejudice (35210). On May 28, 2026, three orders issued in Burke County's Larson-Bakken Pool: two Forced Pooling Orders (35719, 35720) and a Spacing Unit Amendment — Overlapping Unit Creation (35554). The Burke County orders are the only non-Divide activity visible in the recent record, and they arrived on the same date as the Frazier-Bakken spacing work, suggesting parallel-track regulatory management rather than sequential focus.

sources: ord-35453, ord-35828, ord-35829, ord-35798, ord-35210, ord-35719, ord-35554, ord-35720

Regulatory Momentum

The momentum picture is unusually clean: 7 pending cases, 4 flagged high-probability, 7 wells authorized in the pipeline, a 14% production ramp, a 1.0 win rate, and a 0.997 average case probability. Of the 4 high-relevance hearing cases with stated probabilities, all sit at 0.995 or above (Cases 32947 at 0.999, 32952 at 0.997, 32983 and 32984 each at 0.995). The three well authorization cases (32977, 32978, 32979) carry no stated ML probability — standard for that case type in ND — but are included in the 7 authorized wells count. The combination of a perfect historical win rate and near-certain forward probabilities across every scored case is the defining characteristic of this operator's regulatory posture.

sources: mom-pending, mom-high_prob, mom-wells_auth, mom-ramp, mom-win_rate, mom-avg_prob, hr-32947, hr-32952, hr-32983, hr-32984, hr-32977, hr-32978, hr-32979

Hearing locations

Case	County	Pool	Precision	Map
32947	Divide	Colgan-Bakken Pool, Big Dipper-Bakken Pool	legal	📍 map
32952	Divide	Bluffton-Bakken Pool	legal	📍 map
32983	Divide County	Frazier-Bakken Pool	legal	📍 map
32984	Divide County	Frazier-Bakken Pool	legal	📍 map
32977	Divide	Baukol Noonan Field	legal	📍 map
32979	Divide	Noonan Field	legal	📍 map
32978	Divide	Baukol Noonan Field	legal	📍 map