Foundation Energy Management, LLC is a McKenzie County-focused Bakken operator with a portfolio of 237 total wells, 101 producing and 97 active, and 66 plugged. The company carries 16 wells authorized and 2 pending cases ahead of back-to-back hearings on September 23–24, 2026. Its regulatory track record is strong — an 85% historical win rate and a 91.8% average case probability — and its two live cases (a well authorization and a 2,560-acre spacing unit targeting the Ranch Creek-Bakken and Bennett Creek-Bakken pools) carry progression probabilities of 97% and 86.6% respectively. A 16.7% ramp metric signals that the current portfolio snapshot likely understates where this operator is heading.
Both pending cases sit entirely in McKenzie County, North Dakota — the heart of the Williston Basin Bakken play. Case 33165 (well authorization) is up September 23, 2026, carrying a 97% progression probability. Case 32790 (spacing unit) follows the next day, September 24, 2026, at 86.6% probability. The spacing-unit application covers 2,560 acres across Sections 3 and 10 of T.146N., R.99W. and Sections 27 and 34 of T.147N., R.99W., targeting the Ranch Creek-Bakken Pool and Bennett Creek-Bakken Pool. It seeks authorization for 16 wells and has been continued since its first hearing on April 23, 2026 — it is not a greenfield position; 4 prior wells already exist in the footprint. Pipeline status is 'continued pending.'
Foundation's total well count stands at 237, with 101 producing now, 97 active, and 66 plugged. The 16 wells authorized represent near-term deployment capacity sitting above the current active base. The operator's work-type footprint spans the full development cycle: drilling rigs, frac crews, frac sand, new-pad dirt and construction, rentals and workforce, and water logistics and trucking — indicating self-sufficient or deeply integrated field operations rather than a purely financial or non-op posture.
Foundation's historical win rate is 85%, and its average case probability across the current docket is 91.8%. Two of its 2 pending cases are classified as high-probability. The 16.7% ramp metric signals accelerating activity relative to the current portfolio baseline. No recent signed orders appear in the docket, meaning the September hearings represent the immediate catalyst to watch.