as of 2026-06-25

Valkyrie Operating, LLC — Concentrated Divide County Bakken Buildout, Five Cases at the Wire

Producing now

Total wells

Pending cases

Wells authorized

100%

Win rate

2026-06-25

Next hearing

Producing now10 / 18

Active (status A/AC)11 / 18

Plugged / abandoned2 / 18

Valkyrie Operating, LLC is a focused Divide County, North Dakota Bakken operator with 18 total wells (11 active, 10 producing) and a tight regulatory pipeline: all 5 pending cases are spacing-unit applications scheduled for a single June 25, 2026 hearing, collectively seeking authorization for up to 30 additional wells across multiple Bakken pools. The operator carries a 100% historical win rate and a 98% average approval probability, and its production base is ramping at 34.4%. Every active development location is in Divide County, all at the spacing stage with no permits or spuds yet recorded — meaning the next several months will determine whether a substantial authorized-but-undrilled inventory converts into active rigs.

What stands out

A 100% win rate paired with a 98% average approval probability is unusually clean — it signals either elite regulatory execution or a deliberate strategy of filing only near-certain cases, which limits downside but may also mean Valkyrie is leaving bolder acreage positions on the table.
30 authorized wells sit against only 10 currently producing — a wide gap that is not explained by recent filings alone, pointing to deliberate inventory pacing or unspoken operational constraints before the drill bit moves.
A 34.4% production ramp across just 11 active wells is a steep curve for a small active base, suggesting recent high-IP completions or aggressive well interventions rather than steady-state growth.
Five spacing cases — covering pools from Fortuna-Bakken to Big Dipper, Colgan, Gooseneck, and West Ambrose — all land on the same June 25 hearing date, making that single docket day a binary event for Valkyrie's entire near-term development program.

Docket & Locations

All 5 pending cases are spacing-unit applications in Divide County, heard on June 25, 2026. Four cases (32951, 32701, 32700, 32514) request 1,920-acre units; one (32702) requests a 2,560-acre unit. The geographic footprint spans T.162N.–T.163N., R.100W.–R.101W., touching pools across the Fortuna-, Big Dipper-, Colgan-, Gooseneck-, and West Ambrose-Bakken. Cases 32700 and 32701 first appeared at the March 26, 2026 hearing; case 32514 dates to a January 22, 2026 first hearing — both have since progressed to order stage. Case 32951 is the newest, entering as a fresh pending at the June 25 date. None of the five locations has a spud or permit recorded yet.

sources: hr-32951, hr-32701, hr-32700, hr-32702, hr-32514, case-32700, case-32701, case-32702, case-32514, case-32951

Portfolio

Valkyrie's current book stands at 18 total wells: 11 active, 10 producing now, and 2 plugged. Work-type exposure spans the full development stack — drilling rigs, frac crews, frac sand, new-pad dirt and construction, and water logistics and trucking — indicating the operator either self-manages or actively coordinates across all phases of a pad development cycle.

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

Momentum & Approvals

Valkyrie's regulatory momentum score sits at 34.4% ramp with 4 high-probability cases (each at 95.2% or above) among the 5 pending. The operator's all-time win rate is 100%, and the average approval probability across the current docket is 98%. Case 32951 carries a 100% progression probability; cases 32700 and 32701 each sit at 98.5%; case 32702 at 95.2%. Case 32514 has no ML probability assigned, likely reflecting its older vintage and already-advanced pipeline status. Across the four cases with explicit authorizations, 30 wells are sought in total.

sources: mom-win_rate, mom-avg_prob, mom-ramp, mom-high_prob, mom-pending, mom-wells_auth, hr-32951, hr-32701, hr-32700, hr-32702, hr-32514

Hearing locations

Case	County	Pool	Precision	Map
32951	Divide	Fortuna-Bakken Pool	legal	📍 map
32701	Divide	Big Dipper-Bakken Pool, Colgan-Bakken Pool, Gooseneck-Bakken Pool, West Ambrose-Bakken Pool, Fortuna-Bakken Pool	legal	📍 map
32700	Divide	Colgan-Bakken Pool, Big Dipper-Bakken Pool	legal	📍 map
32702	Divide	Gooseneck-Bakken Pool, Fortuna-Bakken Pool	legal	📍 map
32514	Divide	Fortuna-Bakken Pool	legal	📍 map