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Output from the Eagle Ford has been falling since March 2015.
North Dakota Petroleum Council President Ron Ness said if sour crude prices were to hold at just a couple of dollars a barrel, the wells will likely be shut down until prices rebound.
State Mineral Resources Director Lynn Helms says the company drilled into an area in Williams County in error. He says the company spent more than $8 million drilling the well, which is now plugged.
Records show 10 of 15 industries reported decreases during the third quarter of 2015.
Deep budget cuts are expected to prompt another exile of drilling rigs from Texas and North Dakota, with the average U.S. land rig count dropping by about 300 this year, Cowen says.
State and industry officials said North Dakota should be able to maintain oil production at the current level if the number of drill rigs stays above 50.
Alaska, Louisiana and Oklahoma have seen tax collections diminished by the rout, which has put pressure on credit ratings and led investors to demand higher yields on some securities
Home sales are down sharply this year in North Dakota and the West Texas cities of Midland and Odessa. Home sales have also slowed in El Paso, and, more recently, in Houston.
The lifting of the embargo is part of a spending deal expected to be pushed through the House and Senate by the end of the week.
The Irving, Texas-based company, which pumps most of its natural gas and oil from Pennsylvania’s Marcellus Shale and Ohio’s Utica Shale, said it had $6.4 million in cash and $1.1 billion in total liabilities at the end of September.