Updates
January 29, 2011: Is EOG throwing in the towel on the Spearfish; no current EOG drilling in Bottineau.
Original Posting
EOG drilling Spearfish wells in four (4) days. That PDF will take a few seconds to load; then go to slide 27 (if I remember correctly) -- but the whole presentation is worth viewing.
I honestly can't keep up with all that's happening in the Wililston Basin. This is absolutely incredible, and people used to consider me inappropriately exuberant. I still am, but even more so.
I missed this article yesterday (Friday) -- I'm getting behind. Just too much news. Bottom line: EOG releases statement saying the Spearfish is a significant discovery. Although it is relatively small -- estimated at 20 million barrels -- it has a very high rate of return. They can drill these wells in less than five days for a cost of about $1 million. The Waskada field north of the border is estimated to be 25 million barrels. EOG says they can get a return on the order of 70 - 100%. [One hundred percent means one doubles one's investment.]
One begins to wonder how many other formations might be amenable to horizontal drilling.
Pipeline, Stevie Ray Vaughan & Dick Dale
I TRIED TO USE THE LINK ABOUT THE 4 DAY WELLS. IT DOES NOT WORK
ReplyDeleteSorry about that; try it now.
ReplyDeleteIt should be slide number 27 when you get there.
The numbers for the production on those Bottineau Co wells was IP....I've heard they are about one third of that.
ReplyDeleteGot it. Thanks. That is not surprising (that they are about 1/3 of that reported). I continue to report the IPs but I hope my readers are very aware of the "controversy" regarding these numbers. Perhaps somewhere down the road I will subscribe to NDIC services and report yearly production.
ReplyDelete