ERF: Recovering As Much As 20 Percent of The Oil in The Bakken?

Take a look at the current ERF presentation, specifically slide 19 (ERF's slide numbered "19").

Now, see if you can find some original estimates of recoverable oil from the Bakken (in percent). If my memory serves me well, USGS back in 2008 estimated that about two (2) percent of original oil in place (OOIP) would be recoverable, based on results to date and technology at that time. If I'm wrong on that, please let know (with links).

Then, Harold Hamm, CLR/CEO, said that he thinks some folks are already recovering at a rate of eight percent of OOIP. Two percent to eight percent may not sound like all that much, but it quadruples the original estimate in volume measured in barrels.

Now we have ERF estimating as much as:

• 12 - 16% in the Fort Berthold area, ND, Bakken
• 10 -14% in the Fort Berthold area, ND, Three Forks
• 15 - 20% in the Sleeping Giant, MT, Bakken
• 10 -15% in the several fields in Saskatchewan, Canada

In the Sleeping Giant, 20 percent. Twenty percent is ten times two percent. Just saying.

You all can do the math on EUR per section based on EUR per well and estimated number of wells per section as noted on slide 19 in ERF's presentation.

ERF estimates two (2) short lateral wells per 640-acre spacing and two long laterals per 1,280-acre spacing. Look at a Whiting presentation: they are putting in significantly more wells than this in their 1,280-acre spacing units in their best Bakken (the Sanish).