Some data points from the CLR presentation:
- CLR feels the "Bakken" is underappreciated
- Overall "Bakken" play with ultimate recovery of 24 billion barrels
- Might be the world's largest oil discovery in 30 - 40 years
- Close to 2 billion of the 24 billion will come from the underlying Three Forks formation
- Production now exceeds 400,000 bopd including North Dakota and Montana
- The Bakken is "continuous" under 15,000 square miles
- Industry has complete 2,750 wells since 2000
- Drilling 20,000 feet; 9,000 feet down and 9,500 foot laterals
- Frac stages generally 18-30, with diminishing returns after 18-24 stages
The last data point is still open to the jury. BEXP is routinely accomplishing 30 - 34 frac stages, and a 40-stage frac recently set a new industry record.
It has been said that Three Forks formation wells should have EURs a bit less than Bakken formation wells. If accurate, then there must be a lot fewer Three Forks formation wells if the TF will only account for 2 billion of the total 24 billion barrels.
With regard to the CLR statement that there is a feeling that the Bakken is underestimated, this could very well be due to the conservative, circumspect, and reserved nature of the Scandinavians and Germans who populate the area. Even rock stars and celebrities have been noted to complain about the reserved reception they get at the Minot Hostfest, a Scandinavian folk festival held every autumn.
