Wednesday, May 8, 2013

Random Update Of Whiting's Net Acreage In The Williston Basin Bakken

I'm in the process of going through Whiting's corporate presentation.

I have updated Whiting's net acreage in the Williston Basin Bakken.  The following is a "cut and paste" from the "Snapshot" data link. I don't have time to clean it up right now. The older data is probably from 2Q12 and earlier. The new net acreage data is from their current corporate presentation and is highlighted bold/red.
  • Net Bakken acreage, North Dakota only: 2Q12: 450,000 net acres; net in ND and MT: 703,668 in 2013; as of 12/31/2012, Whiting's acreage cost averages out to $521/net acre
  • According to SeekingAlpha, May 3, 2011: 603,702 net acres; 1Q13: 703,668 net acres
  • Total acquisition cost: as of May 3, 2011 -- $141 million or $243/acre
  • Sanish / Parshall Prospect: 82,533 in 2013; 83,011 net acres and 99 wells in 2010; 106 in 2011; EURs 450 - 950 (middle Bakken) and 400 mboe for upper Three Forks in the Sanish; 2Q12, only 22 stages for best well to date, the Smith 41-12H; initiated pad drilling in the Sanish; costs down $2 million/well --> $7 million/well in Williston Basin; 2Q12 -- maybe 50 more wells yet to drill in the Sanish;
  • Lewis and Clark: 134,861 in 2013; was 128,370 net acres; Lewis & Clark NW of Belfield; 1 rig;
  • Pronghorn: 128,113 in 2013; was 121,403 net acres; Belfield area; TFS Exploration Drilling; Pronghorn is between Belfield and Dickinson;  5 rigs in the Pronghorn. 2Q12: ~ $6.5 million/well;
  • Hidden Bench: 28,556 in 2013; was 30,036 net acres; middle Bakken, TFS. 2Q12 -- "one of the very best projects in the company.
  • Tarpon: 6,265 in 2013; was 6,359 net acres; Watford City area; middle Bakken, TFS; Tarpon Federal 21-4H -- record IP in the Bakken
  • Starbuck: 92,227 in 2013; 91,497 net acres; Montana, west of Williston; Middle Bakken; [prev 88K net acres]; Bakken, Three Forks, Red River
  • Missouri Breaks: 66,095 in 2013; was 62,000 net acres; Montana, west of McKenzie County; EURs - 350,000K
  • Cassandra: 13,816 in 2013; was 13,794 net acres; Ray area, east of Williston; Middle Bakken;
  • Big Island: 122,389 in 2013; 121,673 net acres; Golden Valley County, southwest corner of ND; multiple objectives; earlier presentation 120K; 50 vertical well prospects (2Q12); all successful Madison wells; EURs of 250,000K; completion costs: $3.5 million; now drilling the Red River
  • Other ND & MT: 28,813 net acres in 2013;

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