Sunday, May 19, 2013

Snapshot: Data Prior to May 20, 2013

This post is archived. Current information is found at the tab at the top of the blog: SNAPSHOT
PAGE 1: Data Prior To May 20, 2013
AREAS OF INTEREST IN THE NORTH DAKOTA BAKKEN
Acreage Will Change Over Time 
As of 3Q12: no longer current; too much data to track; will update selectively and periodically; consider all information out of date.

Abraxas
  • 4Q12e: 4,300 - 4,500 boepd
  • Operations in both the Bakken and Eagle Ford
  • 21,000 net acres in the Bakken (ND + MT); 20,853, SeekingAlpha, 2011
  • BEXP presentation says Abraxas has 20,853 net acres
  • Nesson: 2,600 net acres; nice acreage
  • Carter: 3,200 net acres; northeast of best Bakken; +/- value
  • North Fork: 3,200 net acres; nice acreage
  • Elkhorn Ranch: 2000 net acres; southwest North Dakota
  • Elm Coulee: 440 net acres; where it all started in 2000
  • Harding: 5,800 net acres; Williston area; nice area
  • Sheridan: 3,000 net acres; Montana northwest of Williston (quality?)
Anschutz
Ante5
  • as of January, 2013, no permits under either Ante5 or Black Ridge Oil name
  • new name for Ante5 --> Black Ridge Oil & Gas (proposed name change, 3/12)
  • 20,000 net acres
Aterra Exploration
  • as of January, 2013, no permits in North Dakota under the "Aterra" name
  • a privately held corporation operating in the Bakken and the Eagle Ford
  • 200,000 acres targeting the Red River formations
Bakken Hunter (a subsidiary of Magnum Hunter, see below)

 Ballard Petroleum, LLC
Baytex
Black Hills Corporation
  • See QEP, below, August 23, 2012 entry. 
Black Ridge Oil & Gas
BTA Oil Producers
Breitling
Brigham (BEXP) -->Statoil (STO) below
Burlington Resources (see COP below)

Chesapeake Energy Corporation
Clear Creek Resources, LLC, is a subsidiary of Chesapeake.

Continental Resources (CLR)
  • End 2012: proved reserved 564 million boe in the Bakken; yoy gain of ~ 100%; leasehold: 1,139,799 acres, yoy 24% increase; 2012 production: 36 million boe, a 58% increase over 2011; exit 2012 ~ 116,000 boe/d; for the first time booked proved reserves in lower benches of the Bakken Three Forks formation, with the recognition of three PDPs and 11 PUDs in 2012; 2 wells in the TF second bench; 1 well in the third bench
  • November 7, 2012, on the day CLR reported 3Q12 earnings -- announced it entered into agreement to buy 120,000 net acres (some in production) for $650 million, from Samson Resources --> 1.1 million net acres in the Bakken; will sell some assets "in the eastern US"; 103,000 bopd production; 1,104,040; will lower operating costs per boe;
  • 2Q12: average production of 94,852 boepd
  • 1Q12: production expected to hit 85,000 boepd
  • 1Q12: announces 37,900 more acres (ND & MT) 915,863 + 37,900 --> 953,763 net acres; 2Q12, investors' day presentation:  972,056 net acres. 
  • 4Q11: per Harold Hamm -- 915,863 net acres; does not include the 35,178 net acres acquired in February, 2012;
  • 4Q11: 901,098 net acres
  • Press release, Oct, 2011: acquired 22,600 net acres --> 923,270; from NFX for $275 million (small production; 8 drilled/unfracked wells)
  • 2Q11 CEO comments: 901,370 net acres
  • Previously:  Total Bakken acreage: 855,936 net acres 
  • Previously:  BEXP presentation says CLR has 868,900 net acres
  • 4Q11 production: 75,219 boepd
  • 3Q11 production: 66,289 boepd 
  • 1Q11 production: 51,663 boepd
  • 2009 production: 14,000 boepd
  • Additional BLM acreage (8,266 acres) as of early December, 2010,  not included in that 864,559 net acres
  • 24 rigs in the Bakken (21 ND; 3 MT); 5 fracking crews
  • Will increase # of operated rigs in early 2012
  • Normandy prospect: southwest North Dakota, Three Forks (103,334 net acres)
  • Divides the Three Forks into four separate zones; has completed a well into the second of these zones
  • 2011 wrap-up
  • EUR: 603K boe per well 
 COP (in the Bakken: wholly-owned subsidiary, Burlington Resources)
  • 3Q12 earnings call: 620,000 net acres; 26,000 boepd; ramped up from five to eight rigs; 
  • 626,000 net acres, COP/CEO at Houston conference, May 16, 2012
  • 460,000 net acres (Investopedia, March 29, 2011; Annual Report, 2010)
  • Looking to acquire more, Annual Report, 2010
  • 8 rigs (May, 2012); looking to ramp up to 9 - 10 rigs (same link)
Cornerstone Natural Resources, LLC
  • January, 2013: Director, NDIC, says Burke County is edge of the Bakken; said major operator in Burke likely to pull out (in Burke County: OXY USA, Oasis, CLR, Cornerstone)
  • website
  • an independent oil and gas company; headquarters in Denver
  • from website 1Q13: 
  • 89,000 net acres in ND (mostly Burke County); 21,000 net acres in Sheridan County, MT
  • 1,400 boepd; 40 operated/19 non-operated gross wells
CREDO
Crescent Point Energy
  • Canadian company
  • operates in the Bakken and Utah  
  • corporate presentation, May, 2013: 50-stage fracks; cost of wells are one-half the cost across the border in Canada from costs in North Dakota
Cress Oil, Inc
  • Subsidiary of X-Change (Houston)
  • Press release, April 9, 2012 -- enters the Bakken; acquires 44,000 net acres @$700/acre
  • 2 - 4 wells/year for the first three years 
  • According to its website, Cress Oil was formed on March 14, 2012, as a wholly-owned subsidiary of X-Change Corporation; 
Denbury = EOR
  • September 20, 2012: XOM to buy all DNR acreage in the Williston Basin Bakken (North Dakota and Montana); $1.6 billion deal; 196,000 Bakken acres; but DNR gets XOM acreage in Wyoming and Texas; see XOM below;
  • August, 2012, corporate presentation (dynamic link)
  • ~ 200,000 acres (August, 2012, corporate presentation); according to "anonymous," DNR has 66,000 acres in Ward County, too far east for the Bakken; whether they still have the acres or not is unknown; but off the books, and the rig there will not be kept (will let contract expire)
  • Back to 266,000 net acres (Enercom Conference, August 16, 2011); note -- previously planned to add 7th rig by January, 2012; now by end of 2011 (not much difference, but moved up) -- nope, now down to 4 rigs  (1Q12 conference call); back to six (6) rigs through 2012; see below, 4Q11 -- 4 rigs ("wrote off" 66,000 acres in the Almond prospect)
  • 266,000 net acres (April, 2011; IPAA conference presentation)
  • 275,000 net acres in the Bakken (January, 2011; agrees with corporate presentation)
  • Cherry Prospect: Siverston field, 
  • Fields, SW of the river: Camp, Cherry, Lone Butte, Bear Creek, Charlson, and Murphy Creek
  • Field: NE Foothills in Burke (+/- value)
  • Field: Almond in Ward County (76,000 acres; almost no proven value yet) Update: 4Q11 -- removed from inventory; no value; removed the one rig that was there
  • Analyst's number: 300,000 net acres (December 31, 2010)
  • 4 rigs (1Q12 conference call); 5 rigs (1H11); increase to 7 by January, 2012; 4Q11 -- Filloon says they will let contract on one expire; go to only 4 rigs
  • Production (from the Bakken): 9,976 (3Q11); 11,892 (4Q11); target: 14,750  in 2012; actual: 15,114 boe/d (1Q12)
  • Production (from the Bakken): 8,788 boed (2011); target: 8,400 
  • Definition of IP: consecutive 24-hour test in boe/d
Devon
Earthstone
  • Very, very small company; like NOG, a non-operating partner
  • Tends to partner with BEXP
Emerald Oil (VOG acquires Emerald Oil, announced July 11, 2012)

EOG
  • 580,000 net acres; November, 2012, NOG says 600,000 acres
  • BEXP presentation says EOG has 600,000 net acres (as does Filloon, June, 2011)
  • Bakken Core: Parshall oil field, for the most part; 100,000 net acres; 640-acre spacing
  • Bakken Lite: Bakken outside the Parshall oil field. e.g., northwest of Williston; 480,000 net acres; 320-acre spacing
  • Three Forks: 
  • February 1, 2011: company says they may be going down to 5 rigs; cut back to 2 frack crews; I don't think EOG fracks during the winter
ERF
  • 215,000 + net acres in the Bakken (ND, Montana, and Saskatchewan)
  • BEXP presentation says ERF has 230,000 net acres
  • Saskatchewan: Daly, Taylorton, Oungre, Neptune, Freda Lake
  • Montana: Sleeping Giant (mature asset; possibly EOR; west of Williston; small amount in ND)
  • North Dakota: Fort Berthold
Eternal Energy (EERG.OB)
  • Merging with American Eagle Energy (AMZG.OB) --> together, a $37 million company
  • Focused on Divide County (north of Williston; borders Canada)
  • Participates as working partner in 18 wells to date
  • Spyglass Project: 14,700 acres
  • First permits in North Dakota in October, 2011
G3 Operating
GEOI
GMX Resources
  • files for bankruptcy protection, April 1, 2013
  • for investors, a reverse stock split in January, 2013
  • 34,918 acres (June, 2012, corporate presentation)
  • 35,524 (Enercom Conference, August 16, 2011) (new acreage at $2,500/acre)
  • Previously: 26,087 net acres (North Dakota and Montana)
  • New acreage a bit more southwest of original acreage, Billings County 
  • Bakken avg: 1,390 boepd; McKenzie County avg: 1,660 boepd
  • Planning to sell some Niobrara acreage; all CAPEX directed to Bakken;
  • Spud-to-spud 35 days; spud-to-sales: 56 days
  • Entered the Bakken in early 2011; first rig scheduled for Sept 2011; second rig, Mar 2012
  • For investors, note: an $83 stock in 2008; now a $2 stock; a natural gas company trying to re-orient to liquid
  • This may be a more interesting company than I first gave credit; it was mostly a natural gas company; then said it was coming into the Bakken; to me it looked like GMXR was using the "Bakken" to attract venture capital; in fact GMXR has been very, very aggressive new permits, activity; I am pleasantly surprised.
Halcon
Helis, LLC
  • See QEP, below, August 23, 2012 entry. 
Hess
  • November, 2012, NOG says Hess has 800,000 acres
  • September Power Conference presentation: 900,000 acres; 16 rigs
  • Total ND Bakken acreage: > 750,000 net acres
  • BEXP presentation says Hess has 900,000 net acres 
  • 18 rigs (1Q11; after AEZ, TRZ acquisitions)
  • American Oil and Gas deal adds 85,000 acres (closed Dec 20, 2010)
  • TRZ acquisition: 167,000 acres
  • Total acreage: 500+85+167 = 752,000 net acres (2010)
  • East Nesson (EN)
  • Impact (IM)
  • Red Sky (RS)
  • Passport
  • Stampede
  • Avalanche (AV)
  • Goliath Prospect (GO) -- American Oil & Gas
  • Stony Creek
  • Buffalo Wallow (BW)
  • Little Knife
  • West Nesson
  • Nesson Anticline (Tioga, Beaver Lodge, Capa, Hawkeye, Antelope, Blue Buttes)
  • Newburg -- Bottineau County -- removed since last presentation
  • Fryburg -- west of Dickinson -- removed since last presentation
  • During 2011 Hess transitioned from 18-22 stage to 38 stage fracking. Results are incredible.
 Kodiak (KOG)
  • Update: 1Q13. 22K boed (11boed one year ago); crude oil, 88%. Beginning March, 2013, one full-time, 24-hr completion crew; will add a second crew in May, 2013; 7 operated rigs 9same); all in ND; continues with 12-well-test on a 1280-acre spacing unit in Polar/Smokey operating areas with two rigs operating in each area.
  • Update: July, 2012, corporate presentation: Production: 10,578 boepd (average -- 1Q12)
  • 155,000 net acreage in the Bakken after January, 2012, closing on North Plains Energy, LLC, assets 
  • 7 operated rigs 2Q12, 1-2 non-operated rigs; expect to hold all leases by production by mid-2013; two 24-hour frack spreads (still true as of January 10, 2012, press release)
  • Decline rates based on long lateral EURs of 650 - 850K bbls
  • Exit 2011: 9,000 (est 3Q11) (was 11,000 boepd -- estimate as of October, 2011)
  • Mid-2012: 24,000 (est Nov 11; after North Plains acquisition); exit 2012, 30,000 boepd
  • will add 2nd dedicated frack crew in 2012; one dedicated HAL fracking crew as of 1Q12
  • JV partner with 2 rigs; 50% WI
  • Total Bakken net acres: 93,500 net acres (ND: 85,000 ; MT: 4,500 acres)
  • November, 2011 announcement, acquisition: Divide County, McKenzie County, 50,000 acres
  • Prior to the June 30, 2011, acquisition: Total Bakken net acres: 70,000 net acres (Dunn County: 35K; McKenzie County: 35K)
  • Koala -- Mckenzie (Western Trend); 10,000 net acres; 7 wells/spacing unit
      • Koala Prospect: southeast of Williston, south of river, Williams Count (10,000 net acres); with current drilling program, all of Koala will BHP by 2012 end
  • Polar - Williams Country (North Flank Trend); 16,000 net acres; 7 wells/spacing unit
    • Polar Prospect: northern and southern Divide; just north of BEXP's Rough Rider;with current drilling program, all of Polar will BHP by 2013 end
  • Grizzly - McKenzie County (SW Bakken - TF Trend); 25,000 net acres; 7 wells/spacing unit
    • June 30, 2011 Acquisition -- East Grizzly Prospect: far southeast end of Elm Coulee on ND side (22,000 net acres); previously about 4,000 net acres in this area, the far southeast end of Elm Coulee on ND side
  • Dunn County (Eastern Trend), FBIR; 34,000 net acres; 7 wells/spacing unit
    • Dunn County Core area: northeast Dunn County, south of river (west of river), FBIR (34,000 net acres); 800 - 900K EURs; $10.5 million;
  • Smokey - McKenzie County, 16,000 net acres; 7 wells/spacing unit
  • Smokey Prospect: McKenzie County, old -- 11,742 net acres; between their acreage on the reservation and the newer Koala Prospect area and just to the west of the southern tip of the Nesson Anticline (16,000 net acres); with current drilling program, all of Smokey will BHP by 2012 end
  • Wildrose:  5 wells/spacing unit
  • Sheridan County, Montana: 4 wells/spacing unit
  • Jan 2012 Acq - Williams and McKenzie; 50,000 net acres
  • (Other Williston Basin: Montana, northwest of Williston, Sheridan County, 4,500 net acres)
  • Corporate presentation, December, 2011:  155,000 net acres
  • Analyst's number, December 31, 2010: 72,000 net acres
Liberty Resources LLC
LINN Energy
  • 4Q11: 17,000 acres
  • Entered the Bakken in February, 2011, acquiring CXO (Concho) Assets
  • 11,193 net acres, initially
  • 4Q11: 3,500 boepd
Magnum Hunter Resources (MHR) (Bakken Hunter is the subsidiary working the Bakken)
MDU Resources (Fidelity)
  • 124,000 net acres (MT and ND); acquired 27K acres in Richland County, MT; announced 1Q12; production record set: 3,500 bopd 
  • 5 rigs operating in the Bakken (2Q12); MDU has a total of 9 rigs (down from 10 in previous conference call); 5 is significant increase from 2 rigs 1Q12
  • 95,000 net acres -- CEO, 2011 earnings report
  • BEXP presentation says MDU has 66,000 net acres; about a month later, up to 90,000 net acres
  • June 25, 2011: MDU acquires 20,000 additional Bakken acres in Montana; MDU says they now have "90,000" net acres in the Williston Basin Bakken 
  • MDU: WBI
  • Of all the operators, the most disappointing; HQ in Bismarck, ND; seemed to have missed the Bakken right in their backyard; "discovered Cottonwood oil field; sold it to Oasis after some disappointing wells; Oasis became "overnight" success with this purchase; MDU re-entering the Bakken in 2011; doing better; MDU (utility) focused on natural gas; waited a bit too long to shift to oil
MRO (Marathon Oil)
  • November, 2012: NOG says 410,000 acres
  • Early 2012: 406,000 acres in the Bakken
  • 2011: 391,000 acres in the Bakken
  • 375,000 acres in the Bakken (SeekingAlpha, June 27, 2011) 
  • Operating 8 rigs; original plan -- up to 7 rigs in 2Q12 
  • 30-stage fractures
  • Odysseus: north, Divide County (no longer shows up on presentation)
  • Cassandra: east of Williston (no longer shows up on presentation)
  • Cazador: just north of the reservation in the Nesson anticline
  • Myrmidon: northwest corner of the reservation
  • Marfa: MRO's largest area; southwest of the reservation; borders the reservation, Dunn County -- Marfa DOES NOT show up on most recent presentation
  • Hector: eastern area of Marfa, just outside of the reservation, Dunn County
  • Ajax: continuation of Marfa, southwest of Marfa, Dunn County
  • Blacktail: very, very small area west of Ajax (no longer shows up in presentation)
  • Paris: west of Marfa, in Williams County, about same size as Ajax
  • Diomedes: northwest Williams and eastern Montana (Sheridan County) (new)
  • Menelaus: very small prospect in west central McKenzie (new)
  • Aeneas: northwest corner of McLean, east of river (new)
  • Helen: very small, scattered acres north of Hector (Helen)
  • Elk Creek: very small, scattered acres west of Helen (new)
  • Analyst's number: 365,000 net acres (December 31, 2010) 
  • 2016 average boepd, est: 38,000 (15% increase from previous 33,000 est)
  • 2012 average boepd, est: 27,500
  • 2011 average boepd: 24,000
  • 2010 average boepd: 10,000
Mountainview Energy
  • Corporate presentation;
  • May, 2012: acquires ~ 13,000 acres in Divide County; total ~ 36,000 net acres
  • 11,000 net acres in Williston Basin; strategic goal -- to acquire 30,000 net acres in the Williston Basin
  • Divide, Williams Counties (ND) and Sheridan (MT) -- far north
Newfield (NFX)
  • 4Q12/2012: 10,500 boepd;
  • July presentation: yes, NFX is down to 100K net acres in the Bakken; 2 - 4 rig program; 
  • 4Q11: CEO mentions only 60,000 net acres in core Bakken (Nesson anticline) and 40,000 acres in Elm Coulee -- so is NFX down to about 100,000 acres in the Bakken?
  • 4Q11: sold 23K acres to CLR; Filloon says this was their Catwalk Prospect they sold
  • October, 2011 presentation: ~ 140,000 net acres -- did NFX sell some Bakken acreage?
  • Older presentations: 271,000 net acres in Williston Basin (ND and MT) 
  • BEXP presentation says NFX has 174,000 net acres (significant decrease from earlier number) 
  • Filloon: 174,000 net acres, July, 2011
  • According to SeekingAlpha, May 3, 2011: 174,000 net acres (significant decrease)
  • (Elm Coulee: Montana, southwest of Williston), 55k net acres
  • Big Valley: north of Williston; Divide/Williams County border, 48k net acres
  • Catwalk: east of Williston; middle of Williams County, 29k net acres; sold to CLR in 2011?
  • Westberg Prospect Area: Nesson Anticline, McKenzie Cty on Mountrail border, 10k net acres
  • Lost Bear: Northwest Dunn County. 7k net acres
  • Aquarium/Watford: McKenzie County, near Watford City, 22k net acres
  • July, 2012: 8,500 boepd; 2012 production expected to increase by 35%;
  • Filloon: Newfield has some of the best IPs in the Bakken
North Plains Energy, LLC
  • KOG to buyout North Plains Energy, LLC; 50,000 net acres; 30,000 of those acres contiguous with KOG's core Bakken; 20,000 net acres in the exciting Divide County area at the border with Williams County
  • Denver-based
  • 40,000 net acres (2010; corporate webpage)
  • 2 rigs
NOG
  • March, 2013 update: 12th largest leaseholder in the Bakken; 180,000 net acres; 106 net wells; curently drilling 157 gross (12 net) wells); proved reserves, 68 million boe; still says has potential to acquire 3,000 to 5,000+ acres/quarter; I don't see much change since last presentation.
  • 4Q12 update: 10,000 boepd; 106 net wells; 
  • November, 2012, corporate presentation: 184,000 net acres;
  • 2Q12: 180,000 net acres; average cost: $2,184/acre for most recent 7,060 net acres in key prospect area; 16 net wells in 2Q12;
  • June corporate presentation: 177K acres; average cost: $1,832; $15 - $20 million/quarter in 2012 for acreage acquisition
  • 1Q12 results: 173,000 net acres; average cost: $1,672/acre; acquired 10,278 net acres in 1Q12;
  • Dec 15, 2011, corp update -- 4Q11: acquired 7,600 acres; $19 million ($2,500/acre); exit 2011 w/ 160,000 net WB acres
  • Exit 2011 with 37 net wells; spud 40 wells in 2011; avg 7,000 boepd
  • Exit 2011: 10,000 boepd (compare with OAS and KOG)
  • CAPEX for 2012: $325 million; spud 44 wells; avg cost of Bakken well -- $7.4 million
  • BEXP presentation (link now broken) says NOG has 148,904 net acres; early 2011
  • 147,407 net acres in North Dakota Bakken and Three Forks (according to 2010 annual, released Mar 2, 2011)
  • Analyst's figure: 130,000 net acres (December 31, 2010)
  • Avg daily production (bbls): 140 (2008); 800 (2009); 2,500 (2010); 5,000 (2011);
  • NOG CONFERENCE NOTES, 2012:
As a non-operator NOG takes advantage of the discount in prices for small parcels of non-op acreage compared to operated acreage.  Moreover, without the drilling infrastructure NOG maintains more flexibility should oil prices fall out of bed.
Acreage is acquired in the path of development, giving great time value metrics.
NOG will issue an updated reserve report with Q2 results.  With 40% of net wells having come online in 2012, expect NPV-10 to balloon.
NOG participates in ~25% of North Dakota Bakken wells, with average interests of almost 10%.
Hedged:  75% for balance of 2012 with a floors near $91;  hedged 50% for 2013 with floors near $90.
Drilled more net wells in Q1 2012 than OAS or KOG.
When the oil price is down, acreage acquisition dynamics moves into their favor.
Oasis
  • 1Q13: formed Oasis Midstream Services (SWD and other activities; cost savings of $0.3 million/well); says well costs are down to $8.4 million excluding OMS savings;
  • 2012 Summary: avg daily production (doubled previous year) to 22,469 boepd; 93 net wells; net proved boe at 143 million bbls (82% increase over 2012); 335,383 net acres; 264,595 HBP; launched Oasis Well Services (internal frack provider); decrease well cost from $105. million to $8.8 million; goal for 2013 -- 30,000 to 34,000 boepd
  • January, 2013: Director, NDIC, says Burke County is edge of the Bakken; said major operator in Burke likely to pull out (in Burke County: OXY USA, Oasis, CLR, Cornerstone) 
  • November, 2012: NOG says 333,000
  • 320,000 September corporate presentation
  • 320,000 (2Q12 earnings call)
  • 307,430 (June 2012 presentation)
  • 303,231 (3Q11) (ND and Montana Bakken acreage)
  • (10,000 acres acquired in late 2010, Elm Coulee, Richland County, Montana)
  • Analyst's figure: 292,000 net acres (December 31, 2010)
  • 10 rigs [prev 9 rigs];  prev plan 12 in 2012 (3 contracted); 3 frack crews; 11 yrs of drilling if 120 wells/yr; now plan to exit 2012 with 10 rigs
  • Oasis Well Services, fracking company, 1H12; save $1 million on 20 net wells;
  • Drilling days: 29 days, avg, 2010; 26 days, avg 2011; Feb, 2012: 23 days; fastest: 18 days
  • West Williston: 208,000 net acres [previously - 201,265] [prev191,716 net acres (up slightly from 191,552, last report)]
  • East Nesson: 108,000 net acres [previously 97,956 net acres] [prev 102,786] net acres
  • Sanish: 8,000 [ previously 8,409] [prev 8,729] net acres
  • Prospects: Red Bank (north of Williston), Indian Hills (south of Williston, other side of river, deepest of the formation, Heart of the Bakken), Mondak (southwest of Williston, mostly McKenzie County; Hebron (Montana, directly west of Williston, Richland County, Montana); Target (Montana, northwest of Williston, west of the Red Bank prospect); St Croix (north of Cottonwood); North Cottonwood; South Cottonwood (north of Parshall); Missouri (Montana, west of Hebron);
  • Three Forks:  South Cottonwood, Indian Hills, Sanish
  • Has its own fracking company 
  • 36 stage frack: $10 million for sand/ceramic mix; $9.2 million for allsand
  • 4Q12 (est): 22,000 boepd (Feb 3, 2012 presentation)
  • 4Q11: 15,182 boepd (December: 16,200 boepd)
  • 3Q11: 14,300 boepd 
  • 4Q10: 5,206 boepd
  • Proved reserves increase 98%, 4Q11 vs 4Q10
  • See MDU above
Open Range Energy, Inc
  • 7,700 acres, June 27, 2011
  • 70% operated interest in 11,000 acre; Burke County; Bakken and Three Forks
  • First two permits issue June 27, 2011
OXY
Oxy Little Knife LLC
  • first seen/blogged about January 6, 2012
  • entered the Bakken by acquiring five very old Madison wells in the Little Knife oil field from Citation
  • as of January 6, 2012, these were the only Oxy Little Knife wells
  • my hunch: a wholly-owned subsidiary of Oxy USA
  • January 5, 2012: a reader sent in a comment that said Oxy USA owns (not rents) facilities in only three cities: Houston, Los Angeles, and Dickinson
Petro Harvester
Petro-Hunt
QEP
Renegade Petroleum Limited
Resolute Energy
  • BEXP presentation says Resolute has 33,415 net acres
  • New Home: 23,528
  • Paris:  8,425
  • Shep: 1,423
Samson Oil & Gas
Samson Resources
Sequel Energy, LLC
Serka Services, a subsidiary of Adali
  • < 400 acres, mostly in McKenzie County, small holding in Billings County
  • entered the Bakken in July, 2012
  • based out of Istanbul, Turkey; a construction company
Slawson
  • November, 2012, NOG says Slawson: >100,000 acres 
SM (previously St Mary Land and Exploration)
  • Filloon says SM has 202,000 net acres (4Q11)
  • 2 rigs; a third sometime late 2011 
  • 4Q11: 8,200 boepd
  • 3Q11: 5,300 boepd
  • Was a natural gas company; moving to oil; still (4Q11) 56% natural gas
SSN (Samson, out of Australia; not Samson Resources)
  • 3,033 acres in Stockyard Creek, North Dakota Bakken (website, not updated)
  • Up to 90,000 more acres in Williston Basin Bakken, Roosevelt County, Montana
Statoil (previously BEXP)
  • Statoil update, April, 2013: 378,000 acres (258,000 in ND; rest in Montana); fewer than 150 wells to be drilled in 2013; rig count to average 12, one less than 2012; norm: 7-well pads: 4 MB, 3TF; shipping almost exclusively by rail; mostly to east coast; looking at shipping to Vancouver; rail for 3 - 4 more years; lower benches of the TF? won't research; will follow what others are doing in the Bakken, then drill; study group in Williston/Austin looking how to use natural gas driving artificial lifts;
  • 2012: 47,000 boe; 150 wells drilled in 2012;
  • December 9, 2011: noted that ticker symbol BEXP no longer existed; 21,000 boe;
  • December 8, 2011: Statoil's offer to buy tendered BEXP shares has closed this date
  • October 17, 2011: sale to Statoil announced; effective, 2012
  • August 9, 2011, corporate presentation: 375,800 net acres; (still available, April, 2013)
  • 1Q11 conference call: 371,200 net acres; 6,900 additional acres since last update 
  • Last update: net present value (NPV)/well ~ $9.5 million 
  • 2Q12: rigs, 10 ---> 16 since acquiring BEXP
  • Accelerating to 12 rigs by March, 2012; two dedicated frac teams now
  • (Eastern Montana: Rough Rider and Sedlacek)
  • Rough Rider, 155,100 net acres: Williston area, both north and south of the river; Williams and McKenzie
  • Sedlacek, 9,900 net acres: eastern Montana
  • Parshall/Ross: Mountrail County; most prolific area to date in ND Bakken; 35,900 net acres in the Bakken; 35,000 net acres in the Three Forks (same surface, no doubt)
  • Parshall/Austin/Sanish: 5,300 net acres in the Bakken; 2,700 net acres in TF (same surface, no doubt)
  • Mercer (North Dakota): 30,000 net acres Bakken; 30,000 net acres TF (same surface, no doubt)
  • Other extensional areas: 24,700 net acres
Surge Energy (SGY)
TAQA North
TPLM (Triangle Petroleum)
  • March, 2013, corporate presentation; no significant change, but slide 17 is confusing on production numbers.
  • 1Q13, Enercom Conf: McKenzie County, core - 22,000 net acres, 2 rigs; Williams County, core/other -- 14,000 net acres; Montana/Station Prospect -- 50,000 net acres; Rockpile will add a 2nd frack spread; sand storage/rail off-loading/maintenance facility able to support 3 - 4 frack spreads; expanding into cased hole wireline services, operational by 2Q14; Caliber Midstream (crude oil, natural gas, produced water, freshwater)
  • 85,600 net acres, 2Q12 -- announced Sept 6, 2012 -- in that announcement, TPLM said they acquired or "converted" approximately 3,500 net acres (I do not know what they mean by "converted")
  • 83,500 concentrated net acres, January, 2012, corporate presentation; 54,500 in MT; 29K in ND
  • ND prospect: north and south of Williston in Williams County and McKenzie County
  • Doubles net acreage: 72,000 net acres
  • Original post: 13,000 net acres
  • One frack spread: RockPile, LLC, majority-owned (83%) subsidiary; January, 2012, corporate presentation
  • Forms venture pipeline company with First Reserve, announced October 1, 2012; 
  • 8 wells/spacing unit; multi-well pads; zipper fracs
  • Goal: exit 2012 at 3,200 boepd
  • As of 1/23/12: 42 applications for permit to drill
Unit Corporation (UNT)
  •  13,400 net acres (Feb 2012)
  • 12,750 net acres(2011)
  • Exits 2011 at 831 bbls/day; participated in 17 wells, avg wi of 11%; total net cost $18 million
URSA
USEG
VOG -- > Emerald Oil
Whiting (WLL) -- last updated with July, 2012, corporate presentation
  • 4Q12 transcript; 66,156 bopd (true bbls, not boe) from the Bakken; CEO says 700,000+ acres;
  • November, 2012: NOG says 714,567 acres; proved reserves: 379 million boe; #1 oil producer in the Bakken; CLR is a close second (some lists may show CLR #1)
  • 701,751 net acres (Bakken: ND and MT) 1Q12; based on additional 13,300 net acres acquired in March, 2012 (Missouri Breaks); additional 20,000 since end of 2011; average cost of all Bakken acres: $503/acre. 
  • 681,504 net acres, source, CEO, February, 2012, presentation
  • 680,137 net acres, source: CEO, October, 2011, presentation
  • 678,248 Bakken acreage (SeekingAlpha, June 27, 2011) 
  • 2Q12: goal - 160 net wells in core areas; added 4,000 net acres to Missouri Breaks;  each WLL rig now drills 12 wells/year (vs 10); pad vs stand-alone cost savings, $500K; ratio of 1.5 workover rigs to drilling rigs, looking to acquire 6 more workover rigs;
  • Previous update: Net Bakken acreage (Montana + North Dakota): 580,000 net acres
  • According to SeekingAlpha, May 3, 2011: 603,702 net acres
  • Total acquisition cost: $141 million or $243/acre
  • 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
  • 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];
  • 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 in 2013;
  • 15 rigs in North Dakota; 1 rig only in Big Island; will increase to 24 rigs in the Bakken (ND/MT) -- 1Q12 earnings press release;
  • $3 million-Red River non-fracked wells
  • 716 de-risked locations; 10-year inventory; 
  • Well cost: $7 million in the Pronghorn; $6 million in the Sanish; costs increasing;
  • Will join CLR and BR in testing the 2nd bench of the lower Three Forks; Missouri Breaks was purchased based on potential of this 2nd bench;
  • Production: 64K boepd
WPX: Williams (WPX) (Dakota-3) --> WMB (January 3, 2012)
  • WMB remains the pipeline company; WPX is the E&P company in the Bakken
  • Eric Fox, Investopedia says WMB has 85800 net acres
  • Same source says: 6,400 boepd from the Bakken, January, 2012 
  • 5 rigs; plans to add a 6th in 2012;
  • Bought 7 percent of Fort Berthold Indian Reservation; that's how it entered the Bakken, back in 2010 (if I recall correctly)
  • Natural gas heavy; 4Q11 -- 83% gas; 17% oil
Williston Exploration, LLC
  • November 25, 2012: 10,000 acres ("3,000 acres prior to our purchase of Upton Resources assets [7,000 acres ] for a total of 10,000 acres" -- company e-mail)
  • Private; targeting the Tyler in Billings County
XOM (XTO)
  • November, 2012: NOG says 600,000 acres
  • September 20, 2012: XOM to buy all DNR acreage in the Williston Basin Bakken (North Dakota and Montana); $1.6 billion deal; 196,000 Bakken acres; but DNR gets XOM acreage in Wyoming and Texas; see XOM below; --> 606,000 net acres?
  • Net Bakken acreage (Montana + North Dakota): 410,000 net acres
  • Much of it inside the reservation; closely aligned geographically with KOG
USGA Assessment Units

USGS Assessment Units: The five assessment units (AU) of the Bakken as denoted by the USGS, amount of estimated recoverable oil, and percent (in terms of acreage) in Montana/North Dakota:
  • Northwest Expulsion Threshold AU, 868 million barrels, 80/20 (MT/ND)
  • Eastern Expulsion Threshold AU, 973 million barrels, 100 (ND)
  • Nesson-Little Knife Structural AU, 909 million barrels, 100 (ND)
  • Elm Coulee-Billings Nose AU, 410 million barrels, 55/45 (MT/ND)
  • Central Basin-Poplar Dome AU, 485, 45/55 (MT/ND)
Note: most information, including net acreage, comes from corporate presentations. Occasionally I receive information from analysts who might have more up-to-date information than I  have; in those cases I note it with "Analyst's number" along with the corporate presentation information.   


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Archived data (this page changed December 18, 2012).

Explanation for this archived data below links, at bottom of the page.

Yahoo!Finance Messages:
  • DFWTRACKER
  • DKWILK
  • LAKESIDEINVESTOR: Yahoo!Finance Messages (my messages are sometimes cynical, sarcastic, downright mean, but I'm trying to do better, and I'm persona non grata on some boards)
Bakken Shale Discussion Group (unfortunately a lot of contributors to the group have been scared off):
Bakken Blogs:
I don't know if this is going to work or not, but there are a few folks who consistently post good information on various discussion groups. Some folks have asked that I link those folks to my blog. I'm going to see if this works.
In 1851, Western Union was founded with the purpose of finding the most efficient way of transmitting information. So, with that "connection," I will label this page "Western Union" (and if they object, I will change it to Bakken Union) to aggregate and link those folks as noted above. Alternate name, if it comes to that: "Pony Express."
I will rely on others to point out those folks whom they think I should add.

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Renewable energy: the vision and a dose of reality.
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