QEP Reports Five Nice Wells In Heart Butte, The Bakken; OXY USA With Three New Permits

Active rigs: 184

Fifteen (15) new permits (sixteen were listed, but the very first one was a repeat) --

• Operators: American Eagle (5), Petro-Hunt (4), OXY USA (3), Triangle (3)
• Fields: Clear Creek (McKenzie), Colgan (Divide), Murphy Creek (Dunn), Manning (Dunn), Charlson (McKenzie), Elk (McKenzie)
• Comments:

Wells coming off the confidential list were reported earlier; see sidebar at the right.

Five (5) producing wells were completed. This was a 2560-acre drilling unit because the minerals are under the river. In addition to this five-well pad, there is another 5-well pad just a few feet to the north (#23331 - #23335): 

• 23336, 1,386, QEP, MHA 4-03-35H-150-92, Heart Butte, 4 sections, t12/13; cum --
• 23337, 873, QEP, MHA 1-03-02H-149-92, Heart Butte, 4 sections, t12/13; cum --
• 23338, 1,831, QEP, MHA 3-03-02H-149-92, Heart Butte, 4 sections, t12/13 (error on the ticket stub); cum --
• 23339, 2,217, QEP, MHA 2-03-02H-149-92, Heart Butte, 4 sections, t12/13; cum --
• 23340, 2,306, QEP, MHA 4-03-02H-149-92, Heart Butte, 4 sections, t12/13; cum -- 

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How To Be Rich

J Paul Getty

1961, 1965

From p. 29:

Oil is a funny thing. It is likely to turn up in the most unlikely places. There are many areas in the United States where an enterprising wildcatter is quite likely to find oil -- and to strike it rich. Admittedly, most structures in recognized oil belts have been located and are being exploited. On the other hand, there are many localities which have received little or no serious attention from oil prospectors.

At the time I started wildcatting, "everyone" said there was no oil in the Oklahoma Red Beds. bythe same token, 30 to 40 years ago, oil operators got it into their heads that there was no oil in Oregon, Washington, Idaho, Iowa, or Utah -- to name only some states -- and passed them up. This theory without much fact to support it is proven by the fact that only a few years back, oil prospectors finally began drilling test wells in Utah -- and discovered oil.

Getty first struck oil in Oklahoma, in 1916, as a wildcatter.

There are official estimates of 3 trillion bbls of original oil in place (OOIP) in the Uinta formation (Utah).

On another note, I like the title: "how to be rich," not "how to become rich." I define "being rich" differently that Mr Getty, I suppose, but in terms of dollars, Getty's observations are excellent.