Saturday, October 5, 2019

Why I Love The Bakken -- "The Bakken Magic" -- October 5, 2019

I don't know when I last checked this well and I don't know when I wrote this comment about this well but it was probably in 2017:
  • 17100 -- CLR, IA; still active; off-line; a lousy well so far;
So, I was curious. How is this well doing now?

Two years ago -- production from 12/16 to 6/17 -- fourth column over is barrels of oil produced in that given month - in this example, this well produced a measly 171 bbls over 22 days in 6/17, or a measly 8 bbls/day:

BAKKEN6-2017221712403388880
BAKKEN5-201731296239371221166
BAKKEN4-2017302672315713712215
BAKKEN3-2017312992294818116813
BAKKEN2-2017282824605318317211
BAKKEN1-2017313272243021519619
BAKKEN12-2016293014457225620947

Pretty grim, huh?

Well, it became even more grim:

BAKKEN4-201856946945436137901379
BAKKEN3-20180000000
BAKKEN2-20180000000
BAKKEN1-20180000000
BAKKEN12-20170000000
BAKKEN11-20170000000
BAKKEN10-20170000000
BAKKEN9-20170000000
BAKKEN8-20170000000
BAKKEN7-20170000000

But then, "the Bakken magic" (in May, 2018, 26,682 bbls over 17 days extrapolates to 47,000 bbls over 30 days):

BAKKEN4-201930113821170713664247722432563
BAKKEN3-20193113634136271492331262308590
BAKKEN2-20192815169151951489631608312440
BAKKEN1-2019311901418470173592532624534404
BAKKEN12-2018312140822114191453098529649939
BAKKEN11-2018261994719791184772916528029799
BAKKEN10-20182316490162151565521907191752445
BAKKEN9-20183025164252122623631413278813140
BAKKEN8-2018313599735753453744292442309210
BAKKEN7-20183141189414275749245918433442169
BAKKEN6-20183052661527136344257604528864326
BAKKEN5-20181726682264103645028245211007145

This was the best this well did when it was originally completed:

BAKKEN10-20083040063566101936453046599
BAKKEN9-2008252005229118717261545181
BAKKEN8-2008313844364352734843319165
BAKKEN7-20083139694095104330202952725
BAKKEN6-200830591456482002390303903
BAKKEN5-20083116002305000

Pretty lousy. And it remained a lousy well for ten years. But apparently CLR just had too many other things to do and never got around to doing something about this lousy well ... until now.

And there you have it.

In May, 2008, drilled and a lousy well.

In May, 2018, ten years later, to the month, a huge well, and a "50K+ well in June, 2018. I wonder if Hubbert had any 10-year-old wells that jumped from 400 bbls/month to 50,000 bbls/month (let's see, 50,000 / 400 = 125x jump in production).

People talk all about the "dreaded decline rate" in the Bakken. I have yet to hear much about these second time 'round wells, which are about as inexpensive as one can imagine. At worse, they have a break even cost of about $6/bbl; at best ... well, what do you get when you divide a number into zero?

The well:
  • 17100, 240, CLR, Mountain Gap 31-10H, Rattlesnake Point, t6/08; cum 429K 8/19.
If you've read this far, the Mountain Gap wells in Rattlesnake Point are tracked here. To the best of my knowledge, this is the first time I've highlighted this particular well. But look at that IP -- 240 -- who would have ever thought this would be a 50K+ well?

For more on "the Bakken magic," see this post.

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A Kind Of Magic

Magic, Queen

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