Bakken Operators

Original Page, posted October 23, 2010, can be found here
Snapshot, Page 1 can be found here
Operating companies in the Bakken Shale
Top 50 producers, December, 2013 
Surge of new operators, late 2015; through 2016; many of these new operators I have placed in bold red below

Metrics

Net Acreage, Prospects, and Rigs in the Bakken, by Producer

PAGE 2: 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As of 3Q12: no longer current; too much data to track; will update selectively and periodically; consider all information out of date.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
  • Filloon on AXAS, May 8, 2017; 
  • November 6, 2013: sells 2,563 non-producing Bakken acres in its Fairview Prospect, Montana (Richland County) for $10.9 million ($4,250/acre)
  • August, 2013: sees 4,600 - 4,800 boepd December, 2013, exit rate;
  • sells 13,500 net acres; non-operated assets; to NRP; $35.5 million -- June 17, 2013
  • 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?)
American Eagle
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
Black Stone Minerals, LP
Blue Mountain (formerly Magnum Hunter)
Bakken assets (mostly Divide County) sold to Resource Energy Can-Am LLC, April, 2017
full exit from the Bakken, April, 2017
emerged from bankruptcy protection in May, 2016 

BTA Oil Producers
Breitling
  • Considering IPO; controls ~ 200,000 acres in Bakken/Three Forks; drills as non-operating partner with Devon, Oasis, July 3, 2013
  • Enters the Bakken, December 28, 2011
  • Acquires nonoperated acreage in Sand Creek field, McKenzie County
  • The operator will be Denbury Resources
Brigham (BEXP) -->Statoil (STO) below

Brigham Resources, LLC
Bruin E&P Partners 
Cobra Oil and Gas
  • acquires about 42 Madison wells from Whiting; reported January 27, 2016;
  • from a December 9, 2015, NDIC briefing
  • Wichita Falls, TX 
Continental Resources (CLR)
 COP (in the Bakken: wholly-owned subsidiary, Burlington Resources)
  • 1Q14: 620,000 net acres; 1,800 identified drilling locations based on 10-rig program
  • 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)
Corinthian Exploration
  • Corinthian transfers about 83 wells to Legacy, May 3, 2016
  • sold 92 wells; noted December 29, 2015 
  • there are Corinthian wells in North Dakota/Spearfish, but it's all owned by Legacy, if I understand this correctly
  • Legacy bought all of Corinthian's acreage in North Dakota, June, 2014
  • Corinthian, earlier, was bought by Surge Energy in 2010/2011-time frame (or later); Corinthian "reorganized" as a private company (not publicly traded); Surge Energy may have bought 40% of the "new" private Corinthian
Cornerstone Natural Resources, LLC
  • see Trendwell Energy below
  • 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
  • Acquires Legacy Oil + Gas, May 2015
  • 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; 
Crestview Partners: see this link (posted June 8, 2016)

Cynosure Energy

Dakota-3, LLC; and, Dakota-3 E&P, LLC: see WPX Williston Energy, LLC, below, this page

Denbury = EOR
  • July 20, 2016: Denbury sells the remaining non-core Bakken assets for $58 million; buyer not identified; amount of acreage not identified;
  • October 2, 2013: corporate update; their production in North Dakota is their biggest 
  • 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
DW Slate
  • first mention here
  • not an operator; located in NYC; spun off from a European hedge fund
  • owns mineral rights in ND
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)

Enduro Operating LLC
  • Enduro Operating LLC of San Antonio, TX sold four wells to Resource Energy Can-Am LLC; December 9, 2015, NDIC briefing;
EOG
  • 1Q17: sets company record -- 315,700 bopd -- about what Libya does when that country gets its act together
  • 1Q16: EOG presentation: 120,000 acres core; 110,000 acres non-core;
  • 3Q15, EOG presentation: 120,000 acres core; 110,000 acres non-core;
  • 1Q14: down to 90,000 acres of Core Bakken; Antelope Extension: 20,000 acres; Core well -- 92% oil, 2% gas, 6% NGL; Antelope well -- 78% oil, 11% gas, 11% NGL
  • 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 (Enerplus)
  • December 13, 2016, press release: to sell 5,800 net acres; $292 million; 8% non-operated interest; now with 65,500 net acres in North Dakota; averages 23,700 boe (90% liquids) in 3Q16 in North Dakota
  • July 3, 2015: a reader writes -- ERF also added  a 2nd drilling rig today. They have never had more than 2 rigs running. 
  • 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
Fidelity (see MDU below) 

Foundation Energy Management, LLC
G3 Operating
GEOI
GMX Resources
  • update/conclusion of bankruptcy plan, Feb 3, 2014; now Thunderbird 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 (HRC is its wholly owned operating subsidiary)
  • May 19, 2016: announces pre-packaged bankruptcy; business should go on as planned; shares prices drop almost 70%; from about $1/share to about $0.30/share.
  • 1Q16 presentation; 120,000 net acres; 40,000 boepd at high end, 2016;  
  • 3/14: sold non-core assets in Bottineau/Renville counties; no press release; went from 142K to 131K net acres;
  • 2/14, earnings: 131,000 net acres (Bakken); 42,055 boepd average production; same productivity with fewer rigs; will drop from 4 to 3 rigs; 171 middle Bakken wells producing or being drilled; 49 TF1 wells producing; 2 TF2 wells producing; avg cost/well, $11.5 million; total operating cost, $24.45/boe; downspacing, 660 to 880 feet between wells; Fort Berthold, 801K curves; Williams County, 477K curves;
  • 1/14, conference: 142,000 net acres (Bakken); 803K EURs in Fort Berthold; 477K EURs in Williams County; will concentrate on Fort Berthold this year; Williams later
  • 4Q13: 40K boepd; full year average: 33K boepd; cost: $27.69/boe; substantial increase in mineral acreage in the Tuscaloosa Marine Shale; Richard Zeits on Halcon;
  • July 15, 2013: 150,000 net Bakken acres; added 18,569 net acres from a non-operated working interest partner on its operated acreage in the New Home II area in Williams County, North Dakota for approximately $76 million.
  • July 14, 2013: Halcon transfers all active assets to HRC Operating.
  • June, 2013: 130,000 net acres in the Bakken; plans 6 - 8 rigs in 2013; about 13,000 boepd; focused on Fort Berthold wells
  • October 22, 2012: HK announces it will buy 81,000 net acres in North Dakota from Petro-Hunt, LLC; $1.45 billion cash-and-stock deal; $700 million cash; $750 million in stock; five operated rigs on acquired property
  • Acquires GEOI, 2Q12; transcriptrecently discovered new NGL-rich field; earnings and operations update for 2Q12 here;
Helis, LLC
  • See QEP, below, August 23, 2012 entry. 
Hess
  • Bakken's rig count could increase by 6 rigs with Hess' 2017 drilling plans; Hess production in the Bakken could surge in CY17
  • highlights of 3Q16 earnings call;
  • November 10, 2015: recent well completions suggest Hess is using RockPile Energy Services, a subsidiary of Triangle Petroleum to complete their wells
  • 3Q14; 59 new wells; 86,000 boepd
  • 1Q14: May, 2014, investors' conference; 640,000 net Bakken acres; 17-rig program; CAPEX $2.2 billion; 2014 production forecast, 85,000 boepd; 125,000 boepd; 150,000 boepd; > 3,000 total operated drilling locations; 2013 30-day IPs, 750 - 900 boepd; 2013 EURs, 550K  - 600K boe; estimated recoverable resource: 1.2 billion boe
  • 4Q13: January 29, 2014, corporate earnings: 645,000 acres in the Bakken: to ramp up in the Bakken. CAPEX will stay flat at $2.2 billion in 2014 (same as 2013) but will drill 225 operated wells vs 168; 17 rigs (2014) vs 14 rigs (2013). Will focus on unconventional shale. 4Q13: average well cost, $8 million vs $11 million (2012); forecasts 80K to 90K boepd in 2014; 9 wells for typical 1280-acre unit; will test tighter well spacing; Tioga Plant expansion to be complete 1Q14; forecast 150K boepd (2018) -- represents an increase from guidance of 120,000 boepd (2016).
  • Hess Bakken Investments II, LLC: the Hess operator for Rocky Mountain assets in North Dakota, Wyoming, and Colorado; founded in 2009; Tracker Energy (TRZ) formally changed to Hess Bakken Investments II, LLC, in 2013;
  • November, 2012, NOG says Hess has 800,000 acres
  • September (2012) 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.
HRC (see Halcon above)

Kaiser-Francis
Kodiak (KOG)
  • 4Q14: KOG deal with Whiting closes. Whiting owns KOG. KOG ticker symbol no longer for Kodiak Oil and Gas. 
  • 2Q14: 38,271 boepd; sale of KOG to Whiting, pending; four rigs, but should be back to 7-rig program by end of 2014; transcript;
  • 1Q14: average: 34,000 boepd;
  • 4Q13 average: 36,100 boepd (18,200 boepd 4Q12); 183,000 net acres (173,000 in ND); sold 19,500 producing acres for $68 million (mostly in SW McKenzie County)
  • October 2, 2013, transcript: 195,000 acres; all in North Dakota; 7 rigs; guidance - 30K to 34K bopd production by end of the year
  • June 3, 2013: Buys Liberty Resources: 42,000 net acres; 6K boepd production; 1 rig; $660 million cash; 196,000 net acres after acquisition
  • 1Q13: 21.7K boed (11K boed 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

Kraken Operating, LLC
Latium Enterprises, UK
Legacy
Liberty Resources LLC
Liberty Resources II LLC (1200 17th Street, Suite 2200, Denver, CO (same address as Liberty Resources Management Company)
  • Liberty Resources II LLC has one file permit in North Dakota; all the rest are under Liberty Resources Management (see below)
  • January 30, 2014: re-enters the Bakken; 53,000 acres, $455 million; see Liberty Resources LLC above
  • Liberty Resources II LLC is a Denver-based oil and gas company founded in 2013 and led by Chairman and CEO, Chris Wright, President, Mark Pearson and CFO, Paul Vitek.  Liberty was funded through equity investments from funds managed by energy private equity firm, Riverstone Holdings LLC ("Riverstone"), including Riverstone Global Energy and Power Fund V and Riverstone Energy Limited. 
    About Riverstone Holdings LLC
    Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed approximately $26.1 billion to 108 investments in North America, Latin America, Europe, Africa, and Asia.
Liberty Resources Management Company, LLC (same company as Liberty Resources II LLC)

Lime Rock Resources (website)

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)
  • will close on sale of Fidelity by end of 2015; sold 162 wells to five different companies;
  • November, 2014: in its 3Q14 earnings statement, MDU said it was "marketing" Fidelity
  • July, 2014: to sell 4,363 acres in Mountrail County for $200 million
  • 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)
  • September, 2014: announces higher density pilots in Myrmidon, Hector, and Ajax prospects;
  • Company presentation, December 2013:  370,000 net acres; 1,300 net wells inventory; cost target, $7 - $7.8 million; testing 320-acre spacing (4MB, 4TF1/1280); 6 TF2 wells in forward planning; added a second frack spread; will increase rig count by 20% each in Bakken and Eagle Ford
  • 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 Cunty
  • 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
Missouri River Resources, LLC: website
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
Murex
  • 46th largest privately held oil and gas company
  • 23rd largest operator in North Dakota
  • 37th largest operator in the Rocky Mountain Region
  • 84,000 net mineral acres in the central corridor from North Dakota to Texas
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
Nine Point Energy
Noah Energy
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
North Range Resources, LLC
NOG
  • 1Q17: 13,299 boepd; EURs tracking 1 million boe; 30-day IPs now (2016) average 1,485 boepd; net income for 1Q17 was $16.9 million; adjusted net income was a loss of $0.1 million; adjusted EBITDA for the quarter was $29.6 million
  • 1Q14: 13,287 boepd (20% increase q/q); 185,000 net acres (company's press release);
  • 2013 average: 12,261 boepd; 187,000 acres.
  • 3Q13 press release: 13,000 boepd;
  • 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.
NP Resources, LLC
NRP (National Resource Partners)
Oasis
  • announces interest in spinning off an MLP, May 19, 2017
  • Daily activity report: 156 SM Energy wells transferred to Oasis
  • Record two-month production for Oasis? February 2, 2017.
  • January, 2017: Motley Fool update; very, very bullish; SM Energy deal a big, big deal
  • November, 2016: with SM Energy deal closing December 1, 2016, Oasis should have 540,000 net acres
  • Oasis - SM Energy deal, October, 2016: SM Energy sells 55,000 non-Divide County acres to Oasis; $785 million deal
  • final estimates for full year 2016: 485,000 net acres; 45,000 to 49,000 boepd estimated; budget about $400 million; drilling and completion budget, about $200 million; 83 DUCs
  • 1Q16: 485,000 net acres; 2 rigs; core Bakken, EUR slightly more than 1 million boe; TFS1: about 810,000 boe;
  • 2Q14 earnings: 43,668 boepd, a 45% increase y/y; started operating a second frack fleet (Oasis Wells Services); LOE ballooned from $6.65 (one year ago) to $10.21/boe (due to delayed workovers on wells affected by severe winter;
  • 1Q14 earnings; sold some non-core assets; acreage should change; sold Sanish non-core for $183.4 million; August presentation: 505,960 acres; 16 rigs (includes 2 in Montana); 44K boepd; 
  • March 31, 2014: 506,960 net acres; 
  • Summary, calendar year, 2013: 515,314 net acres; 34,000 boepd; 150 wells in 2014
  • September, 2013: announces acquisition of 161,000 net acres for $1.515 billion; brings total total Williston Bakken acreage to 492,000 net acres; 42K bopd;
  • 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; inventory: 14 years @ 145 wells/year (gross operated; compare to 2012 below); 10 rigs: 5 west Williston; 5 east Nesson
  • 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, 68K), Indian Hills (south of Williston, other side of river, deepest of the formation, Heart of the Bakken, 25K), Mondak/Other (southwest of Williston, mostly McKenzie County, 28); Hebron (Montana, directly west of Williston, Richland County, Montana, 49K); Target (Montana, northwest of Williston, west of the Red Bank prospect, 20K); St Croix (north of Cottonwood, 13K); North Cottonwood, 55K; South Cottonwood, 50K (north of Parshall); Missouri (Montana, west of Hebron, 17K);
  • 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 all sand
  • 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
Peregrin Petroleum Partners, LTD: website
  • May 6, 2016: a permit for a well in Hay Draw field, McKenize County
  • April 16, 2015: Peregrine Petroleum: has six permits in North Dakota; the previous five were back in the early 1990's; this is the first new permit in North Dakota in two decades for Peregrine:
    • 23920, Peregrine Petroleum, Covered Bridge-Bakken, establish a 1280-acre unit; 4 wells, McKenzie; Covered Bridge is a 3-section field in south central McKenzie County, far from the sweet spots in McKenzie; Peregrine did have some Bakken wells back in the 1990's; there is a huge Birdbear well in this little section that has produced almost 500,000 bbls since 1983; a stripper well now
  • March 13, 2015: Peregrine drilled five (5) Bakken wells many years ago; all very short horizontal wells in the far south-central/west McKenzie County (currently not much activity); they are all still active and producing, albeit very, very little; this is the company's first permit in North Dakota since 1993
PetroBakken
  • Renamed Lightstream Resources
  • The company’s main interests are light-oil properties in the Bakken play of Saskatchewan and Cardium play of Alberta.
Petro Harvester
  • acquired Sagebrush Resources in North Dakota in 2011 (see Sagebrush Resources, this page)
  • An oil-focused E&P company formed by TPG Capital to acquire mature producing assets in North America
Petrogulf
Petro-Hunt
Petroshale (USA) -- company's website
Prairie Hills LLC
QEP
Raisa
  • about 640 acres under the river along McKenzie/Williams county line
  • non-operating working interest
  • founded in October, 2014 (the month the Saudis said "no cutback on production")
  • appears to have begun in the DJ basin
  • first mentioned in the blog in August, 2016
Renegade Petroleum Limited
Resolute Energy
  • BEXP presentation says Resolute has 33,415 net acres
  • New Home: 23,528
  • Paris:  8,425
  • Shep: 1,423
Resource Energy Can-Am, LLC
Sagebrush Resources
St Croix Operating

Samson Oil & Gas (SSN)
Samson Resources
Scout Energy Management LLC
Sedalia Energy, LLC
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
SHD (Spotted Hawk Development), LLC

  • moved to this page on September 30, 2014, after reporting 2nd huge well in the Bakken
  • first mentioned in blog as stand-alone post, April 27, 2014
  • 39,090 net acres (January, 2013)
  • small privately held company; active in the Bakken for several years; appears to have moved to a "new level" in January, 2013, when it raised $100 million in revolving credit
Slawson Energy
Slawson Exploration Company Incorporated (SECI) (the original Slawson family oil company)
  • June 14, 2014: one of the brothers forms own company, Slawson Energy (see above)
  • November, 2012, NOG says Slawson: >100,000 acres 
SM (previously St Mary Land and Exploration)
Solutions Energy

Statoil (previously BEXP)
  • March 30, 2017: note how long it's been since the last update. A reader noted that Statoil has absolutely no (none, nada, zilch, zero) rigs operating in North Dakota as of this date. In addition, it has been noted that Statoil is not completing its existing DUCs. 
  • 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
Stephens Production

Swanson Oilfeid Services
  • from a December 9, 2015, NDIC briefing
  • Clarinda, IA
Sundance Energy
Surge Energy (SGY)
TAQA North
Thunderbird Resources (previously GMXR -- see above)

TPLM (Triangle Petroleum)
  • after coming out of bankruptcy, Triangle USA rebrands as Nine Point Energy June 15, 2017
  • Keane buys RockPile Energy for $285 million, May 19, 2017
  • November 10, 2015: recent well completions suggest Hess is using RockPile Energy Services, a subsidiary of Triangle Petroleum to complete their wells 
  • ~  190,450 acres; acquires 46,100 acres, $2,600/acre; 2Q14
  • Full year earnings, press release: 1,929 mboe (300% increase; 488 mboe FY13);  net proved reserves, 40MMboe (175% increase); revenues increased 326% ($260 million); net income to $1.07 EPS; downspacing to 600' apart; initial well results from currently producing infill wells indicate an approximate 15% increase in production
  • 4Q14 and full year: 4Q14 - 7,254 boepd; January 31, 2014: 8,193 boepd exit rate; net proved reserves increased to 40,300 mboe
  • December, 2013, 3Q14, results: 626,000 boe (vs 128,000 boe one year ago); sales of $90 million (vs $20 million one year ago); 22 cents EPS; 94,000 acres; 7,400 boepd;
  • August, 2013: acquires additional 9,350 acres; about $11K/acre; total acreage now about 144,350 (?); 
  • Most recent quarter, June, 2013: 135,000 net acres in the Bakken; 8 rigs in the Bakken
  • 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
Trendwell Energy
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
  • see Bruin E&P Partners above, January 23, 2017
  • I don't know if KOG bought all of URSA acres somewhere along the line; I find some Ursa wells now operated by KOG (posted January 27, 2014)
  • 110,000  net acres
USEG
Vast Operations, LLC
  • first popped up in the December, 2015, hearing dockets, from the dockets: Case 24713, Vast Operations, Crosby-Madison, establish two 640-acre units; Divide County
  • minimum information on the net, maybe a Reno, NV, company
VOG -- > Emerald Oil
W Energy Partners: see this link (posted June 8, 2016)

Wapiti Operating (I do not know their history; the first time I saw this operator was with the daily activity report of February 26, 2016
White Butte Oil Operations, LLC
  • a total of five permits (all active wells) as of January 13, 2016; Meerkat- and Panzer-named wells
  • although this operator had two North Dakota permits dating back to 2009, it caught my attention with its dual, stacked horizontal laters
  • appears to be a subsidiary of Slawson; both share same address in Wichita, Kansas 
White Rock Oil and Gas, LLC
  • appears to be "building" an asset base in the Bakken based on SM Energy acreage and MDU (Fidelity) acreage, noted January 25, 2017
  • SM Energy transfers about 92 wells to White Rock Oil & Gas, LLC, January 25, 2017
  • MDU (fidelity) transfers about 78 wells to White Rock Oil & Gas, LLC, January 28, 2016
  • MDU (Fidelity) transfers 331 wells to five other companies, noted December 29, 2015; companies include Foundation Energy Management, LLC; Cobra Oil and Gas Corp; and, White Rock Oil and Gas LLC;  December 9, 2015, briefing by NDIC
Whiting (WLL)
  • December, 2016; 4Q16 presentation: 
    • ND net acreage: 443,839 acres; 99% held by production; 90% in core areas of the Bakken
    • development plan: 1280 acre units -- 5,334 gross drilling locations; targeting 900K to 1.5 million EUR wells in 2017  -- see the WLL EUR analysis;
    • initial 90-day boepd for CY16: #1 among peers; 1200 boepd 90-day IP average, vs 1000 (Oasis); 800 (EOG); 700 (QEP); 700 (Hess); 600 (BR)
  • December, 2016: 433, 125 net acres
  • November, 2016: 443,125 net acres
  • 444,000 net acres; 5,500 potential gross drilling locations; October, 2016;
  • 2Q16 Enercome Conference: 444,214 net acres in the Williston Basin; 99% held by production; 5,499 potential gross drilling locations as of June 30, 2016; targeting 900,000 boe EUR in 2016; plan to complte 60 gross wells in 2016 and project appr 22 DUCs at 12/31/2016.
  • 4Q15 earnings transcript; about 455,000 acres in the Bakken after selling "a couple hundred thousand acres" in 2015; sold the Lewis and Clark play ($41 million; new owner looking to "do some other type of drilling there"); sold some of their western Bakken as well; does not seem to mention the 89,500 net acres sold to NP Resources (January 14, 2016, press release)
  • Daily Activity report with the 78 wells Whiting transferred to White Rock Oil & Gas, LLC, January 28, 2016
  • transfers 331 wells to five other companies, noted December 29, 2015; companies include Foundation Energy Management, LLC; Cobra Oil and Gas Corp; and, White Rock Oil and Gas LLC;
  • 1Q15 earnings transcript774,022 net acres; sold non-core Bakken assets for $108 million;
  • 4Q14: KOG deal with Whiting closes. Whiting owns KOG. KOG ticker symbol no longer for Kodiak Oil and Gas. 685,000 + 183,000  = 838,000 acres (MT and ND); 7,541 future gross drilling locations in Bakken and Three Forks; "control the sweet spots of central, eastern, and southern Williston Basin";
  • 1Q14: 685,000 net acres; new fracking method -- "coiled tube";
  • June 30, 2013: 697,259 net acres (corporate presentation)
  • August, 2013: will acquire 17,282 net acres; $260 million; current production of 2,420 bopd, could knock off about $30 million for price paid; about $13,500/acre? in the Missouri Breaks and Hidden Bench prospects;
  • 2Q13: Rocky Mts: 70,000 boepd; 
  • 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/MT, 697,259, July, 2013; net in ND and MT: 703,668 in 2013;  for July, 2013, acreage average cost: $549/acre; as of 12/31/2012, Whiting's acreage cost averages out to $521/net acre
  • Sanish / Parshall Prospect: 82,400 in June, 2013; 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: 134,034, July, 2013; 134,114, June, 3013; 134,861 in 2013; was 128,370 net acres; Lewis & Clark NW of Belfield; 1 rig;
  • Pronghorn: 128,596, July, 2013; 128,080 in June, 2013; 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: 28,832, June, 20133; 28,556 in 2013; was 30,036 net acres; middle Bakken, TFS. 2Q12 -- "one of the very best projects in the company"; additional producing interval/payzone: the "Lower Bakken Silt" -- sits between the lower Bakken shale and the Pronghorn/Sanish sands; 
  • Tarpon: 6,258, June, 2013; 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: 89,815, July, 2013; 91,228, June, 2013; 92,227 in 2013; 91,497 net acres; Montana, west of Williston; Middle Bakken; [prev 88K net acres];
  • Missouri Breaks: 57,526, July, 2013; 65,481, June, 2013; 66,095 in 2013; was 62,000 net acres; Montana, west of McKenzie County; EURs - 350,000K
  • Cassandra: 13,951, July 2013; 13,883, June, 2013; 13,816 in 2013; was 13,794 net acres; Ray area, east of Williston; Middle Bakken;
  • Big Island: 125,795, July, 2013; 125,530, June, 2013; 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: 28,719, June, 2013; 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 Williston Energy, LLC: 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 85,800 net acres
  • Same source says: 6,400 boepd from the Bakken, January, 2012 
  • 5 rigs; plans to add a 6th in 2012; 
  • WPX Williston Energy acquired Dakota-3 E&P in December, 2010; 89,420 acres  
  • 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)
Zavanna
Zenergy 

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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:
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Renewable energy: the vision and a dose of reality.