BEXP reports another nice well northwest of Williston in the Bull Butte oil field. This is the only well in that field at the current time (November 2, 2009).
The initial production (IP) is reported as 1,776 bbls of oil equivalent, details to follow. This really is quite incredible. Somewhere down the road this well will decline down to about 1,000 bbls/day, but if the average for one year is 750 bbls/day, at $65/bbl, this could generate $18 million in the first year.
Not only is this a nice well, but it is practically a wildcat. Yes, it's in a designated field (Bull Butte) but there are no wells in the immediate area. The other wells near Williston of interest are due west of Williston, and much closer.
The BCD Farms 16-21 #1H was completed with 28 frac stages and is the sixth overall 18+ stage fracture stimulation completed by Brigham in the Williston Basin. The press release said the same thing I noted above: the well sits pretty much at the far extent of BEXP's acreage northwest of Williston. The press release mentions two other wells that have reached total depth and will be fractured in the next week or so: Lee 16-21 #1H and Strand 16-9 #1H.
The press release says that BEXP has also a third rig to its operations in the Williston area. I assume USEG has some interest in these wells.
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