BEXP With Operational Update

In a press release today, BEXP announces that it has purchased 10,000 net acres in the Rough Rider Project Area. The RRPA is in the area north and west of Williston and going into Montana. The CEO says that he expects BEXP to purchase additional acreage.

BEXP also announced three "additional high initial rate completions."

18547, Jerome Anderson 15-10 #1H, Ross project area, 3,115, Alger Field, 30 frac stages
18522, Papineau Trust 17-20 #1H, RRPA, 3,042, 29 frac stages
18456, Kalil 25-36 #1H, RRPA, 1,586, 30 frac stages

BEXP says it "has  now completed 16 consecutive long lateral high frac stage Bakken and Three Forks wells with an average 24 hour peak rate of approximately 2,417 boepd."

The Jerome Anderson: highest IP for BEXP in the Ross area

The Papineau well: first BEXP well in McKenzie with more than 19 frac stages

Going to 30 stages from 19 stages has significantly increased IPs (61% in the Papineau-over-Figaro comparison). What was left unsaid was the significant decline rate in Bakken wells after the initial month of production. 

Additional Acreage

The "additional acreage adds over 23 net potential Bakken drilling locations assuming 1280-acre spacing and 3 wells per spacing unit....BEXP plans to drill its first operated Rough Rider Three Forks well during the second quarter of 2010, and, if successful....adds over 23 net potential Three Forks locations to BEXP's inventory."

The 10,000 acre-purchase could mean 46 more wells, half in the Middle Bakken and half in the Three Forks Sanish.

To see the press release, go to BEXP news release page and click on press releases.