2009 Earnings, 2009 vs 2008Reserves
2009: net earnings of $2.8 million on oil and natural gas sales of $15 million
2008: net earnings of $2.4 million on oil and natural gas sales of $3.5 million
Wasn't price of oil higher in 2008? If so, the 2009 numbers are even more impressive
2009: 6 million barrels boe proved reservesProduction
2009: 700% increase over 2008 proved reserves
2009: 2,065% replacement of 2009 production
Those numbers were based on SEC pricing parameters of $53/bbl
Using constant realized net prices of $72/bbl, proved reserves jump to 10 million boe
2009: 282K boeNet wells
2008: 51K boe
Results represent a 448% increase in production
2009: 9 wells; producing approximatley 1,508 boepdSlawson wells that NOG participated in, names and 20-day production rates:
As of March 1, 2010, NOG has completed or is completing an addition 3.45 net wells with approximately 1,986 boepd
Stallion 1-1-12H: 1,525Other wells NOG participated in:
Zephyr 1-36H: 1,245
Ripper 1-22H: 975 (2,369)
Minx 1-28H: 923
Fox 1-28H: 1,139
Bazooka 1-20H: 1,042
Highland 1-9H (Sinclair Oil): 564For more, go to NOG's press release, March 8, 2010
Edwards 5992 44-10 (Oasis Petroleium): 478
Van Hook 100-15H TFS (EOG): 1,585
Liffrig 29-20 1-H TFS (BEXP): 2,477
Norman 1-9H (CLR): 1,366
Arvid 2-34H (CLR): 407
Note: IPs will vary depending on who is reporting
NOG Total production up 448% and earnings flat?
ReplyDeleteSomething seems to be askew.
Changing subjects, I am wondering if the rig for well # 18587 in Briar Creek 152-103-33 is in the water?
Also how would I find oil production #'s for well # 16569,16589 or 16455?
They dont seem to be listed as drilled in the Bakken/TFS Lodgepole?
Thanks in advance.
Thank you for stopping by. (This will be a long note, and unfortunately, won't be a very satisfactory answer. I wish I could do better.)
ReplyDeleteI have not looked at the financial report in depth and even if I had I would be the first to admit that I don't fully understand the financial statements (the big unknown is how much money is spent on buying up new leases, money for working interest, etc). That's why I made a conscious decision to not spend a lot of time on financial aspects of the Bakken. I separated out a whole area on the blog for investing, but I have to admit I've lost a lot of interest in that section and find myself posting less on the investing sites. I continue to link quarterly and annual statements and I did place a large amount of NOG information from their press release on the Investing: NOG area today, and I may do the same for other producers if it gets my attention, but it's not my favorite part of the blog. Anyway, enough of that.
(Having said all that, I assume a lot of their cash flow went back into reinvestment in the Bakken, which might explain the flat earnings.)
That's interesting about the well in the water; if you look at the GIS map server this won't be the first one. There's at least one more well in the water in the same area on the GIS map server. When you go to Google maps, you can see one of those older wells on the shore and not in the water, although on the GIS map it shows the well in the water. The course of the river changes over time. I hope to be in North Dakota later this spring / summer and will check it out.
With regard to oil production numbers, I don't subscribe to the services that NDIC offers. Through a very inexpensive subscription ($12/year?) one can get production data for wells. Short of that, if you go to the Bakken Shale Discussion Board, they have been very good about providing production for various wells.
Thank you very much for bringing all these things to my attention. Lots of things to check out.
Anyway, I hope you don't misinterpret anything I'm saying as being flip. There is just so much to cover, and I can't do as much as I would like. You have no idea how much I appreciate folks coming to my site, and appreciate even more those who make comments.
Thanks for the reply.
ReplyDeleteI have just become interested in the whole North Dakota oil drilling and exploration and find it extremely interesting in many aspects.
The possibility of that much oil awaiting new technology and people willing to find it is exciting!
I'm amazed at how much information you are able to post. Keep it coming.
Thank you for stopping by.
ReplyDeleteSome days there is so much news coming out of the Bakken I cannot keep up.
I don't know how visitors to this site can actually make sense of it: what's new; what's important, etc.
So, now, once a week, I will recap the most important events that I have posted in the previous week. I did that for the first time yesterday and it seemed to help.
But today, already so much news: a) NOG had a great year-end summary of 2009 operations; b) this morning there were 100 active rigs in North Dakota, and I just checked and close of business today, there are now 101 active rigs (first time ever over 100); and now I see that American Oil and Gas (AEZ) has sold all its holdings in Wyoming to put all its effort into the Bakken and TFS in North Dakota. That has all been posted.
And, yes, you are correct. The geologists, roughnecks, truckers, frac teams are doing awesome things and I'm sure they are happy to see another winter behind them. It gets down to 40 degrees below zero (actual temp) and up to 100 degrees below zero wind chill. How they do it is beyond me, and however much they are paid, it's not enough.
By the way, the specialty pipe in these wells has to be able to withstand boiling temperatures at depth, and then freezing temperature at the surface. Yeah, the technology is incredible, and what they are learning in North Dakota is being taken elsewhere.