Updates
January 29, 2011: Is EOG throwing in the towel on the Spearfish; no current EOG drilling in Bottineau.
Original Posting
EOG drilling Spearfish wells in four (4) days. That PDF will take a few seconds to load; then go to slide 27 (if I remember correctly) -- but the whole presentation is worth viewing.
I honestly can't keep up with all that's happening in the Wililston Basin. This is absolutely incredible, and people used to consider me inappropriately exuberant. I still am, but even more so.
I missed this article yesterday (Friday) -- I'm getting behind. Just too much news. Bottom line: EOG releases statement saying the Spearfish is a significant discovery. Although it is relatively small -- estimated at 20 million barrels -- it has a very high rate of return. They can drill these wells in less than five days for a cost of about $1 million. The Waskada field north of the border is estimated to be 25 million barrels. EOG says they can get a return on the order of 70 - 100%. [One hundred percent means one doubles one's investment.]
One begins to wonder how many other formations might be amenable to horizontal drilling.
Pipeline, Stevie Ray Vaughan & Dick Dale
