Note: some figures are rounded. Typographical errors possible. See original report for specifics.
Highlights
- 59,865 boepd, Q1 2010 compared to 54,320 boepd, Q1 2009
- Bakken production (Sanish / Parshall) increased 23% in March 2010 over December 2010
- Production guidance for 2010: raised to 11.5% to 13% over 2009
Production in Q1 2010 sets record: 5.39 million boe (80% oil)
- Represents a 10% increase over Q1 2009
- The production increases were primarily due to the Bakken play
Financial
- $1.60 per basic share/$1.46 per diluted share vs 2009 $0.92 per basic and diluted share
- First quarter discretionary cash flow of $215 million exceeded $125 CAPEX
- Paid down debt; reduced borrowings from $160 million to $100 million
IPs: 24-hour tests
Operations
Sanish Field- 15,000 boepd
- Completed 19 wells in this quarter; total of 83 WLL-operated wells in the Sanish
- One of these: TFS, Anderson 11-7TFH, with an IP of 1,262.
- 2010: plans to complete 86 operated wells (48 net wells)
- 76 are planned Bakken; 10 are planned TFS
- WLL completed 17-mile pipeline from Sanish field to Enbridge pipeline at Stanley, ND
- Capacity: 65,000 bbls/day; currently moving 10,000 bbls/day
- Expects to move 2/3rd of its production by pipeline by end of 2010
- Saves $1 - $2/bbl vs truck
Parshall Field
- 6,500 boepd
- Has participated in 116 wells in the Parshall
- 111 are producing; 4 are awaiting completion; and one is being drilled
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