August 6: Another lackluster Hess well -- RS-Johnson A-157-90-2128H-1, Clear Water, 67. In addition, the Clear Water field has not impressed me, although there have been some good wells in that field. It seems the southern half of that field is the better half (not surprising -- closer to the Parshall). At this link, scroll down to "suzanne shatto's" comment dated September 1, 2010, for more insight on problems with Hess wells. Very, very interesting.
August 12: Not everything is from the Bakken formation in the Williston Basin in the current boom; production from this well is from the North Red River "B" formation drilled by CLR; file number 18184, Duaine 42-4NH, 191.
August 18: A nice EOG well in the Souris; a Spearfish/Madison well -- Scandia 1-34H, 261.
August 19: Finally, a great Hess well -- BB-Federal B-151-95-2122H-1, 1,230.
August 20: A nice Fidelity well -- Deadwood Canyon Ranch 44-32H, 904.
August 24: Operator changed from Panther to BEXP, file numbers 17514 and 17755.
August 30: Second EOG/Souris well to report; Scandia 3-36H, 304.
About the Spearfish formation wells in the Souris oil field
Both of these two first EOG wells to be reported in the Souris are very short laterals, extending about 3/4 of a mile, both running east to west. I could be wrong, but I think these are very good IPs, comparing to vertical wells drilled in the 1980's, but I could be wrong. Compared to $6 - $8 million/horizontal Bakken well, these Souris wells targeting the Spearfish are said to be in the neighborhood of $1.5 million to drill.
I assume like the Bakken wells, the Spearfish formation wells will also have a decline rate, but I doubt they will be as severe as a heavily fracked well, and thus I could imagine a Spearfish well leveling off at 100 bopd. At $50/barrel, this would be $1.8 million at the wellhead after one year.
So time will tell how these wells will do. My original link about Spearfish wells in Manitoba (Canada) should be helpful. Also, one section on my blog is devoted to the Spearfish.
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