CLR: 21% Increase in Proved Reserves

CLR announces a 21 percent increase in proved reserves, mostly as a result of drilling in the Bakken. To see what this means for investors, click here.

In the same press release, CLR announced the completion of thirteen (13) company-operated gross wells (7.4 net) in the North Dakota Bakken since July 1, 2010, and their one-day test results:

• 18769, Roadrunner 1-15H, Murphy Creek, 1,722
• 18679, Medicine Hole 2-27H, Jim Creek, 1,702
• 18909, Rollefstad 2-3H, Antelope, 1,689
• 18795, Bonney 2-3H (Bonney 2-3M), Jim Creek, 2,435
• 18958, Howard 1-5H, Dolphin, 1,201
• 18584, Ravin 1-1H, wildcat -- 150-97, 1,034
• 18851, Bjella 1-24H, Temple, 1,029

The best thing about this list? Except for two wells in the Jim Creek oil field, these wells are all in different fields, showing the potential of CLR.

How have other wells in immediate area of these wells done?

• Near the Roadrunner well, there were two wells, the Bartlet 21-16H, file #18074, a BR well, with an IP of 25. Yes, 25. Also, the Nanette Strommen 21-13H well, file # 17608, a MRO well, with an IP of 120. Yes, 120.
• There are four wells practically on the same pad as the Medicine Hole well: 19168, 17574, 16548, and 18679. I have data for only one of these (besides 18679): 17574 a CLR well, had an IP of 273.
• Near the Rollefstad well are 18159 and 17609. The former is a CLR TFS well with an IP of 754, and the latter is a Hess well with an IP of 504.
• Near the Bonney well are two: the 17135, a BR well with an IP of 143; and 17379, another BR well, with an IP of 83. 

Comment: by today's standards those "old" IPs are pathetic. If folks were excited two and three years ago with these wells with IPs less than 250, can you imagine the excitement of these 2,000 bopd IP wells? (Yes, I know that the way IPs are measured and reported has changed over the years, but still, 250 vs 2,500.)

Also, for investors, see this article in Barron's.