West of Williston, along US Highway 2, there are a number of wells coming on line, all with six to ten tanks on their pads. The pads for these wells were being made for these wells this past summer (2010) and already they are close to completion. Several remain on the confidential list.
They include, by file number, west to east:
- 18791, Abe 30-31 1-H (named for Abe Owan), BEXP
- 18443, Owan 29-32 1-H (yes, named for Abe Owan), 1,976, BEXP,
- 18796, Abe Owan 21-16 1-H (I will let you guess who this one is named for), 2,213, BEXP
- 18324, long lateral, producing,Owan-Nehring 27-34 1-H, 2,215, BEXP
- 18906, Michael Owan 26-35 1-H, BEXP, 2,640
These are all in Painted Woods oil field. They are all confidential except #18324; the Owan-Nehring 27-34 1-H is a long lateral going running directly north-south. I assume the other four wells are the same: long laterals, running directly north-south.
These IPs are in the usual range for BEXP wells, so I suppose some would refer to them as "lackluster" or average wells -- at least average for BEXP.
Just joking.
You have to expect the daily production on BEXP wells to be less than 10% of the IP in about six months. The Owan-Nehring 27-34 1-H produced 6,249 total barrels of crude in 31 days during July. This represents a 91% depletion from the reported IP of 2,215.
ReplyDeleteYes. BEXP has a different business model than some of the others. It would be interesting to do a stand-alone posting on this issue.
ReplyDeleteAssuming the EURs will be the same for a BEXP well or a Hess well, it's much like winning the lottery. Do you want your full winnings up front, or have an annuity-like payout.
On top of that, the oil business is all about business. It just happens that the "vehicle" in this business is "oil."