Highlights of Whiting's 3Q10 Earnings Report

There is simply too much to report; I recommend you go to the report itself, but here are a few things that have me excited about Whiting (and the Bakken in general). 

Based on results of the Company’s microseismic studies and reservoir pressure monitoring in both the Bakken and Three Forks formations, not only do reserves continue to pleasantly surprise us, it also appears that additional infill drilling is warranted in the Sanish field. As a result, Whiting has increased by 152 the total number of gross operated wells that it expects to drill in the Sanish field to 534 gross wells from 382 gross wells. 

Remember: the Sanish field has about 194 sections; this means almost one more well in each section than originally planned. Also 534/194 = 2.75 gross wells/section

Data points

• 83 of the 152 additional wells: "wing wells" which are 7,500-foot laterals drilled primarily in the northeast and southwest portions of the field's 1,280-acre spacing units
• Whiting has asked to drill three (3) TFS wells per 1,280-acre unit as compared to its previous plan of two (2) TFS wells per unit
• Additional TFS well in each unit will add 80 potential gross well locations in the Sanish field
• Whiting estimates 323 gross wells remain to be drilled in the Sanish field as of October 15, 2010
• In calendar year 2010 to date, Whiting as completed 57 wells in the Sanish
• The average IP for Whiting Bakken wells increased 21 percent since the beginning of the year, from 2,102 boe to 1,433 boe
• The average IP for Whiting TFS wells increased 42 percent since the beginning of the year, from 1,012 boe to 2,541 boe

Fracking:

Whiting believes that additional frac stages have contributed to the higher initial production rates for wells completed in 2010. In 2010, the Company has fracture stimulated its wells with between 15 and 30 separate fracs, averaging 20 frac stages per well. Prior to 2010, most of Whiting’s wells in the Sanish field were fraced in 10 stages. The Company is also using more proppant and frac fluid in its fracing operations. For a 30-stage frac, Whiting is currently using 46,000 to 50,000 barrels of frac fluid and 3.6 to 4.0 million pounds of sand. 

Whiting has contracted a full-time dedicated frac crew at Sanish that the Company estimates is capable of fracture stimulating 100 wells per year.