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Friday, November 19, 2010

Whiting's Current Presentation -- Road Show

Whiting's current presentation (November, 2010). It's a PDF link; it downloads fairly quickly but even on my relatively fast (but old) MacBook, it takes awhile for images to load. Lots of information, not just about Whiting, but the Bakken in general. Enjoy.

Some things that jumped out at me regarding this presentation (some things I may have misinterpreted):

Slide 12:  This is how big Lewis and Clark Prospect is; 2x bigger than rest of ND holdings --

  • Lewis and Clark Prospect: 58 million bbls of oil / PV 10 of $828 million.
  • Sanish Field: 14 million bbls of oil / PV 10 of $185 million.
  • Other Williston Basin: 11 million bbls of oil / PV 10 of $193 million.
Slide 16: Lots of work yet in the Lewis and Clark; they've just barely started
  • 52 net wells in Sanish in 2010
  • Only 10 net wells in Lewis and Clark in 2010
Slide 22: average EUR 850,000 bbls/well; average completion cost/well = $5 million

Slide 32: fracturing only extends out about 500 feet from center bore (I could be a bit wrong on this)

Slide 54: Look at the difference in cash (now) compared with one year ago; with huge plans for Lewis and Clark prospect, will WLL need to raise more cash quickly; public offering? in the works? Cash = $3 million; not even enough for one well (however, see slide 59) --

Slide 59: net cash provided by operating activities: $280 million -- maybe that's enough and don't need more cash; but they must have burned through a lot of money to go from $15 million in cash last year at this time to $3 million now, plus burning through all that operating income

Slide 65: question regarding CO2 EOR -- unlikely in the Bakken.
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2 comments:

  1. AnonymousNovember 20, 2010 at 2:49 PM

    Bruce,

    Don't know if you have looked at the December docket on the NDIC yet? There are several cases requesting 4-7 wells for each spacing unit... in short, looks like infill wells are coming quicker that most anticipated.

    Steve

    ReplyDelete
  2. Bruce OksolNovember 20, 2010 at 3:09 PM

    Steve,

    Thank you. As you know, I transcribe the entire NDIC docket(s) every month and post them on my blog, in very abbreviated form. I did not know that December dockets had been posted. Thank you for alerting me.

    I was wondering what I was going to do while watching college football! Smile.

    Yes, I was aware of the infill wells coming. I think I saw some earlier, maybe in November, but I could be mistaken.

    This is really very interesting. I don't think anyone imagined 4 - 8 wells in a 1280-acre spacing unit this soon.

    I am convinced that WLL is using the Sanish as its "cash cow" to finance its work in the rest of the Bakken.

    WLL seems really, really aggressive. Great story.

    Thanks for alerting me; thanks for commenting; thanks for stopping by the blog.

    ReplyDelete

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