Denbury and The Williston Basin

Here's the link, an Investopedia article. Again, a very interesting article following on the heels of the OXY story posted just an hour or so ago.

Thesis: although DNR's main focus is on enhanced oil recovery, DNR has a growing acreage position in the North Dakota Bakken (remember, DNR bought Encore, a Bakken oil exploration and production company not long ago).

Denbury, according to Eric Fox at Investopedia:

• 275,000 net acres under lease in the ND Bakken formation
• Approximately 76,000 of those acres in the Almond and northeast Foothills area
• The rest in the "core area of its play in the Williston Basin; 73,300 net acres
• The company estimates it has 350 million barrels of oil equivalent in the Bakken
• It is operating five (5) rigs
• 2011: DNR to focus on its core are in the Camp and Cherry Hills areas
• The rest of its Bakken acreage is held by production and not under pressure to drill there
• DNR has six wells being completed and another five being drilled (Cherry, Murphy Creek, and Charlson)
• Well cost, on the high side: $6.8 to $7.8 million/well
• Also, DNR is re-fracking wells that had originally been completed with only one hydraulic fracturing stage