EOG Drilling Spearfish Wells in Four (4) Days

Updates

January 29, 2011: Is EOG throwing in the towel on the Spearfish; no current EOG drilling in Bottineau.

Original Posting

EOG drilling Spearfish wells in four (4) days. That PDF will take a few seconds to load; then go to slide 27 (if I remember correctly) -- but the whole presentation is worth viewing.

I honestly can't keep up with all that's happening in the Wililston Basin. This is absolutely incredible, and people used to consider me inappropriately exuberant. I still am, but even more so.

I missed this article yesterday (Friday) -- I'm getting behind. Just too much news. Bottom line: EOG releases statement saying the Spearfish is a significant discovery. Although it is relatively small -- estimated at 20 million barrels -- it has  a very high rate of return. They can drill these wells in less than five days for a cost of about $1 million.  The Waskada field north of the border is estimated to be 25 million barrels. EOG says they can get a return on the order of 70 - 100%.  [One hundred percent means one doubles one's investment.]

One begins to wonder how many other formations might be amenable to horizontal drilling.


Pipeline, Stevie Ray Vaughan & Dick Dale

Crazy Numbers, Part 3 -- EOG's Bakken Reserves Up 5-Fold

From EOG's 2010 analysts' conference:

"Based on successful drilling results and improved reserve recoveries from the North Dakota Bakken Core, Bakken Lite and Three Forks Formations, EOG increased the estimated remaining reserve potential on its acreage from an earlier estimate of approximately 80 MMboe, NAR, to 420 MMboe, of which 80 MMboe proved reserves were booked at December 31, 2009."

More to follow.

But EOG has increased its remaining reserve potential on its EXISTING acreage from an earlier estimate of 80 million barrels to 420 million barrels.

Just saying.