OAS Reports Spectacular Numbers

"Spectacular" is in the eye of the beholder. Not all will agree with me. I haven't gone through the current corporate presentation.

Too much to catch up on, but here is the press release.

• Grew average daily production to 4,461 boepd, a 240% increase over 2Q2009; a sequential increase of 35% over 1Q2010
• Increased adjusted EBITDA of $17.4 million fpr 2Q2010, an increase of $14.4 million over 2Q2009
• Completed IPO of 30.37 million primary shares; total basic shares outstanding are 92 million
• Repaid the entire $75 million of borrowing unders its Amended Credit Facility 

2,000 to 7,000 More Wells In Bottineau County

Updates

January 29, 2011: Throwing in the towel on the Spearfish? It appears EOG has quit drilling in Bottineau.

Original Post

The headline is "another Bakken?" 

I don't think so.

But it is exciting. Bottineau County is not one of the counties in North Dakota participating in the Bakken boom. But there is a formation there that is creating quite a stir -- one that I have reported on earlier: the Spearfish formation.

Today there's a story out of Bismarck that Bottineau County, northeast of the current Bakken play could see anywhere from 2,000 to 7,000 wells over the next decade or so.

These are shallow wells that can be drilled in less than a week and as many as 30 wells in a section (one square mile) will be drilled.

Click here for an earlier story.

Katrina Housing Moved To Bakken

We (Amtrak) just got to Grand Forks. ATT/iPad coverage spotty. Hopefully once I'm in the Bakken I can find public library and get blog up to date.

Katrina housing moved to Bakken.