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Monday, February 7, 2011

Spectacular EOG Well; Another Nice BEXP Well -- Bakken, North Dakota, USA

A spectacular EOG well:
A very nice BEXP well
For newbies:
  • The IPs only provide one data point; perhaps IPs, at best, begin the discussion
  • With regard to production, what really matters, is the ultimate production of each well. Generally speaking, in the better fields in the Bakken, folks are estimating the ultimate recovery from a well to be in the neighborhood of 750,000 barrels
  • Some producers are putting in as many as seven, maybe eight, wells in a 1280-acre spacing unit (two sections), in the "core" Bakken
  • Horizontal Bakken wells cost in the neighborhood of $7 million to complete
  • A Bakken well generally has a fairly significant decline rate, but once they stabilize / level off, some folks feel they could produce oil for 20 years or longer
  • But if these wells "pay for themselves at the wellhead" in less than two years, and keep on producing, albeit at a much lower rate, for another 20 years, one can see why folks remain excited with the Bakken

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