Credo Petroleum Ups Its Working Interest in Bakken Wells -- North Dakota, USA

From its press release:

The Company has recently added five new horizontal Bakken wells to its growing list of Bakken producers on the Fort Berthold Reservation, bringing the total to eight wells.

• While Credo's working interests in the new wells are small, ranging from 1% to 3%, its share of initial production from the four wells is about 140 BOEPD (barrels of oil equivalent per day). 
• Three of the five wells have been completed and had excellent initial production rates of over 1,500 boepd. 
• The fourth new producer, the Enerplus Ethan Hall, reported an initial production rate of 3,732 boepd.
• This marks the highest initial rate of any Credo Bakken well drilled to date and ranks among the highest rates among all Bakken wells. In addition to the four new producers, one new well is in its final stages of completion for production.

Working interest will increase

Credo's 2011 North Dakota Bakken drilling schedule includes six wells where its interest will range from 12% to 20%.

These wells will be drilled in the same area as the Company's small working interest Bakken producers and are expected to achieve similar results. They will be operated by large independents and a major oil company.

[The major oil company in this part of the Bakken is XOM -- when it acquired XTO. KOG also calls XOM it's partner. Maybe the Bakken oil companies need a Facebook account to keep track of all their "friends." Smile.]