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Wednesday, June 8, 2011

New Presentations -- BEXP, CLR, and KOG -- Bakken, North Dakota, USA

BEXP, some data points:
  • Slide 4: compare number of well completions/qtr (BEXP, CLR, WLL) -- remember, BEXP has less than 10 rigs; CLR has 22 rigs -- maybe more on this later
  • Slide 6: cumulative totals/time keeps increasing -- and it's not insignificant
  • Slide 12: decline rate; still pumping 30 boepd 16 years out
  • Slide 22: net acreage in Williston Basin for "all" operators; agrees with my site almost across the board
Continental Resources, CLR, some data points:
  • Slide 10: finally some good numbers on spacing (feet) between laterals and fracking; every time I see this slide, I pat myself on the back; I believe I was the first layperson to point out that fracking appeared to have an effective radius of 500 feet; that, and 90 cents will buy a cup of coffee
  • Slide 19: $20.08/bbl --> total cash costs for a Bakken bbl of oil
 KOG, some data points:
  • Slide 5: average boed in 1Q11 --> 2,000 boepd; average in 2011 --> 6,000 boepd; not insignificant
  • Slide 8: nice map of prospects
  • Slide 9: 5 to 7 wells on each 1280-acre spacing unit depending on prospect
  • Slide 10: $8.5 to $9.0 million to complete a well; seems a bit on the high side compared to others
  • Slide 12: By all parameters, wells have improved immensely since 2009; learning curve steep
There is way too much for me to cover in a short period of time, so I appreciate anything from readers that pops out at them regarding these new presentations. Comment below anonymously. 
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    6 comments:

    1. AnonymousJune 8, 2011 at 4:30 PM

      BEXP presentation is impressive. Just bought some stock in the company on Monday at a little above $27/share. Think this will stock will make money over the next couple of years. This makes me feel good about my investment.

      ReplyDelete
    2. Bruce OksolJune 8, 2011 at 4:36 PM

      It just seems WLL and BEXP are getting out more out of their rigs than others. But I could be wrong. I noticed this before, also, not just in most recent presentations.

      Good luck.

      Thank you for taking time to comment.

      ReplyDelete
    3. AnonymousJune 8, 2011 at 7:51 PM

      Many companies have much better presentations than 2 years ago. It almost makes me think that they have more money and staff.


      anon 1

      ReplyDelete
    4. Bruce OksolJune 8, 2011 at 9:01 PM

      Ditto. Couldn't agree more.

      ReplyDelete
    5. E. MontanaJune 9, 2011 at 8:24 AM

      Brigham's list of Bakken operators shows over 6,000,000 leased net acres, an amazing number. Yet even this list is not nearly the actual total. I noticed it omits Occidental, Hunt, Slawson, and an unknown number of small holdings. Bottom line, this is great job security for anyone working on rig or frac crews.

      ReplyDelete
    6. Bruce OksolJune 9, 2011 at 9:09 AM

      You are correct.

      My list is a bit more comprehensive:

      http://milliondollarway.blogspot.com/2010/10/areas-of-interest-in-bakken-by-producer.html

      OXY USA has about 200,000 acres.

      Slawson is private so it would be very difficult to obtain that information but one might be able to extrapolate based on how many rigs they have. Regardless, Slawson must have a significant amount of acreage.

      Thank you for taking time to comment. I agree; this will take years to drill out.

      I don't think Williston and the rest of the Bakken will get into a "rhythm" for about five more years.

      ReplyDelete

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