Tuesday, September 27, 2011

NOG -- IPAA Presentation -- September, 2011 -- Bakken, North Dakota, USA

Link here (even if you don't get the audio, you can review the slides). I doubt the slides will stay up long, but they will most likely be available at NOG's website.

Some data points (some numbers rounded):
  • Increased net acreage from 147,407 acres to 155,000 acres; analyst's estimate at end of 2010: 130,000 net acres
  • Participated in >650 gross Bakken/TFS wells; extensive knowledge of the Bakken for a non-driller
  • Net well inventory at 3 MB / 3 TFS wells/spacing unit: 726 net
  • Acquired 12,700 net acres at $1,995/acre in 2Q11
  • No debt
  • Reserves: 120% increase since 12/31/10
  • PV10: 200% increase since 12/31/10
  • Conservative estimates
  • Estimating 30 - 40 percent production growth 3Q11 over 2Q11
  • Average cost per well: $6.5 million (compare with $9.5 million for KOG)
Unique business plan as I have noted many, many times

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