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Tuesday, January 17, 2012

Another Indicator That Easterners Underestimate the Bakken and the Bakken Producers -- The Bakken, North Dakota, USA

From the Motley Fool today:
With worldwide oil supply relatively constrained, that will put more pressure on domestic oil companies and offshore drillers outside of the Middle East. Statoil, Whiting Petroleum, Continental Resources, and Kodiak Oil & Gas have more than a million combined acres in the Bakken shale play, the fastest-growing oil production play in the U.S. and higher potential prices could mean even more drilling. 
More than a million combined acres in the Bakken? Technically true, but I believe the combined acreage is solidly above 2 million combined acres in the Bakken.

CLR, by itself, has almost 1 million acres.

The four:
  • CLR: 923K
  • WLL: 680K
  • Statoil: 380K
  • KOG: 155K
That's about 2.1 million acres, twice what Motley Fool suggests.

Or if at the Economart, and rounding:
  • CLR: 1,000K
  • WLL: 700K
  • Statoil: 400K
  • KOG: 150K
And why Motley Fool did not include Oasis with this group, that included KOG and BEXP and its 300K of net acreage, is anybody's guess.

3 comments:

  1. embraceyourinnerhillbillyJanuary 17, 2012 at 5:22 PM

    What about NOG?

    >During the fourth quarter of 2011 through December 12, 2011, Northern Oil has acquired leasehold interests covering approximately 7,600 net mineral acres for an aggregate cost of $19 million, or approximately $2,500 per net acre. As a result, Northern Oil controls over 160,000 net acres in the Williston Basin Bakken and Three Forks play as of December 12, 2011.<<

    http://www.northernoil.com/content/create-press-release-11

    ReplyDelete
  2. Why didn't you include HESS? The Oilshalegas.com site indicates that Hess is holding 900,000 acres of leases in the Bakken? In particular, I believe they hold most of the Ellsworth Field. However, if I read Eser correctly, it looks like they are having other companies drill their leases.

    ReplyDelete
  3. Hess is in a league of its own. And even more surprising that the Easterners forgot about it when Hess is a New York State company, isn't it? (I could be wrong; haven't checked lately). But the biggest reason Motley Fool did not include Hess in this particular article is found in this line:

    "...domestic oil companies and offshore drillers outside of the Middle East." Hess has/had holdings in the Middle East if one includes Libya, which most do when lumping.

    ReplyDelete

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