Data points (some numbers rounded):
- 1Q12: drilled 35 net wells, all targeting light oil; 100% success rate; included 10 net horizontal wells ain its Spearfish play at Pierson, Manitoba, and Bottineau County, North Dakota
- In Bottineau: 5 wells producing; 90-day average -- 100 bbls/day (3,000 bopm)
- "The Company estimates that IP capability of these Bottineau County wells would be in excess of the constrained rates reported"
- Stratigraphic wells: confirming net pay of 9 meters, OOIP of > 10 million bbls/section
- 230 net locations on the north portion only of its lands in Bottineau County; approximately 97% unbooked
- The total Spearfish play: inventory of 440 net locations; 8 wells / section; but location could could increase by 50 percent through downspacing
- evaluating the waterflood potential; anticipates recovery factors of up to 14 percent
Looks like these wells are out performing the wells drilled in the Utica that were reported today that Chespeake has drilled an completed to date. Chesapeake might decide to move their rigs to the Williston basin and abandon the play in Ohio.
ReplyDeleteIt would be interesting if the Bakken remains the "gold standard."
DeleteAbandon the play in Ohio? Ridiculous. Utica is a play that is all about the wet gas portion of the nat gas. The ethane, propane, butane, and pentane fractions are the monetary drivers - not the oil or the dry gas.
ReplyDeleteBP just made a major land aquisition in Ohio. The number and capacity of gas processing plants in Ohio is impressive - will be tens of billions.
Thanks for the update in this area Bruce:)
ReplyDeleteA lot of help from my readers.
DeleteI beg to differ on the Utica play being as good as mentioned above.. You will see that play dry up in next 12-14 months or so. Not economical at this time with gas prices as low as they are. Predominantly a gas play with small amount of liquids. BP and Anadarko likes gas though. Thats why they are there. CHK has enough of gas. They will be the ones that sell and get out of the play if gas prices dont rebound very soon.
ReplyDeleteYou do realize that ethane, propane, butane, and even pentane come out of the Utica and most wells as a gas, and then are separated out in gas plants using refrigeration units. Some condensate, like hexane, heptane, and octane, also comes out and stays with the liquid oil phase. The key to Utica is the % wet (ethane, propane, butane, and pentane)., which is not included in the barrels / day results.
ReplyDeleteThe ethane, propane, butane, and pentane markets are priced closer to oil, not methane.
You are absolutely correct. But I think we need to move on. Time will tell how this plays out.
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