WLL Snapshot Updated; Comment on EOG Update -- The Bakken, North Dakota, USA

The amount of material coming out of the Bakken, especially during earnings season, is simply overwhelming.

Having said that, there are three things newbies may want to focus on, or become familiar with:

a) Whiting's strategic focus in the Williston Basin
b) EOG's initiatives in the Williston Basin
c) the midstream infrastructure boom-within-a-boom

Starting with the last one first: the midstream infrastructure boom refers to the pipeline infrastructure, particularly for natural gas liquids, that has become a mini-boom in the nation's current energy boom. I won't go over it again but there have been several articles posted in the past week about this mini-boom, most coming from RBN Energy but others have also contributed. The search browser within this application will find those articles.

The EOG conference call transcript was absolutely remarkable. Three things that stick with me after reading the transcript: a) downspacing; infill wells; increasing the density of wells per spacing unit; downspacing to 160 acres in the Bakken; maybe 40 acres in the Eagle Ford; b) why the rush to drill in the Bakken once leases are held by production -- a very interesting question that was almost a throwaway; a comment easily missed when reading the transcript; and, c) waterflooding; EOG has two pilot waterflooding projects; there is evidence that infill/offset wells communicate. The editorial comments by EOG regarding the Bakken were simply wonderful to read. These EOG takeaways have relevance for all operators in the Bakken. Investors may be concerned about two comments from EOG: a) why the rush to drill in the Bakken?; and, b) EOG production in the Bakken may be flat in 2012. But the things EOG is doing in the Bakken are absolutely breathtaking in terms of what it may mean for the Bakken if their initiatives are successful.

The EOG initiatives have relevance for all operators in the Bakken. On the other hand, the takeaways from the Whiting conference call seem a bit more specific for WLL. I have updated my snapshot of Whiting. I won't re-write it here, but Whiting certainly has to be exciting for investors.

Although I didn't mention it in the three bullets at the beginning, I would feel a bit remiss if I didn't mention Continental Resources (I would also mention BEXP if they were still independent). Like Whiting's conference call, CLR's conference call is more specific to CLR than to the Bakken in general.

Maybe another way to say this:

• Whiting is all about execution; little mid-course correction; simply drilling their leases at full speed
• CLR is drilling their leases but tweaking their strategy a bit
• EOG is testing hypotheses that could significantly affect all operators in the Bakken

Note disclaimer: this is not an investment site. This is not a buy, hold, sell recommendation for any company mentioned. I have no plans to trade buy or sell shares in any company mentioned in the near future.