CLR To Raise CAPEX Significantly in the Bakken

Link here. (At the link, scroll to August 10, 2012, date.)

Original CAPEX: $1.75 billion
In May, 2012: revised upward to $2.3 billion
Now, August, 2012: revised, again, to $3 billion

Earlier in 2012, CLR had planned to drill 249 net wells; will now drill 330 net wells in 2012.

When the going gets tough, the tough get going.

Back of the envelope calculations:

• $1.75 billion/249  --> $7 million/well
• $3.00 billion/330 --> $9 million/well