Add this post to the few posts regarding the Spearfish and the companies most involved: Legacy and Surge. Legacy has its own link at the sidebar at the right. (Having noted that, maybe I need to do the same for Surge. But I digress).
First, for investors:
The past nine months have been painful for investors with exposure to the Canadian resource sector. The smaller the company, the greater the pain.Got that out of the way.
Now, for non-investors. Remember, there are "two" Bakkens: the Williston Basin Bakken, and the Alberta Basin Bakken, farther west.
Williston Basin - Saskatchewan/North Dakota
In the Williston Basin, Legacy has both light oil resource plays (Bakken, Torquay, Spearfish) and conventional Mississippian (Souris Valley, Tilston, Alida, Frobisher, Midale). The production from these plays is a high quality light oil averaging 37 degrees API.
On 242,352 net acres of undeveloped land, Legacy has more than 1,000 (net) drilling locations as follows:
- Bakken - more than 200 net development drilling locations at four wells per section
- Torquay - large resource mapped adjacent to Sinclair Torquay pool
- More than 350 net Mississippian development drilling locations
- Spearfish - more than 440 net locations at eight wells per section
All of these areas are well defined by 3-D seismic and have significant reserve growth potential through the use of waterflooding.
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