Whiting's Analysis Of The Bakken/Three Forks -- Corporate Presentation

Three story lines from the data below:

• this is data that the USGS did not have at the time of their 2013 survey
• estimates of the Bakken potential have never decreased; estimates have always increased
• increased density wells are resulting in increased production from existing wells

I've lost track but how many ever wells you thought Whiting was going to put in their spacing units in any of their prospects, you can starting adding another 3 or 4 wells per spacing unit. In other words, if you thought that Whiting was going to put in 8 wells in a spacing unit, you may have to increase that number to 11 or 12 wells. This is not trivial.

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From Whiting's corporate presentation, from Whiting's website, May 8, 2013

Slide 10

Missouri Breaks Upper Three Forks

• 3 wells per spacing unit

Hidden Bench Lower Bakken Silt/Higher Density Plot

• Whiting has identified an additional reservoir between the Middle Bakken and the Three Forks
• high oil in place
• may significantly increase reserves in this area
• Whiting will test this zone: Whiting calls it the "Middle Bakken Silt"
• Whiting will test it by driling 160-acre spaced wells above and below this target zone
• Whiting will stimulate these wells with large frac volumes
• Whiting believes that higher density drilling could also improve recovery efficiency in the Middle Bakken reservoir (EOG has proved that higher density wells improve recovery from existing wells)

Cassandra Lower Three Forks

• the 2nd bench (TF2) has been charged with oil from the Lower Bakken Shale
• might support an additional 4 wells per spacing unit

Tarpon Three Lower Forks

• TF2 has been charged with oil from the Lower Bakken Shale
• might support an additional 3 wells per spacing unit

Pronghorn Sand Higher Density Pilot

• sufficient OOIP in the Pronghorn/Upper Three Forks to support 6 wells/spacing unit

Sanish Higher Density Pilot

• extensive core analysis, the Sanish Field has the highest demonstrated OOIP in the Williston Basin; the Sanish field is "owned" by Whiting
• to date, development has focused on the Middle Bakken "B" and "C" zones
• volumetric studies indicate that significant additional OOIP exists in the Middle Bakken "D" zone
• Middle Bakken "D" could potentially support up to 3 additional wells in the Middle Bakken per spacing unit

From Slide 12, prospect, # of wells/spacing unit

Missouri Breaks

• existing 4P locations: 4
• new objectives: 3

Cassandra

• existing 4P locations: 7
• new objectives: 4

Sanish

• existing 4P locations: 7
• potential high density infills: 3

Hidden Bench

• existing 4P locations: 7
• potential high density infills: 8

Pronghorn

• existing 4P locations: 3
• potential high density infills: 3

Tarpon

• existing 4P locations: 5
• new objectives: 3

In other words, if you "have" a well in the Hidden Bench prospect, be prepared to "have" as many as 15 wells before this is all done. 

Slide 13

Pronghorn Prospect

• well cost: $7.0 million
• Whiting intends to test a higher density pilot program
• intends to drill 6 wells per 1280-acre spacing unit, up from the initial plan of 3 wells per spacing unit