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Monday, July 8, 2013

Random Look At the 2nd Group of 100 Wells Early In The Bakken Boom -- 2nd In A Series

See first posting in this series.

This is the second group of 100 wells, permit numbers 16501 - 16600.

The current Bakken boom in North Dakota began in 2007.

Of the 100 wells
  • Birdbear:2
  • Greenhorn: 2 (all PNC)
  • Madison: 26
  • Midale: 1
  • Pierre: 5
  • Red River: 14
  • Spearfish: 1
  • Tyler: 2
  • Winnipegosis: 1
  • Bakken: 46
One Bakken well one was inactive; all the rest are still active.

The table below:
  • The fourth column: bbls of oil in thousands, cumulative (updated Bakken wells, 10/14)
  • The fifth column: month/year drilled (tested)

16501 madison 70 3/8
16502 madison 259 8/7
16503 greenhorn PNC

16504 greenhorn PNC

16505 madison dry 1/7
16506 madison 0.9 6/7
16507 madison 106 3/7
16508 red river 72 6/7
16509
127 6/7
16510 286 4/7
16511 pierre 0 8/7
16512 pierre 0 8/7
16513 pierre 0 8/7
16514 pierre 0 8/7
16515 pierre 0 8/7
16516 red river 69 4/7
16517 red river 104 6/7
16518 red river dry 4/7
16519 madison 24 4/7
16520 madison exp

16521
47 5/7  -- OXY
16522  madison 34 6/7
16523 red river 2 10/7
16524 madison PNC

16525 tyler PNC

16526 tyler 0.3 3/7 TA
16527 red river 168 7/7
16528 red river 187 7/7
16529 red river 328 8/7
16530 madison PNC

16531
192 6/7
16532
450 7/7
16533 red river 293 6/7
16534
345 5/8
16535 madison dry 3/7
16536 madison PNC

16537
144 9/7
16538
14 7/7
16539 red river PNC

16540 madison exp

16541
96 9/9
16542 red river  326 6/7
16543
419 7/7
16544
244 5/7
16545
13 8/7
16546 madison exp

16547
PNC

16548
131 6/7
16549
96 5/7
16550
381 9/7
16551
41 7/10
16552
PA 8/7  -- Hess
16553 madison PNC

16554 madison  PNC

16555 madison PNC

16556 madison dry 3/7
16557
PNC

16558 birdbear 5 10/8
16559
175 8/7
16560
47 8/7
16561
180 7/7
16562
109 9/7
16563
PNC

16564 madison 0.2 4/7
16565
69 8/7
16566
18 11/8
16567
52 9/7
16568
41 9/7
16569 madison 88 6/7
16570 madison 16 7/7
16571
195 11/7
16572
121 10/7
16573
91 7/7
16574 spearfish exp

16575
53 8/7
16576 red river dry 5/7
16577
512 1/8
16578
445 9/7
16579
140 7/7
16580 winnipegosis 42 7/7
16581 red river 41 10/8
16582
110 10/7
16583
336 4/8
16584
PNC

16585
PNC

16586
113 7/9
16587
102 7/10
16588 madison 40 7/7
16589 madison PNC

16590 madison 100 7/7
16591 birdbear 86 12/7
16592 madison 16 8/7 IA
16593 madison dry 6/7
16594
PNC

16595
PNC

16596
PNC

16597 red river  185 8/7
16598 red river 295 10/7
16599 midale/nesson 48 7/7
16600
36 7/7

I did this little exercise because some folks have said the Bakken wells have such a bad decline rate, they will start shutting some of them down after five years. Many of the 46 Bakken wells above appear not to be economic, but as long as they are producing, they hold the lease by production.

In addition, a lot of those commentators were way ahead of their headlights. Early in the boom, "they" were drilling everywhere to see what they had: they were defining the boundaries of the middle Bakken. "We" didn't even know about the Three Forks which might turn out to be even better than the Bakken. Also, operators were still trying to crack the geology of the Bakken. And, it goes without saying that completion/fracking techniques were evolving. Costs were high, and getting higher. Now, with pad drilling and for other reasons, costs are coming down. 

In the game of basketball, there are players whose stats (points, rebounds, etc) are very, very poor, but they play an important role on the team for other reasons.

The most interesting thing in this little exercise: how great some of the Red River wells were.

Disclaimer: I went through the data base fairly quickly, and it is very likely there are errors. But the errors are unlikely to change the general results.

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