Friday, July 26, 2013

Whiting's 2Q13 Corporate Presentation -- Some Interesting Data Starting To Fall Out -- The Fog Is Starting To Clear

The current corporate presentation can be found at Whiting's website.

Some numbers rounded.

Rocky Mountains production: 70,000 boepd.

Total primary net locations in the Bakken: 1,249
Total prospective net location in the Bakken: 663

The drilling plan remains the same as in the June, 2013, presentation

Current drilling program, identified primary locations:
  • Southern Williston (Lewis & Clark, Pronghorn): 3 pronghorn sand/1280
  • Western Williston (Cassandra, Hidden Bench, Tarpon, Missouri Breaks): 4 MB, 3UTF/1280
  • Sanish (Sanish, Parshall): 3.5 MB, 3UTF/1280
Current drilling program, prospective locations:
Williston Basin New Objectives
Missiouri Breaks UTF: 3/1280
Hidden Bench Lower Bakken Silt/High Density Pilot: 4 Bkn Silt; 4MB/1280
Cassandra LTF: 4LTF/1280
Tarpon LTF: 3LTF/1280
Williston Basin Higher Density Locations
Pronghorn Sand Higher Density: 3 add'l pronghorn sand/1280
Sanish higher density and infill: 3 add'l MB/1280
 OOIP by zone/1280-acre spacing unit in million boe
Middle Bakken
  • A Zone: 6
  • B Zone: 7
  • C Zone: 6
  • D Zone: 11
Three Forks: 9
Summary, OOIP:
  • Middle Bakken sub-total: 30
  • Total Bakken shale sub-total: 19 (probably not much interest; < 2% recovery)
  • Three Forks sub-total: 9
Total OOIP/1280-acre spacing unit in Williston Basin Bakken pool: 58 mmboe

Note: 
  • 1) all zones not found throughout the Williston Basin
  • 2) Whiting feels D Zone is underexploited

No comments for now. Simply some back-of-the-envelope calculations
  • Subtracting out the Bakken shale sub-total of 19, back to 39 million boe/1280-acre spacing unit
  • Recoverable, primary: 5% -- 1.95 million bbls/1280-acre spacing unit
  • Seven wells/1280-acre spacing unit at 500,000 bbls oil EUR = 3.5 million bbls/1280-acre spacing unit

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