Slide 10 (I am unsure of the meaning of some symbols in the legend, but I believe I am correct in the following):
Whiting notes four zones in the middle Bakken, Zones A, B, C, and D. In this particular slide, Whiting does not note the various benches in the Three Forks.[Back of the envelope: 40 x 0.05 x 75 = $150 million/1280-acre drilling unit at the wellhead.]
Zone A:
Zone B:
- TOC: 6.3 to 7.9%
- OOIP: 6 (mmboe/1280 acre)
Zone C:
- TOC: 4.4 to 6.1%
- OOIP: 7
Zone D:
- TOC: 6.0 to 9.4%
- OOIP: 6
Three Forks
- TOC: 4.7 to 6.5%
- OOIP: 11
- TOC: 7%
- OOIP: 9
Slide 11:
- Whiting adds another 19 million bbls OOIP in Bakken shale; recovery efficiencies < 2%
- Whiting feels Zone D is underexploited
- proposed drilling plan for Whiting's various prospects
- as few as 6 wells per spacing unit in the Pronghorn prospect
- as many as 15 wells per spacing unit in the Hidden Bench prospect
- graphic of Whiting's recent acquisition
- 17,282 net acres smack dab between its Missouri Breaks and Hidden Bench prospects
- even with the pricey new acquisition, Whiting states: as of 6/30/13, Whiting's total acreage cost in 697,259 net acres is approximately $383 million, or $549/net acre"
- for perspective: Oasis recently announced 161,000 acres for $1.51 billion
- cost of Red River wells: $3 to $3.5 million; EUR: 250K/well
- compare with "Bakken wells": $6 to $8.5 million
- North Dakota production exceeds pipeline capacity
- rail plus pipeline exceeds production
- Whiting has a robust oil and gas gathering system in the Williston Basin
- realized prices in 2Q12: $75/bbl
- margins in 2Q12: $50/bbl
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