Sunday, May 19, 2013

Random Post: Status Of CLR's Wahpeton Wells In Banks Oil Field

As of this date. See also:
Note two rigs on site:



19450, 322, CLR, Wahpeton 1-16H, Banks, t7/11; cum 129K 3/13; F;

Production (note the decline rate):

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN3-201331433643291568707570750
BAKKEN2-201328393840261315579957990
BAKKEN1-201331492549341410672467240
BAKKEN12-201231650064081888856985690
BAKKEN11-201210138313854288428420
BAKKEN10-20123153735528148813606136060
BAKKEN9-20123060075952155415128151280
BAKKEN8-20123162086181146210868108680
BAKKEN7-20123166886717159711027110270
BAKKEN6-20123075537476172311829118290
BAKKEN5-20123194099863222516824168240
BAKKEN4-20123093539106187613477134770
BAKKEN3-2012311040110374218315577155770
BAKKEN2-2012291179511865269417415174150
BAKKEN1-2012311846618390574427341273410
BAKKEN12-201124313430073919322132210
BAKKEN11-2011224502633580358
BAKKEN10-201125137718518126512650
BAKKEN9-201130284826226919749740
BAKKEN8-20113143534578814000
BAKKEN7-201114520046182614000
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LINN Energy's Business Plan In The Bakken

From an earlier post, Motley Fool is reporting:
A typical Bakken well will continue to produce oil for the next 45 years. Over those years the well will likely switch hands as the steep initial decline rates could force producers to sell wells to an MLP such as LINN Energy. In 2011, the company acquired Concho Resources assets in the Bakken, which included non-operated oil wells and an interest in 400 potential future drilling locations. LINN, which typically acquires mature assets, is positioning itself to consolidate Bakken wells once producers, such as its partners in these wells, are ready to cash out. 
Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or what you think you read here.  

Pays 8.8%.

MLP.

 Watch for MLP conference this week.
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Wells Coming Off The Confidential List Over The Weekend, Monday; Whiting With Two Nice Pronghorn Prospect Wells; 8/17 Bakken Wells To DRL Status

Monday, May 20, 2013
  • 22605, drl, Statoil, SCHA 33-34 3H, Alger,
  • 22864, 1,890, Whiting, Obrigewitch 41-17PH, Bell, t11/12; cum 69K 3/13;
  • 22865, 2,312, Whiting, 3 J Trust 44-8PH, Bell, t11/1; cum 70K 3/13;
  • 23112, drl, KOG, P Bibler 154-99-1-5-8-16H3, Stockyard Creek, no production data
  • 23369, drl, CLR, Atlanta 4-6H, Baker, no production data;
  • 23823, drl, Hess, En-State D 154-93-2635H-2, Robinson Lake, no production data;
  • 24217, drl, Slawson, Mooka 3-29-20TFH, Big Bend, no production data;
Sunday, May 19, 2013
  • 24043, drl, SM Energy, Didrick 4X-27H, Siverston,  no production data,
  • 24165, 1,193, Zenergy, GNR Federea 15-22H, Trenton, t2/13; cum 24K 3/13;
  • 24283, drl, CLR, Hawkinson 8-22H, Oakdale, no production data,
  • 24386, 64, Ballantyne Oil, Bloms 6-21, Spring Coulee; most likely a 5,000 foot (actual: 4,852) vertical Madison well with an IP in the range of 120, and a EUR of 200,000 bbls; t2/13; cum 1K 3/13;
Saturday, May 18, 2013
  • 21723, drl, Hess, BW-Ethyl Larson 149-100-0805H-1, Ellsworth, no production data,
  • 22562, 822, G3 Operating, Fort Berthold 148-94-21A-20-3H, Eagle Nest, t2/13; cum 31K 3/13;
  • 23073, 140, Corinthian Exploration, Corinthian McCullough 5-1-1H, North Souris, a Spearfish well; t2/13; cum 6K 3/13;
  • 23483, 1,471, WPX, Ruby 31-30HB, Antelope, t1/13; 54K 3/13;
  • 23563, 1,398, Marathon, Don 34-31TFH, Big Bend,  t2/13; cum 31K 3/13;
  • 24136, 2,894, BR, Lassen 41-26TFH, Blue Buttes, t3/13; cum 3K 3/13; 2 section-spacing
  • 24147, 180, Strike Oil, Savelkoul 7-21, Wildcat, Madison well; a few miles west of Spring Coulee, and the Ballantyne Bloms well; t4/13; cum --
  • 24218, drl, Slawson, Mooka 4-29-20H, Big Bend, no production data
****************************

22864, see above, Whiting, Obrigewitch 41-17PH, Bell:

DateOil RunsMCF Sold
3-20131102112780
2-2013966411211
1-20131680321211
12-20122198827672
11-201288479945

22865, see above, Whiting, 3 J Trust 44-8PH, Bell:

DateOil RunsMCF Sold
3-20131120517412
2-201372868294
1-20131769519435
12-20122406725305
11-2012931011284

 24165, see above, Zenergy, GNR Federea 15-22H, Trenton:

DateOil RunsMCF Sold
3-2013198620
2-201339550

22562, see above, G3 Operating, Fort Berthold 148-94-21A-20-3H, Eagle Nest:

DateOil RunsMCF Sold
3-20131713740
2-2013136860

23073, see above, Corinthian Exploration, Corinthian McCullough 5-1-1H, North Souris, a Spearfish well:
DateOil RunsMCF Sold
3-201349190
2-201312310

23483, see above, WPX, Ruby 31-30HB, Antelope:

DateOil RunsMCF Sold
3-2013193080
2-2013244480
1-2013102410


23563, see above, Marathon, Don 34-31TFH, Big Bend:

DateOil RunsMCF Sold
3-2013222751713
2-201381640
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This Global Warming Doesn't Quit -- Very, Very Fortunate; Otherwise A Lot Of Folks Would Be Freezing; As It Is, Alaska Breaks Record: Longest Snow Season

NBC News is reporting:
232 days - it took over 30 years for Anchorage to set a new record for the longest snow season on record.
And then this, it took 2/10ths + 1/10th: 3/10ths of an inch to set the record:
The National Weather Service measured 2/10ths of an inch just after 9 p.m. Friday and 1/10th Saturday morning - breaking the old record of 230 days set in 1981-1982.
The numbers sort of remind me of the story that sea levels have already risen 0.6 mm due to global warming. That's less than a centimeter which is less than .... well, it's less than something....

So, now, in one day two records broken:
  • longest season on record in Alaska
  • coldest April on record in North Dakota
And so it goes.
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Vermont Bans Fracking; Local College Wants Natural Gas Pipeline Even If Natural Gas Comes From Fracking; Cape Cod Town Residents Want Two Wind Turbines Removed

And that's the way it goes.

Platt's is reporting:
At the heart of the latest issue is a plan by Vermont Gas, the state’s natural gas utility, to add a 41-mile extension to its existing 750 miles of natural gas pipelines in the state. The new line would extend service to Middlebury, home of Middlebury College.
******************

Meanwhile, on Cape Cod, residents want the two town-owned wind turbines taken down; health issues. NPR reports. 
In the Cape Cod community of Falmouth, voters will decide if two, town-owned wind turbines will be taken down. Dozens have complained of headaches, insomnia and other issues since the first turbine started spinning in 2010. [ Update, May 25, 2013: the citizens voted. The wind turbines in Falmouth will continue to turn for now.]
**********************

Our two granddaughters went camping with girl scouts this weekend. The young one, even though not a girl scout, was invited. This was one of her projects while camping:

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Week 20: May 12, 2013 -- May 18, 2013

Non-Bakken
April, 2013, is coldest April on record in North Dakota

 Bakken Operations
CLR: a) testing all four benches of the Three Forks; b) 13 wells on one 160-acre spacing unit 
Get ready for some serious EOR in the Williston Basin 
Five (5) more natural gas processing plants under construction in North Dakota
Active rig count hits post-boom high (194)
COP says production ready to ramp up due to the Bakken
Graphic of CLR's 14 wells in one section
Crescent Energy's CEO calls rate of growth in the Bakken into question
CLR with four active rigs in one section in Divide County

Pipelines
WSJ article on the Double H well; $300 million project; CLR to partner with $100 million

CBR
Enbridge could shut down Berthold terminal

Fracking
Federal government (BLM) announced new fracking rules; enters 30-day comment period
Minnesota to allow fracking along trout streams

 New terms
"Deep cut"

 Economy
Soaring gasoline prices in face of oil glut

Economic development
Platt's: what is North Dakota going to do with all that oil money?
Electricity demand will more than triple over next two decades in the Williston Basin
North Dakota #1 in economic performance -- US Chamber of Commerce
Chicago-style hot dogs north of Alexander
Bobcat investing $350 million in addition/renovation in Bismarck
Minnesota seeing increased oil specialty services popping up

LNG
Sempra announces 20-year deal to supply Japan with LNG
Second federal LNG export license announced, Freeport
Most interesting convergence: Panama Canal expansion program finishing just in time for US LNG exports

Bakken deals
The list of 250 wells in Bowman County that were transferred from BR to Denbury was released

Vita est dulcis
Oregon using tanks meant to store ethanol to store crude oil
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New Poll

Time for a new poll, but first the results of the current poll.

The question: why does Saudi continue to increase the amount of their oil production despite reports that supply is already exceeding demand?
  • OPEC wants to show it is still in control: 36%
  • OPEC needs the revenue: 27%
  • OPEC wants to hammer North American production: 24%
  • Saudis anticipate disruption due to war: 5%
  • OPEC wants stable/lower oil prices: 3%
  • Other: 3%
  • Japan's imports warrant increased production: less than 1%

**********************

Benghazi, no.
Massive telephone tapping, probably not.
Civil rights violations -- the IRS, internal revenue scandal, possibly.

What will occur first?
  • A decision on the Keystone XL.
  • Serious discussion on impeachment proceedings in the House of Representatives.
Remember, as it stands now, the administration is on record suggesting a decision on the Keystone XL will not occur until after 2014, so plenty of time for things to develop.
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Global Warming Update: North Dakota Has Coldest April On Record -- On Record; Not Just Past Decade But Entire History

The Bismarck Tribune is reporting that this April, 2013, was the coldest April on record for North Dakota, beating the previous record set in 1907.

My grandfather came over from Norway in 1905. My dad wouldn't be born for another 15 years back when the previous record was set. That's how long it's been. I know some Al Gore folks were worried their grandchildren would never see snow again. For the archives:
The National Climatic Data Center says April this year was the coldest on record for the state of North Dakota.

North Dakota had an average temperature of 31 degrees in April. That was 0.1 degrees colder than 1907.
For South Dakota, this past April was the second coldest April on record. 
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Ten Incredible Numbers From The Bakken -- Motley Fool

I will post the ten incredible numbers later, if I remember.

1. The Bakken/Three Forks covers 14,700 square miles, the largest continuous crude oil accumulation in the US.

2. Wells cost between $7 and $11 million. Whiting claims to have some of the least expensive; CLR is coming down in price; KOG is still on the high side.

3. Wells are expected to last 45 years. [For investors: go to the link for an interesting take on this statistic.]

4. EURs in the neighborhood of 350,000 to 750,000 bbls of oil. In the best Bakken, independent analysts suggest the number could be as high as a million bbls.

5. Net profit: $23 million over the life of the well.

6. Over $4 million in profit/well.

7. Over $2 million in wages paid/well.

8.  Almost 800,000 bopd. Some expect 1,000,000 bopd by next April. Many doubt that will happen. I don't think we will see 1,000,000 bopd until late next summer. Some are saying this next winter could be pretty severe. Some say the Bakken will top out at 1.5 million bopd.

9. 50,000 wells to drill the Bakken/Three Forks. Currently about 5,000 have been drilled. One can do the math.

10. The Bakken/Three Forks potential was recently doubled by the USGS.
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The Bakken Effect -- East Coast Refineries Come Roaring Bakk(en) -- Platts

Platts is reporting:
Alarm bells rang along the US Eastern Seaboard not too long ago that the region would face fuel shortages due to refinery closures in the region, but the dynamics changed with the entrance of some new players as well as domestic crude supply via rail from the Bakken Shale play.
The region is study in contrasts in a matter of a few short years. A couple of years ago, it seemed three major plants might close: the then Sunoco-owned refineries in Marcus Hook and Philadelphia, Pennsylvania, and the then ConocoPhillips-owned Trainer, Pennsylvania, refinery. All that came amid Hess and partner PDVSA initially scaling back operations of the Hovensa refinery on St. Croix, which exported to the US Atlantic Coast, to 350,000 b/d in 2011 before shutting it in January 2012.
The US Energy Information Administration focused on the potential problem in an initial report in late 2011 that was updated in the spring of last year. One thrust was EIA noting that if the Philadelphia, Marcus Hook and Trainer plants went offline, that would result in the loss of 50% of East Coast refining capacity (as of August 2011).
But, Philadelphia Energy Solutions now runs the 330,000 b/d Philadelphia refinery while a subsidiary of Delta Airlines runs the 185,000 b/d Trainer refinery, having bought it in June 2012 to recalibrate the plant to produce more jet fuel. Trainer also supplies refined products to Phillips 66 and BP. The 175,000 b/d Marcus Hook refinery was idled at the end of 2011 and now serves as a Sunoco Logistics tank farm storing gasoline and middle distillates.
I wonder if Snopes or Jane Nielson will ever update their sites regarding the Bakken. 
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WSJ Reporting: Yahoo Will Buy Tumblr For $1.1 Billion In Cash

Updates

May 25, 2013: Bloomberg reports that Yahoo will put in a bid for Hulu.

 
Original Post
 
WSJ story here. And the WSJ front page story here.

And, yes, I have Tumblr site. The (London) DailyMail on this story here.

I guess I didn't post my notes regarding Tumblr.

Tumblr lives up to its name. Imagine putting 24 dice in a cup, shaking, and rolling. Look at what you roll. Same with Tumblr. Every day you sign in, you don't know what you will be seeing. And some of it is very, very good.

Yahoo moved quickly, it appears.

I'm somewhat disappointed that Apple with its huge cash reserve isn't buying some of these social sites; most will fail, but the ones that make it will be huge. Apple would not have missed $1 billion.

Tumblr is an alternate site for the 12- to 55-year crowd who don't want their parents to see what they are posting.  Tumblr purposely makes it difficult to find a specific "blog." It's a very interesting concept. I probably won't be using it often for the Bakken. I want folks to find me easily.
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1Q13 Milestones: CLR. Will Reduce Rigs To 20 (Efficiencies); Drilling All Four Benches Of The Three Forks

Some random data points for CLR, 1Q13 (some numbers rounded).

Prices:
  • average realized sales price (excluding effects of derivatives), oil: $90
  • average realized sales price (excluding effects of derivatives), NG: $5
  • average realized sales price (excluding effects of derivatives), boe: $72
  • hedging loss: $0.63/bbl boe
Production expense:
  • $5.70/boe, significantly lower than $5.90/boe from 4Q12
  • 10.9 million boe x 20 cents/boe savings = $2 million in savings past quarter on production expense
  • expense higher than annual guidance ($5.20 to $5.60) due to typical winter weather
  • expectation: production cost to decrease through majority of rest of year
Other select expenses, cash, debt:
  • Production taxes:8.2% of oil and natural gas sales
  • DD&A: $20/boe
  • B&A: $3/boe
  • Total cash: $60 million
  • Total debt: $4 billion
Bakken Ops
  • net production: 76,900 boepd; up 12% from previous quarter; up 60% from year ago
  • 22 rigs
  • 1.2 million net acres
  • 66 net wells in  1Q13
  • backlog: 80 gross wells drilled but not completed; down from 4Q12, but will grow at various times during the year due to pad drilling; 
  • ND wells: 84% oil; IPs averaged 1,125 boepd; EUR 603,000;
  • MT wells: 87% oil; IPs averaged 670 boepd; EUR 430,000;
22-well Lower Three Forks exploratory program:
  • Barney 2-29H-2, 2nd bench, IP of 1,075 boe, 16 miles north of Charlotte pad
  • Stedman 2-24H-2, 2nd bench, IP of 1,030 boe, Stedman pad, western flank near Montana stateline, 35 miles NW of Charlotte pad,  
  • Stedman 3-24H-3, 3rd bench, IP of 465, Stedman pad, see above
  • inclusive of these wells: 6 producing wells in the lower benches with average 1,170 boepd

Charlotte pad and Angus:
  • Charlotte 2-22H, 2nd bench, 116K boe over 18 months
  •  Charlotte 3-22H, 3rd bench, 55K boe over 5.5 months
  • Angus 209H-2, 2nd bench, 53K boe over 2 months
Four pilot density projects:
  • test 320-acre and 160-acre spacing in Middle Bakken and first three benches of the Three Forks
  • 47 gross wells in the pilot density program
  • Hawkinson pad, Dunn County: has drilled 8 wells; currently drilling the 9th on its first 320-acre pilog density project
  • Wahpeton pad, McKenzie County: drilling underway on the 13-well, 160-acre pilot
  • Tangsrud pad, Divide County: drilling underway on 12-well, 320-acre pilot
  • Rollefstad pad, 320-acre pilot; scheduled to spud in 2H13
  • Summary: 47-well pilot density program: 10 wells currently drilling; 10 wells waiting completiong; 27 wells yet to be drilled
  • Once each pad has reached IP, the wells will be announced together as part of quarterly results
Rigs
  • 22 currently; but will reduce to 20 due to efficiencies
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Competition For The Bakken -- Random Note

Just a reminder: with the Bakken reaching the manufacturing phase, operators with assets elsewhere will start reallocating resources and CAPEX.

As one example, in the 1Q13 press release, Harold Hamm:
"We are off to an excellent start in 2013 in executing our strategy of profitably growing our world-class position in the Bakken, testing the lower benches and downspacing capability, and also delineating our exciting new play, SCOOP," said Harold G. Hamm, Continental's Chairman and Chief Executive Officer. "Our focus on driving well costs lower has been successful due to enhanced utilization of pad drilling, improved cycle times and supply chain efforts.  We intend to maintain our capital spending discipline this year, as evident in our first quarter results."
SCOOP for CLR:
  •  Net production from South Central Oklahoma Oil Province ("SCOOP") play increased to approximately 14,200 Boe per day, up 100% from fourth quarter 2012 and up 462% from first quarter 2012.
EOG, of course, has huge presence in Texas, West Gulf, Eagle Ford. 
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Snapshot: Data Prior to May 20, 2013

This post is archived. Current information is found at the tab at the top of the blog: SNAPSHOT
PAGE 1: Data Prior To May 20, 2013
AREAS OF INTEREST IN THE NORTH DAKOTA BAKKEN
Acreage Will Change Over Time 
As of 3Q12: no longer current; too much data to track; will update selectively and periodically; consider all information out of date.

Abraxas
  • 4Q12e: 4,300 - 4,500 boepd
  • Operations in both the Bakken and Eagle Ford
  • 21,000 net acres in the Bakken (ND + MT); 20,853, SeekingAlpha, 2011
  • BEXP presentation says Abraxas has 20,853 net acres
  • Nesson: 2,600 net acres; nice acreage
  • Carter: 3,200 net acres; northeast of best Bakken; +/- value
  • North Fork: 3,200 net acres; nice acreage
  • Elkhorn Ranch: 2000 net acres; southwest North Dakota
  • Elm Coulee: 440 net acres; where it all started in 2000
  • Harding: 5,800 net acres; Williston area; nice area
  • Sheridan: 3,000 net acres; Montana northwest of Williston (quality?)
Anschutz
Ante5
  • as of January, 2013, no permits under either Ante5 or Black Ridge Oil name
  • new name for Ante5 --> Black Ridge Oil & Gas (proposed name change, 3/12)
  • 20,000 net acres
Aterra Exploration
  • as of January, 2013, no permits in North Dakota under the "Aterra" name
  • a privately held corporation operating in the Bakken and the Eagle Ford
  • 200,000 acres targeting the Red River formations
Bakken Hunter (a subsidiary of Magnum Hunter, see below)

 Ballard Petroleum, LLC
Baytex
Black Hills Corporation
  • See QEP, below, August 23, 2012 entry. 
Black Ridge Oil & Gas
BTA Oil Producers
Breitling
Brigham (BEXP) -->Statoil (STO) below
Burlington Resources (see COP below)

Chesapeake Energy Corporation
Clear Creek Resources, LLC, is a subsidiary of Chesapeake.

Continental Resources (CLR)
  • End 2012: proved reserved 564 million boe in the Bakken; yoy gain of ~ 100%; leasehold: 1,139,799 acres, yoy 24% increase; 2012 production: 36 million boe, a 58% increase over 2011; exit 2012 ~ 116,000 boe/d; for the first time booked proved reserves in lower benches of the Bakken Three Forks formation, with the recognition of three PDPs and 11 PUDs in 2012; 2 wells in the TF second bench; 1 well in the third bench
  • November 7, 2012, on the day CLR reported 3Q12 earnings -- announced it entered into agreement to buy 120,000 net acres (some in production) for $650 million, from Samson Resources --> 1.1 million net acres in the Bakken; will sell some assets "in the eastern US"; 103,000 bopd production; 1,104,040; will lower operating costs per boe;
  • 2Q12: average production of 94,852 boepd
  • 1Q12: production expected to hit 85,000 boepd
  • 1Q12: announces 37,900 more acres (ND & MT) 915,863 + 37,900 --> 953,763 net acres; 2Q12, investors' day presentation:  972,056 net acres. 
  • 4Q11: per Harold Hamm -- 915,863 net acres; does not include the 35,178 net acres acquired in February, 2012;
  • 4Q11: 901,098 net acres
  • Press release, Oct, 2011: acquired 22,600 net acres --> 923,270; from NFX for $275 million (small production; 8 drilled/unfracked wells)
  • 2Q11 CEO comments: 901,370 net acres
  • Previously:  Total Bakken acreage: 855,936 net acres 
  • Previously:  BEXP presentation says CLR has 868,900 net acres
  • 4Q11 production: 75,219 boepd
  • 3Q11 production: 66,289 boepd 
  • 1Q11 production: 51,663 boepd
  • 2009 production: 14,000 boepd
  • Additional BLM acreage (8,266 acres) as of early December, 2010,  not included in that 864,559 net acres
  • 24 rigs in the Bakken (21 ND; 3 MT); 5 fracking crews
  • Will increase # of operated rigs in early 2012
  • Normandy prospect: southwest North Dakota, Three Forks (103,334 net acres)
  • Divides the Three Forks into four separate zones; has completed a well into the second of these zones
  • 2011 wrap-up
  • EUR: 603K boe per well 
 COP (in the Bakken: wholly-owned subsidiary, Burlington Resources)
  • 3Q12 earnings call: 620,000 net acres; 26,000 boepd; ramped up from five to eight rigs; 
  • 626,000 net acres, COP/CEO at Houston conference, May 16, 2012
  • 460,000 net acres (Investopedia, March 29, 2011; Annual Report, 2010)
  • Looking to acquire more, Annual Report, 2010
  • 8 rigs (May, 2012); looking to ramp up to 9 - 10 rigs (same link)
Cornerstone Natural Resources, LLC
  • January, 2013: Director, NDIC, says Burke County is edge of the Bakken; said major operator in Burke likely to pull out (in Burke County: OXY USA, Oasis, CLR, Cornerstone)
  • website
  • an independent oil and gas company; headquarters in Denver
  • from website 1Q13: 
  • 89,000 net acres in ND (mostly Burke County); 21,000 net acres in Sheridan County, MT
  • 1,400 boepd; 40 operated/19 non-operated gross wells
CREDO
Crescent Point Energy
  • Canadian company
  • operates in the Bakken and Utah  
  • corporate presentation, May, 2013: 50-stage fracks; cost of wells are one-half the cost across the border in Canada from costs in North Dakota
Cress Oil, Inc
  • Subsidiary of X-Change (Houston)
  • Press release, April 9, 2012 -- enters the Bakken; acquires 44,000 net acres @$700/acre
  • 2 - 4 wells/year for the first three years 
  • According to its website, Cress Oil was formed on March 14, 2012, as a wholly-owned subsidiary of X-Change Corporation; 
Denbury = EOR
  • September 20, 2012: XOM to buy all DNR acreage in the Williston Basin Bakken (North Dakota and Montana); $1.6 billion deal; 196,000 Bakken acres; but DNR gets XOM acreage in Wyoming and Texas; see XOM below;
  • August, 2012, corporate presentation (dynamic link)
  • ~ 200,000 acres (August, 2012, corporate presentation); according to "anonymous," DNR has 66,000 acres in Ward County, too far east for the Bakken; whether they still have the acres or not is unknown; but off the books, and the rig there will not be kept (will let contract expire)
  • Back to 266,000 net acres (Enercom Conference, August 16, 2011); note -- previously planned to add 7th rig by January, 2012; now by end of 2011 (not much difference, but moved up) -- nope, now down to 4 rigs  (1Q12 conference call); back to six (6) rigs through 2012; see below, 4Q11 -- 4 rigs ("wrote off" 66,000 acres in the Almond prospect)
  • 266,000 net acres (April, 2011; IPAA conference presentation)
  • 275,000 net acres in the Bakken (January, 2011; agrees with corporate presentation)
  • Cherry Prospect: Siverston field, 
  • Fields, SW of the river: Camp, Cherry, Lone Butte, Bear Creek, Charlson, and Murphy Creek
  • Field: NE Foothills in Burke (+/- value)
  • Field: Almond in Ward County (76,000 acres; almost no proven value yet) Update: 4Q11 -- removed from inventory; no value; removed the one rig that was there
  • Analyst's number: 300,000 net acres (December 31, 2010)
  • 4 rigs (1Q12 conference call); 5 rigs (1H11); increase to 7 by January, 2012; 4Q11 -- Filloon says they will let contract on one expire; go to only 4 rigs
  • Production (from the Bakken): 9,976 (3Q11); 11,892 (4Q11); target: 14,750  in 2012; actual: 15,114 boe/d (1Q12)
  • Production (from the Bakken): 8,788 boed (2011); target: 8,400 
  • Definition of IP: consecutive 24-hour test in boe/d
Devon
Earthstone
  • Very, very small company; like NOG, a non-operating partner
  • Tends to partner with BEXP
Emerald Oil (VOG acquires Emerald Oil, announced July 11, 2012)

EOG
  • 580,000 net acres; November, 2012, NOG says 600,000 acres
  • BEXP presentation says EOG has 600,000 net acres (as does Filloon, June, 2011)
  • Bakken Core: Parshall oil field, for the most part; 100,000 net acres; 640-acre spacing
  • Bakken Lite: Bakken outside the Parshall oil field. e.g., northwest of Williston; 480,000 net acres; 320-acre spacing
  • Three Forks: 
  • February 1, 2011: company says they may be going down to 5 rigs; cut back to 2 frack crews; I don't think EOG fracks during the winter
ERF
  • 215,000 + net acres in the Bakken (ND, Montana, and Saskatchewan)
  • BEXP presentation says ERF has 230,000 net acres
  • Saskatchewan: Daly, Taylorton, Oungre, Neptune, Freda Lake
  • Montana: Sleeping Giant (mature asset; possibly EOR; west of Williston; small amount in ND)
  • North Dakota: Fort Berthold
Eternal Energy (EERG.OB)
  • Merging with American Eagle Energy (AMZG.OB) --> together, a $37 million company
  • Focused on Divide County (north of Williston; borders Canada)
  • Participates as working partner in 18 wells to date
  • Spyglass Project: 14,700 acres
  • First permits in North Dakota in October, 2011
G3 Operating
GEOI
GMX Resources
  • files for bankruptcy protection, April 1, 2013
  • for investors, a reverse stock split in January, 2013
  • 34,918 acres (June, 2012, corporate presentation)
  • 35,524 (Enercom Conference, August 16, 2011) (new acreage at $2,500/acre)
  • Previously: 26,087 net acres (North Dakota and Montana)
  • New acreage a bit more southwest of original acreage, Billings County 
  • Bakken avg: 1,390 boepd; McKenzie County avg: 1,660 boepd
  • Planning to sell some Niobrara acreage; all CAPEX directed to Bakken;
  • Spud-to-spud 35 days; spud-to-sales: 56 days
  • Entered the Bakken in early 2011; first rig scheduled for Sept 2011; second rig, Mar 2012
  • For investors, note: an $83 stock in 2008; now a $2 stock; a natural gas company trying to re-orient to liquid
  • This may be a more interesting company than I first gave credit; it was mostly a natural gas company; then said it was coming into the Bakken; to me it looked like GMXR was using the "Bakken" to attract venture capital; in fact GMXR has been very, very aggressive new permits, activity; I am pleasantly surprised.
Halcon
Helis, LLC
  • See QEP, below, August 23, 2012 entry. 
Hess
  • November, 2012, NOG says Hess has 800,000 acres
  • September Power Conference presentation: 900,000 acres; 16 rigs
  • Total ND Bakken acreage: > 750,000 net acres
  • BEXP presentation says Hess has 900,000 net acres 
  • 18 rigs (1Q11; after AEZ, TRZ acquisitions)
  • American Oil and Gas deal adds 85,000 acres (closed Dec 20, 2010)
  • TRZ acquisition: 167,000 acres
  • Total acreage: 500+85+167 = 752,000 net acres (2010)
  • East Nesson (EN)
  • Impact (IM)
  • Red Sky (RS)
  • Passport
  • Stampede
  • Avalanche (AV)
  • Goliath Prospect (GO) -- American Oil & Gas
  • Stony Creek
  • Buffalo Wallow (BW)
  • Little Knife
  • West Nesson
  • Nesson Anticline (Tioga, Beaver Lodge, Capa, Hawkeye, Antelope, Blue Buttes)
  • Newburg -- Bottineau County -- removed since last presentation
  • Fryburg -- west of Dickinson -- removed since last presentation
  • During 2011 Hess transitioned from 18-22 stage to 38 stage fracking. Results are incredible.
 Kodiak (KOG)
  • Update: 1Q13. 22K boed (11boed one year ago); crude oil, 88%. Beginning March, 2013, one full-time, 24-hr completion crew; will add a second crew in May, 2013; 7 operated rigs 9same); all in ND; continues with 12-well-test on a 1280-acre spacing unit in Polar/Smokey operating areas with two rigs operating in each area.
  • Update: July, 2012, corporate presentation: Production: 10,578 boepd (average -- 1Q12)
  • 155,000 net acreage in the Bakken after January, 2012, closing on North Plains Energy, LLC, assets 
  • 7 operated rigs 2Q12, 1-2 non-operated rigs; expect to hold all leases by production by mid-2013; two 24-hour frack spreads (still true as of January 10, 2012, press release)
  • Decline rates based on long lateral EURs of 650 - 850K bbls
  • Exit 2011: 9,000 (est 3Q11) (was 11,000 boepd -- estimate as of October, 2011)
  • Mid-2012: 24,000 (est Nov 11; after North Plains acquisition); exit 2012, 30,000 boepd
  • will add 2nd dedicated frack crew in 2012; one dedicated HAL fracking crew as of 1Q12
  • JV partner with 2 rigs; 50% WI
  • Total Bakken net acres: 93,500 net acres (ND: 85,000 ; MT: 4,500 acres)
  • November, 2011 announcement, acquisition: Divide County, McKenzie County, 50,000 acres
  • Prior to the June 30, 2011, acquisition: Total Bakken net acres: 70,000 net acres (Dunn County: 35K; McKenzie County: 35K)
  • Koala -- Mckenzie (Western Trend); 10,000 net acres; 7 wells/spacing unit
      • Koala Prospect: southeast of Williston, south of river, Williams Count (10,000 net acres); with current drilling program, all of Koala will BHP by 2012 end
  • Polar - Williams Country (North Flank Trend); 16,000 net acres; 7 wells/spacing unit
    • Polar Prospect: northern and southern Divide; just north of BEXP's Rough Rider;with current drilling program, all of Polar will BHP by 2013 end
  • Grizzly - McKenzie County (SW Bakken - TF Trend); 25,000 net acres; 7 wells/spacing unit
    • June 30, 2011 Acquisition -- East Grizzly Prospect: far southeast end of Elm Coulee on ND side (22,000 net acres); previously about 4,000 net acres in this area, the far southeast end of Elm Coulee on ND side
  • Dunn County (Eastern Trend), FBIR; 34,000 net acres; 7 wells/spacing unit
    • Dunn County Core area: northeast Dunn County, south of river (west of river), FBIR (34,000 net acres); 800 - 900K EURs; $10.5 million;
  • Smokey - McKenzie County, 16,000 net acres; 7 wells/spacing unit
  • Smokey Prospect: McKenzie County, old -- 11,742 net acres; between their acreage on the reservation and the newer Koala Prospect area and just to the west of the southern tip of the Nesson Anticline (16,000 net acres); with current drilling program, all of Smokey will BHP by 2012 end
  • Wildrose:  5 wells/spacing unit
  • Sheridan County, Montana: 4 wells/spacing unit
  • Jan 2012 Acq - Williams and McKenzie; 50,000 net acres
  • (Other Williston Basin: Montana, northwest of Williston, Sheridan County, 4,500 net acres)
  • Corporate presentation, December, 2011:  155,000 net acres
  • Analyst's number, December 31, 2010: 72,000 net acres
Liberty Resources LLC
LINN Energy
  • 4Q11: 17,000 acres
  • Entered the Bakken in February, 2011, acquiring CXO (Concho) Assets
  • 11,193 net acres, initially
  • 4Q11: 3,500 boepd
Magnum Hunter Resources (MHR) (Bakken Hunter is the subsidiary working the Bakken)
MDU Resources (Fidelity)
  • 124,000 net acres (MT and ND); acquired 27K acres in Richland County, MT; announced 1Q12; production record set: 3,500 bopd 
  • 5 rigs operating in the Bakken (2Q12); MDU has a total of 9 rigs (down from 10 in previous conference call); 5 is significant increase from 2 rigs 1Q12
  • 95,000 net acres -- CEO, 2011 earnings report
  • BEXP presentation says MDU has 66,000 net acres; about a month later, up to 90,000 net acres
  • June 25, 2011: MDU acquires 20,000 additional Bakken acres in Montana; MDU says they now have "90,000" net acres in the Williston Basin Bakken 
  • MDU: WBI
  • Of all the operators, the most disappointing; HQ in Bismarck, ND; seemed to have missed the Bakken right in their backyard; "discovered Cottonwood oil field; sold it to Oasis after some disappointing wells; Oasis became "overnight" success with this purchase; MDU re-entering the Bakken in 2011; doing better; MDU (utility) focused on natural gas; waited a bit too long to shift to oil
MRO (Marathon Oil)
  • November, 2012: NOG says 410,000 acres
  • Early 2012: 406,000 acres in the Bakken
  • 2011: 391,000 acres in the Bakken
  • 375,000 acres in the Bakken (SeekingAlpha, June 27, 2011) 
  • Operating 8 rigs; original plan -- up to 7 rigs in 2Q12 
  • 30-stage fractures
  • Odysseus: north, Divide County (no longer shows up on presentation)
  • Cassandra: east of Williston (no longer shows up on presentation)
  • Cazador: just north of the reservation in the Nesson anticline
  • Myrmidon: northwest corner of the reservation
  • Marfa: MRO's largest area; southwest of the reservation; borders the reservation, Dunn County -- Marfa DOES NOT show up on most recent presentation
  • Hector: eastern area of Marfa, just outside of the reservation, Dunn County
  • Ajax: continuation of Marfa, southwest of Marfa, Dunn County
  • Blacktail: very, very small area west of Ajax (no longer shows up in presentation)
  • Paris: west of Marfa, in Williams County, about same size as Ajax
  • Diomedes: northwest Williams and eastern Montana (Sheridan County) (new)
  • Menelaus: very small prospect in west central McKenzie (new)
  • Aeneas: northwest corner of McLean, east of river (new)
  • Helen: very small, scattered acres north of Hector (Helen)
  • Elk Creek: very small, scattered acres west of Helen (new)
  • Analyst's number: 365,000 net acres (December 31, 2010) 
  • 2016 average boepd, est: 38,000 (15% increase from previous 33,000 est)
  • 2012 average boepd, est: 27,500
  • 2011 average boepd: 24,000
  • 2010 average boepd: 10,000
Mountainview Energy
  • Corporate presentation;
  • May, 2012: acquires ~ 13,000 acres in Divide County; total ~ 36,000 net acres
  • 11,000 net acres in Williston Basin; strategic goal -- to acquire 30,000 net acres in the Williston Basin
  • Divide, Williams Counties (ND) and Sheridan (MT) -- far north
Newfield (NFX)
  • 4Q12/2012: 10,500 boepd;
  • July presentation: yes, NFX is down to 100K net acres in the Bakken; 2 - 4 rig program; 
  • 4Q11: CEO mentions only 60,000 net acres in core Bakken (Nesson anticline) and 40,000 acres in Elm Coulee -- so is NFX down to about 100,000 acres in the Bakken?
  • 4Q11: sold 23K acres to CLR; Filloon says this was their Catwalk Prospect they sold
  • October, 2011 presentation: ~ 140,000 net acres -- did NFX sell some Bakken acreage?
  • Older presentations: 271,000 net acres in Williston Basin (ND and MT) 
  • BEXP presentation says NFX has 174,000 net acres (significant decrease from earlier number) 
  • Filloon: 174,000 net acres, July, 2011
  • According to SeekingAlpha, May 3, 2011: 174,000 net acres (significant decrease)
  • (Elm Coulee: Montana, southwest of Williston), 55k net acres
  • Big Valley: north of Williston; Divide/Williams County border, 48k net acres
  • Catwalk: east of Williston; middle of Williams County, 29k net acres; sold to CLR in 2011?
  • Westberg Prospect Area: Nesson Anticline, McKenzie Cty on Mountrail border, 10k net acres
  • Lost Bear: Northwest Dunn County. 7k net acres
  • Aquarium/Watford: McKenzie County, near Watford City, 22k net acres
  • July, 2012: 8,500 boepd; 2012 production expected to increase by 35%;
  • Filloon: Newfield has some of the best IPs in the Bakken
North Plains Energy, LLC
  • KOG to buyout North Plains Energy, LLC; 50,000 net acres; 30,000 of those acres contiguous with KOG's core Bakken; 20,000 net acres in the exciting Divide County area at the border with Williams County
  • Denver-based
  • 40,000 net acres (2010; corporate webpage)
  • 2 rigs
NOG
  • March, 2013 update: 12th largest leaseholder in the Bakken; 180,000 net acres; 106 net wells; curently drilling 157 gross (12 net) wells); proved reserves, 68 million boe; still says has potential to acquire 3,000 to 5,000+ acres/quarter; I don't see much change since last presentation.
  • 4Q12 update: 10,000 boepd; 106 net wells; 
  • November, 2012, corporate presentation: 184,000 net acres;
  • 2Q12: 180,000 net acres; average cost: $2,184/acre for most recent 7,060 net acres in key prospect area; 16 net wells in 2Q12;
  • June corporate presentation: 177K acres; average cost: $1,832; $15 - $20 million/quarter in 2012 for acreage acquisition
  • 1Q12 results: 173,000 net acres; average cost: $1,672/acre; acquired 10,278 net acres in 1Q12;
  • Dec 15, 2011, corp update -- 4Q11: acquired 7,600 acres; $19 million ($2,500/acre); exit 2011 w/ 160,000 net WB acres
  • Exit 2011 with 37 net wells; spud 40 wells in 2011; avg 7,000 boepd
  • Exit 2011: 10,000 boepd (compare with OAS and KOG)
  • CAPEX for 2012: $325 million; spud 44 wells; avg cost of Bakken well -- $7.4 million
  • BEXP presentation (link now broken) says NOG has 148,904 net acres; early 2011
  • 147,407 net acres in North Dakota Bakken and Three Forks (according to 2010 annual, released Mar 2, 2011)
  • Analyst's figure: 130,000 net acres (December 31, 2010)
  • Avg daily production (bbls): 140 (2008); 800 (2009); 2,500 (2010); 5,000 (2011);
  • NOG CONFERENCE NOTES, 2012:
As a non-operator NOG takes advantage of the discount in prices for small parcels of non-op acreage compared to operated acreage.  Moreover, without the drilling infrastructure NOG maintains more flexibility should oil prices fall out of bed.
Acreage is acquired in the path of development, giving great time value metrics.
NOG will issue an updated reserve report with Q2 results.  With 40% of net wells having come online in 2012, expect NPV-10 to balloon.
NOG participates in ~25% of North Dakota Bakken wells, with average interests of almost 10%.
Hedged:  75% for balance of 2012 with a floors near $91;  hedged 50% for 2013 with floors near $90.
Drilled more net wells in Q1 2012 than OAS or KOG.
When the oil price is down, acreage acquisition dynamics moves into their favor.
Oasis
  • 1Q13: formed Oasis Midstream Services (SWD and other activities; cost savings of $0.3 million/well); says well costs are down to $8.4 million excluding OMS savings;
  • 2012 Summary: avg daily production (doubled previous year) to 22,469 boepd; 93 net wells; net proved boe at 143 million bbls (82% increase over 2012); 335,383 net acres; 264,595 HBP; launched Oasis Well Services (internal frack provider); decrease well cost from $105. million to $8.8 million; goal for 2013 -- 30,000 to 34,000 boepd
  • January, 2013: Director, NDIC, says Burke County is edge of the Bakken; said major operator in Burke likely to pull out (in Burke County: OXY USA, Oasis, CLR, Cornerstone) 
  • November, 2012: NOG says 333,000
  • 320,000 September corporate presentation
  • 320,000 (2Q12 earnings call)
  • 307,430 (June 2012 presentation)
  • 303,231 (3Q11) (ND and Montana Bakken acreage)
  • (10,000 acres acquired in late 2010, Elm Coulee, Richland County, Montana)
  • Analyst's figure: 292,000 net acres (December 31, 2010)
  • 10 rigs [prev 9 rigs];  prev plan 12 in 2012 (3 contracted); 3 frack crews; 11 yrs of drilling if 120 wells/yr; now plan to exit 2012 with 10 rigs
  • Oasis Well Services, fracking company, 1H12; save $1 million on 20 net wells;
  • Drilling days: 29 days, avg, 2010; 26 days, avg 2011; Feb, 2012: 23 days; fastest: 18 days
  • West Williston: 208,000 net acres [previously - 201,265] [prev191,716 net acres (up slightly from 191,552, last report)]
  • East Nesson: 108,000 net acres [previously 97,956 net acres] [prev 102,786] net acres
  • Sanish: 8,000 [ previously 8,409] [prev 8,729] net acres
  • Prospects: Red Bank (north of Williston), Indian Hills (south of Williston, other side of river, deepest of the formation, Heart of the Bakken), Mondak (southwest of Williston, mostly McKenzie County; Hebron (Montana, directly west of Williston, Richland County, Montana); Target (Montana, northwest of Williston, west of the Red Bank prospect); St Croix (north of Cottonwood); North Cottonwood; South Cottonwood (north of Parshall); Missouri (Montana, west of Hebron);
  • Three Forks:  South Cottonwood, Indian Hills, Sanish
  • Has its own fracking company 
  • 36 stage frack: $10 million for sand/ceramic mix; $9.2 million for allsand
  • 4Q12 (est): 22,000 boepd (Feb 3, 2012 presentation)
  • 4Q11: 15,182 boepd (December: 16,200 boepd)
  • 3Q11: 14,300 boepd 
  • 4Q10: 5,206 boepd
  • Proved reserves increase 98%, 4Q11 vs 4Q10
  • See MDU above
Open Range Energy, Inc
  • 7,700 acres, June 27, 2011
  • 70% operated interest in 11,000 acre; Burke County; Bakken and Three Forks
  • First two permits issue June 27, 2011
OXY
Oxy Little Knife LLC
  • first seen/blogged about January 6, 2012
  • entered the Bakken by acquiring five very old Madison wells in the Little Knife oil field from Citation
  • as of January 6, 2012, these were the only Oxy Little Knife wells
  • my hunch: a wholly-owned subsidiary of Oxy USA
  • January 5, 2012: a reader sent in a comment that said Oxy USA owns (not rents) facilities in only three cities: Houston, Los Angeles, and Dickinson
Petro Harvester
Petro-Hunt
QEP
Renegade Petroleum Limited
Resolute Energy
  • BEXP presentation says Resolute has 33,415 net acres
  • New Home: 23,528
  • Paris:  8,425
  • Shep: 1,423
Samson Oil & Gas
Samson Resources
Sequel Energy, LLC
Serka Services, a subsidiary of Adali
  • < 400 acres, mostly in McKenzie County, small holding in Billings County
  • entered the Bakken in July, 2012
  • based out of Istanbul, Turkey; a construction company
Slawson
  • November, 2012, NOG says Slawson: >100,000 acres 
SM (previously St Mary Land and Exploration)
  • Filloon says SM has 202,000 net acres (4Q11)
  • 2 rigs; a third sometime late 2011 
  • 4Q11: 8,200 boepd
  • 3Q11: 5,300 boepd
  • Was a natural gas company; moving to oil; still (4Q11) 56% natural gas
SSN (Samson, out of Australia; not Samson Resources)
  • 3,033 acres in Stockyard Creek, North Dakota Bakken (website, not updated)
  • Up to 90,000 more acres in Williston Basin Bakken, Roosevelt County, Montana
Statoil (previously BEXP)
  • Statoil update, April, 2013: 378,000 acres (258,000 in ND; rest in Montana); fewer than 150 wells to be drilled in 2013; rig count to average 12, one less than 2012; norm: 7-well pads: 4 MB, 3TF; shipping almost exclusively by rail; mostly to east coast; looking at shipping to Vancouver; rail for 3 - 4 more years; lower benches of the TF? won't research; will follow what others are doing in the Bakken, then drill; study group in Williston/Austin looking how to use natural gas driving artificial lifts;
  • 2012: 47,000 boe; 150 wells drilled in 2012;
  • December 9, 2011: noted that ticker symbol BEXP no longer existed; 21,000 boe;
  • December 8, 2011: Statoil's offer to buy tendered BEXP shares has closed this date
  • October 17, 2011: sale to Statoil announced; effective, 2012
  • August 9, 2011, corporate presentation: 375,800 net acres; (still available, April, 2013)
  • 1Q11 conference call: 371,200 net acres; 6,900 additional acres since last update 
  • Last update: net present value (NPV)/well ~ $9.5 million 
  • 2Q12: rigs, 10 ---> 16 since acquiring BEXP
  • Accelerating to 12 rigs by March, 2012; two dedicated frac teams now
  • (Eastern Montana: Rough Rider and Sedlacek)
  • Rough Rider, 155,100 net acres: Williston area, both north and south of the river; Williams and McKenzie
  • Sedlacek, 9,900 net acres: eastern Montana
  • Parshall/Ross: Mountrail County; most prolific area to date in ND Bakken; 35,900 net acres in the Bakken; 35,000 net acres in the Three Forks (same surface, no doubt)
  • Parshall/Austin/Sanish: 5,300 net acres in the Bakken; 2,700 net acres in TF (same surface, no doubt)
  • Mercer (North Dakota): 30,000 net acres Bakken; 30,000 net acres TF (same surface, no doubt)
  • Other extensional areas: 24,700 net acres
Surge Energy (SGY)
TAQA North
TPLM (Triangle Petroleum)
  • March, 2013, corporate presentation; no significant change, but slide 17 is confusing on production numbers.
  • 1Q13, Enercom Conf: McKenzie County, core - 22,000 net acres, 2 rigs; Williams County, core/other -- 14,000 net acres; Montana/Station Prospect -- 50,000 net acres; Rockpile will add a 2nd frack spread; sand storage/rail off-loading/maintenance facility able to support 3 - 4 frack spreads; expanding into cased hole wireline services, operational by 2Q14; Caliber Midstream (crude oil, natural gas, produced water, freshwater)
  • 85,600 net acres, 2Q12 -- announced Sept 6, 2012 -- in that announcement, TPLM said they acquired or "converted" approximately 3,500 net acres (I do not know what they mean by "converted")
  • 83,500 concentrated net acres, January, 2012, corporate presentation; 54,500 in MT; 29K in ND
  • ND prospect: north and south of Williston in Williams County and McKenzie County
  • Doubles net acreage: 72,000 net acres
  • Original post: 13,000 net acres
  • One frack spread: RockPile, LLC, majority-owned (83%) subsidiary; January, 2012, corporate presentation
  • Forms venture pipeline company with First Reserve, announced October 1, 2012; 
  • 8 wells/spacing unit; multi-well pads; zipper fracs
  • Goal: exit 2012 at 3,200 boepd
  • As of 1/23/12: 42 applications for permit to drill
Unit Corporation (UNT)
  •  13,400 net acres (Feb 2012)
  • 12,750 net acres(2011)
  • Exits 2011 at 831 bbls/day; participated in 17 wells, avg wi of 11%; total net cost $18 million
URSA
USEG
VOG -- > Emerald Oil
Whiting (WLL) -- last updated with July, 2012, corporate presentation
  • 4Q12 transcript; 66,156 bopd (true bbls, not boe) from the Bakken; CEO says 700,000+ acres;
  • November, 2012: NOG says 714,567 acres; proved reserves: 379 million boe; #1 oil producer in the Bakken; CLR is a close second (some lists may show CLR #1)
  • 701,751 net acres (Bakken: ND and MT) 1Q12; based on additional 13,300 net acres acquired in March, 2012 (Missouri Breaks); additional 20,000 since end of 2011; average cost of all Bakken acres: $503/acre. 
  • 681,504 net acres, source, CEO, February, 2012, presentation
  • 680,137 net acres, source: CEO, October, 2011, presentation
  • 678,248 Bakken acreage (SeekingAlpha, June 27, 2011) 
  • 2Q12: goal - 160 net wells in core areas; added 4,000 net acres to Missouri Breaks;  each WLL rig now drills 12 wells/year (vs 10); pad vs stand-alone cost savings, $500K; ratio of 1.5 workover rigs to drilling rigs, looking to acquire 6 more workover rigs;
  • Previous update: Net Bakken acreage (Montana + North Dakota): 580,000 net acres
  • According to SeekingAlpha, May 3, 2011: 603,702 net acres
  • Total acquisition cost: $141 million or $243/acre
  • Net Bakken acreage, North Dakota only: 2Q12: 450,000 net acres; net in ND and MT: 703,668 in 2013; as of 12/31/2012, Whiting's acreage cost averages out to $521/net acre
  • Sanish / Parshall Prospect: 82,533 in 2013; 83,011 net acres and 99 wells in 2010; 106 in 2011; EURs 450 - 950 (middle Bakken) and 400 mboe for upper Three Forks in the Sanish; 2Q12, only 22 stages for best well to date, the Smith 41-12H; initiated pad drilling in the Sanish; costs down $2 million/well --> $7 million/well in Williston Basin; 2Q12 -- maybe 50 more wells yet to drill in the Sanish;
  • Lewis and Clark: 134,861 in 2013; was 128,370 net acres; Lewis & Clark NW of Belfield; 1 rig;
  • Pronghorn: 128,113 in 2013; was 121,403 net acres; Belfield area; TFS Exploration Drilling; Pronghorn is between Belfield and Dickinson;  5 rigs in the Pronghorn. 2Q12: ~ $6.5 million/well;
  • Hidden Bench: 28,556 in 2013; was 30,036 net acres; middle Bakken, TFS. 2Q12 -- "one of the very best projects in the company.
  • Tarpon: 6,265 in 2013; was 6,359 net acres; Watford City area; middle Bakken, TFS; Tarpon Federal 21-4H -- record IP in the Bakken
  • Starbuck: 92,227 in 2013; 91,497 net acres; Montana, west of Williston; Middle Bakken; [prev 88K net acres];
  • Missouri Breaks: 66,095 in 2013; was 62,000 net acres; Montana, west of McKenzie County; EURs - 350,000K
  • Cassandra: 13,816 in 2013; was 13,794 net acres; Ray area, east of Williston; Middle Bakken;
  • Big Island: 122,389 in 2013; 121,673 net acres; Golden Valley County, southwest corner of ND; multiple objectives; earlier presentation 120K; 50 vertical well prospects (2Q12); all successful Madison wells; EURs of 250,000K; completion costs: $3.5 million; now drilling the Red River; 
  • Other ND & MT: 28,813 in 2013;
  • 15 rigs in North Dakota; 1 rig only in Big Island; will increase to 24 rigs in the Bakken (ND/MT) -- 1Q12 earnings press release;
  • $3 million-Red River non-fracked wells
  • 716 de-risked locations; 10-year inventory; 
  • Well cost: $7 million in the Pronghorn; $6 million in the Sanish; costs increasing;
  • Will join CLR and BR in testing the 2nd bench of the lower Three Forks; Missouri Breaks was purchased based on potential of this 2nd bench;
  • Production: 64K boepd
WPX: Williams (WPX) (Dakota-3) --> WMB (January 3, 2012)
  • WMB remains the pipeline company; WPX is the E&P company in the Bakken
  • Eric Fox, Investopedia says WMB has 85800 net acres
  • Same source says: 6,400 boepd from the Bakken, January, 2012 
  • 5 rigs; plans to add a 6th in 2012;
  • Bought 7 percent of Fort Berthold Indian Reservation; that's how it entered the Bakken, back in 2010 (if I recall correctly)
  • Natural gas heavy; 4Q11 -- 83% gas; 17% oil
Williston Exploration, LLC
  • November 25, 2012: 10,000 acres ("3,000 acres prior to our purchase of Upton Resources assets [7,000 acres ] for a total of 10,000 acres" -- company e-mail)
  • Private; targeting the Tyler in Billings County
XOM (XTO)
  • November, 2012: NOG says 600,000 acres
  • September 20, 2012: XOM to buy all DNR acreage in the Williston Basin Bakken (North Dakota and Montana); $1.6 billion deal; 196,000 Bakken acres; but DNR gets XOM acreage in Wyoming and Texas; see XOM below; --> 606,000 net acres?
  • Net Bakken acreage (Montana + North Dakota): 410,000 net acres
  • Much of it inside the reservation; closely aligned geographically with KOG
USGA Assessment Units

USGS Assessment Units: The five assessment units (AU) of the Bakken as denoted by the USGS, amount of estimated recoverable oil, and percent (in terms of acreage) in Montana/North Dakota:
  • Northwest Expulsion Threshold AU, 868 million barrels, 80/20 (MT/ND)
  • Eastern Expulsion Threshold AU, 973 million barrels, 100 (ND)
  • Nesson-Little Knife Structural AU, 909 million barrels, 100 (ND)
  • Elm Coulee-Billings Nose AU, 410 million barrels, 55/45 (MT/ND)
  • Central Basin-Poplar Dome AU, 485, 45/55 (MT/ND)
Note: most information, including net acreage, comes from corporate presentations. Occasionally I receive information from analysts who might have more up-to-date information than I  have; in those cases I note it with "Analyst's number" along with the corporate presentation information.   


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Archived data (this page changed December 18, 2012).

Explanation for this archived data below links, at bottom of the page.

Yahoo!Finance Messages:
  • DFWTRACKER
  • DKWILK
  • LAKESIDEINVESTOR: Yahoo!Finance Messages (my messages are sometimes cynical, sarcastic, downright mean, but I'm trying to do better, and I'm persona non grata on some boards)
Bakken Shale Discussion Group (unfortunately a lot of contributors to the group have been scared off):
Bakken Blogs:
I don't know if this is going to work or not, but there are a few folks who consistently post good information on various discussion groups. Some folks have asked that I link those folks to my blog. I'm going to see if this works.
In 1851, Western Union was founded with the purpose of finding the most efficient way of transmitting information. So, with that "connection," I will label this page "Western Union" (and if they object, I will change it to Bakken Union) to aggregate and link those folks as noted above. Alternate name, if it comes to that: "Pony Express."
I will rely on others to point out those folks whom they think I should add.

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Renewable energy: the vision and a dose of reality.
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