Whiting's Corporate Presentation, June 2014

I have not looked at  WLL corporate presentation in a long time; perhaps I have and have just forgotten. Whatever.

NET ACREAGE

Let's compare WLL acreage in the Williston Basin according to their June, 2014, corporate presentation with their net acreage back in 2012.

June, 2014:

• Net Bakken acreage (ND/MT): 683,804 
• Sanish/Parshall Prospect: 82,445
• Lewis and Clark: 117,590
• Pronghorn: 125,630
• Hidden Bench: 37,314
• Tarpon: 6,265
• Starbuck: 42,932
• Missouri Breaks: 65,869
• Cassandra: 13,949
• Big Island: 137,559

Back in 2013 or as indicated:

• Net Bakken acreage (ND/MT): 697,259, 2Q12
• Sanish / Parshall Prospect: 82,400 in June, 2013
• Lewis and Clark: 134,034, July, 2013
• Pronghorn: 128,596, July, 2013
• Hidden Bench: 28,832, June, 2013
• Tarpon: 6,258, June, 2013
• Starbuck (in Montana, west of Williston): 89,815, July, 2013
• Missouri Breaks (in Montana, west of McKenzie County): 57,526, July, 2013
• Cassandra: 13,951, July 2013
• Big Island: 125,795, July, 2013

It appears Whiting sold a fair number of acres in Montana, Roosevelt County, west of Williams County in North Dakota (west of Williston)

HIGHLIGHTS IN THREE FIELDS

• Missouri Breaks, Montana: Skov 31-28-3H, 1,607 boepd (WLL Field Records) coiled tubing frack
• Hidden Bench: cemented liner completions 15 wells; average IP: 2,643 boepd
• Cassandra: Kaldohl 11-3H, 1,930 boepd (WLL Field Record); cemented liner

For newbies: remember when we got excited about IPs of 750 in the Bakken back in 2007?

COMPLETIONS
Completion methods

• older method, sliding sleeve, 30 stages, one frack per port = 30 potential entry points
• newer method, cemented liner completion, 40 stages, 3 perforation clusters per stage = 120 potential entry points

Comparisons: the Skov pad in Missouri Breaks

• all four wells in same drilling unit; parallel each other; same length
• Skov 31-28-1H, open, sliding sleeve, 30 stages, 30 entry points: 927; cost: $7.90 million
  
• Skov 31-28-2H, cemented, P&P - 3 clusters/stage, 30 stages; 90 entry points: 1,072; cost: $8.10
• Skov 31-28-4H, cemented, P&P, 5 clusters/stage, 30 stages; 150 entry points, 1,219; cost: $8.10
  
• Skov 31-28-3H, cemented, coiled tube, 60 stages + 5P&P; 85 entry points; 1,607; cost: $8.80
  

 WELL DENSITY

• Missouri Breaks: 8 wells / drilling spacing unit
• Cassandra: 12
• Sanish: 15
• Hidden Bench: 16
• Pronghorn: 6
• Tarpon: 12

In the Pronghorn, they currently are drilling three wells in that formation; high density infills is a possibilty, playing a horizontal between each existing horizontal for a total of 6 horizontal wells in the Pronghorn

FINANCES

• 1Q14: $80.00/boe
• 16: lease operating expense
• 8%: production taxes
• 5%: G&A
• 3%: exploration expense
• EBITDA: 68% ($54.31/boe)

EBITDAX Total

• 2009: $576 million
• 2010: $1.016 billion
• 2011: $1.315 billion
• 2012: $1.472 billion
• 2013: $1.863 billion