Data Points From Oasis Most Recent Presentation - September 6, 2014

Link here.

These data points taken from the August, 2014, presentation.

The high points for me, from this presentation as well as others:

• the wells are coming down in cost, but will likely rise again going forward due to new completion techniques
• new completion techniques: high volume proppant and SlickWater
• high volume proppant and SlickWater will add $1.5 million to 2.0 million+ to complete a well
• additional completion costs will be offset by lower drilling costs (but probably not by much)
• high volume proppant and SlickWater raising EUR curves by 35% (this number seems consistent among three operators) 
• with two dedicated frack spreads, Oasis still completes less than 40% of their own wells with their own folks
• in future earnings conference calls, analysts need to be asking about the cost of shipping proppant to the Bakken

I doubt much has changed from earlier presentations, but I have a few minutes before I leave for soccer.

Random data points (some numbers rounded).

Bakken (Montana/ND)

• 505,960 net acres
• 17 years of inventory
• 2Q14 production: 44K boepd
• 3Q14: 47 - 49K boepd
• proved reserves: 220 mmboe/ PV-10 of $5.2 billion
• West Williston : 362,000 net acres
• East Nesson: 145,000 net acres
• highest working interest: 68% average WI

Plans to advance/expand infrastructure development

• double Oasis Well Services
• grow Oasis Midstream Services

Operations (2014)

• 16 rigs
• further TFS delineation
• loe: $8.50 - $10.00/boe
• mg&t: $1.20 - $1.60/boe

Rig allocation

• Montana: 2
• West Williston: 8
• East Nesson: 6

Well completion costs

• 2012: $9.7 million
• 4Q13: $7.9 million
• 1H14: $7.6 million

EURs

• vary across the Bakken: 450K boe to 750K boe
• 35% production uplift seen using SlickWater in Montana (Hebron)

Very early in TFS delineation

• the economic boundary of the TFS is expanding (slide 10); it's possible the Cottonwood field will benefit (TF2 and TF3)

Slickwater:

• 1st TFS well produced 37% better than comparable well
• 1st Montana well produced 35% better than Montana type curve

Frack spreads

• 2nd frack spread at 100% utilization as of August, 2014
• 2 spreads will complete up to 40% of Oasis completions
• OWS first spread has returned 2.8x the cash invested into business since inception