Monday, February 23, 2015

Random Update Of An EOG Round Prairie Well -- February 23, 2015

The well:
  • 19927, 725, EOG, Short Prairie 8-1224H, Round Prairie, 2 sections, AL, t11/12; cum 163K 12/14;
[For newbies, the above is my shorthand (no one else uses it) -- well file number, the IP, current operator, legal name of the well, oil field name,  spacing unit is 2 sections [1280-acres], AL = artificial life [pump], the date the well was tested (after it was completed/fracked) and the cumulative production to date, 163,000 bbls as of December 31, 2014, the most recent data available.]

From the NDIC website (basic subscription required; easy to get; $50 annually; well worth it if one has mineral rights):

NDIC File No: 19927   
Well Type: OG     Well Status: A     Status Date: 11/5/2012     Wellbore type: Horizontal
Location: SWSE 12-154-104       Latitude: 48.170116     Longitude: -103.997924
Current Operator: EOG RESOURCES, INC.
Current Well Name: SHORT PRAIRIE 8-1224H
Total Depth: 20466     Field: ROUND PRAIRIE
Spud Date:  6/23/2012
 Completion Data
   Pool: BAKKEN     Perfs: 10716-20466     Comp: 11/5/2012     Status: AL     Date: 1/21/2013     Spacing: 2SEC
Cumulative Production Data
   Pool: BAKKEN     Cum Oil: 162,746     Cum MCF Gas: 100835     Cum Water: 344407
Production Test Data
   IP Test Date: 11/6/2012     Pool: BAKKEN     IP Oil: 725     IP MCF: 456     IP Water: 4040


PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN12-201431504348366937372735720
BAKKEN11-201430344632586447260824660
BAKKEN10-201422196018615566136712600
BAKKEN9-201425407841965916341932970
BAKKEN8-20143163506556844948744565154
BAKKEN7-201431539250418382444942940
BAKKEN6-201430493256147777396138110
BAKKEN5-201431479148358836364434890
BAKKEN4-201430516848319115377136210
BAKKEN3-201431512548428536373035750
BAKKEN2-201428378640348504249923620
BAKKEN1-2014315242515410009342632710
BAKKEN12-201331391835569319263324800
BAKKEN11-201330331338018867164514970
BAKKEN10-2013314969462311146311129560
BAKKEN9-2013304591481610830312929810
BAKKEN8-2013315008508512169324130860
BAKKEN7-2013314934485512221309629430
BAKKEN6-2013304665441212063331931700
BAKKEN5-201331619867131554327302147433
BAKKEN4-2013307368718816578377136210
BAKKEN3-20133110075995120787820080480
BAKKEN2-2013269582939818537476146340
BAKKEN1-2013188663908517199570656200
BAKKEN12-201231188861920740858654918624532
BAKKEN11-201220152631411143816746907374

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Comments (disclaimer -- I have no background or formal training in the oil and gas industry; what follows is simply my opinion; many will disagree; no one should make any decisions based on these comments; it is simply idle chatter; if this information is important to you, you should visit more credible sources):

This was my original description of the Round Prairie oil field:
Round Prairie is about a 20-section oil field west of Williston, right on the Montana state line. It is all prairie. It looks like the field is owned by EOG. The wells are mediocre but they were probably completed before EOG started using newer completion techniques. They should all hit 100,000 bbls in three or four years (some already have); some might take a bit longer. But they should all pay for themselves, and are all good enough to ensure more drilling in this area.  With the exception of one well, they are all producing between 1,000 and 6,000 bbls/month.
That, of course, was written before the slump in oil prices. It appears the entire field is "held by production," so there won't be any hurry to initiate new drilling until prices recover -- and because this is not the best spot in the Bakken, one would not expect new drilling until oil prices are significantly higher (back in the $80-range, at least).  Again, remember this is simply opinion, idle chatter. I have nothing to base this on except my following the Bakken for several years.

A typical well in a mediocre field will probably produce around 400,000 bbls of oil over its 20 - 40-year-lifespan assuming oil prices support continued operation of the well.  The total production of a well is referred to as the estimated ultimate recovery (EUR).

The biggest expense for this well, now, is probably getting rid of the water. This well is producing more water than oil right now and all that water has to be trucked out and brought to a saltwater disposal well. 

The well is capturing all its natural gas; no natural gas is being flared. 

If the price of oil returns to the $100-range, a well like this one would probably be re-worked several times in its life-time. 

It's hard to say whether this well will be re-fracked. Its initial fracking was a pretty impressive 48 stages using almost 10 million pounds of sand. It was also a fairly deep well: the middle Bakken about 10,500 feet deep vertically. So, a relatively expensive well.

The biggest unknown is whether this well will be choked back due to the slump in oil prices and whether it will be shut in if the slump in the price of oil persists.


2 comments:

  1. I sent my 50 bucks in and never heard back. I figured they were too busy to get everything done.

    ReplyDelete
    Replies
    1. I can't remember how I was first contacted after I sent in my $50. I think I may have gotten a letter with "user id" and "password."

      It's possible it was sent to my e-mail address, but I honestly can't remember. If the check has cleared, you should have your password. After the check has cleared, if you have not received your "user id" and your "password" contact NDIC.

      Delete

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