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Saturday, October 28, 2017

QEP Talks About Re-Fracking, 3Q17 Earnings Transcript -- October 28, 2017

I'll get back to this when I can, but the transcript for 3Q17 QEP earnings has been posted. A reader noted this from the transcript:
Additionally, we completed and turned to sales four refractured wells on Fort Berthold.
And those four wells were completed, three of them were in the Middle Bakken and one was in the first bench of the Three Forks.
All four of the refractured wells were originally stimulated to what we would call a Gen-1 type completion and that’s a 31 to 34 stages, they were all sliding sleeve completions originally and they had an average proppant concentration of a little over 300 pounds per lateral foot.
Just as we do on our successful refrac program in the Haynesville, we ran and cemented a string of casing inside the existing sliding sleeve casing string. Then we did a traditional plug and perf restimulation over 30 to 31 stages with an average proppant concentration of approximately 1,000 pounds per lateral foot.
Prior to the restimulating these wells, the four of them were averaging about a 112 barrels of oil equivalent per day per well. The average peak 30-day uplift from the four refractured wells were 627 barrels of oil equivalent per-day per well, that’s about 81% oil, over the pre-refrac production levels.
Likely candidates, all in Heart Butte (there may be other candidates) (I will fill in the rest of the data later):
  • 20964, 1,035, QEP, MHA 1-32-33H-148-92, Heart Butte, t1/12; cum 230K 10/17;
  • 20965, 810, QEP, MHA 3-32-33H-148-92, Heart Butte, t1/12; cum 146K 10/17;
  • 23093, 2,052, QEP, MHA 3-06-31H-150-92, Heart Butte, t9/13; cum 333K 10/17;
  • 23097, 2,512, QEP, MHA 2-06-31H-150-92, Heart Butte, t9/13; cum 364K 8/17; (see production profile below); according to FracFocus (API 33-025-01754), fracked in 2013; and re-fracked 6/18/17 - 6/29/2017;
  • 24209, 2,854, QEP, MHA 5-04-33H-150-92, Heart Butte, t5/13; cum 235K 10/17;
For newbies, this gets us back into an interesting discussion regarding re-fracking. There are several questions:
  • how does re-fracking change thinking about EURs?
  • how many times can a well be re-fracked?
  • what does re-fracking "mean" for primary production?
  • how does re-fracking affect all this talk about "Tier 1" drilling locations? (which I think is hopeful thinking by the Saudis)
Something tells me Harold Hamm would have a lot to say about all this.

See also the graphic at the bottom of this post.

These re-fracks are not one-hit wonders. LOL.

Popsicles, Icicles, The Murmaids

************************************
Production Profile for #23097

Monthly Production Data:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN8-2017312070920755919219800755812201
BAKKEN7-201713576156489788507726832258
BAKKEN6-201700530000
BAKKEN5-20171822982371522266302405
BAKKEN4-20173038643948879433126701253
BAKKEN3-201731394338107933993346383
BAKKEN2-201726310130319003098270943
BAKKEN1-2017263562364587436742989334
BAKKEN12-2016293990404094040823283411
BAKKEN11-2016304113405291147063774524
BAKKEN10-2016314404444498148253721683
BAKKEN9-20163042004175925469442860
BAKKEN8-20163145714574886497945580
BAKKEN7-2016314416438986844523899132
BAKKEN6-2016304271437485642243664158
BAKKEN5-201631482147608614463400933
BAKKEN4-2016304705475190242353439429
BAKKEN3-2016314945495810144833788116
BAKKEN2-201629496449702094237355686
BAKKEN1-20163156605510108540772605811
BAKKEN12-201531276028401188314324730
BAKKEN11-201530459043041911363630420
BAKKEN10-201531474048672046377931610
BAKKEN9-20153049634882241945053462413
BAKKEN8-2015315293541925704430377415
BAKKEN7-201531505150262926425536640
BAKKEN6-201530528453393050430937320
BAKKEN5-201531540453223077456039560
BAKKEN4-2015305023521031524574392077
BAKKEN3-201531606160512286469926651427
BAKKEN2-20152865896382272837273017124
BAKKEN1-201531647863743337579951250
BAKKEN12-201427532554362472442438720
BAKKEN11-201430642263284449492643730
BAKKEN10-201431683870153881572953960
BAKKEN9-20143068816823358959464441886
BAKKEN8-201431682868144347653547411053
BAKKEN7-20143161696151332056254393436
BAKKEN6-201430662967224638637630412767
BAKKEN5-2014319970102384053963647314103
BAKKEN4-201430113001099357111013564733254
BAKKEN3-20143111097112413978989541075371
BAKKEN2-201428146761472644821143244666596
BAKKEN1-2014311947419435663014899357310914
BAKKEN12-201329180441838766391426297112913
BAKKEN11-201328321263167612308255871145313763
BAKKEN10-2013302450824631121791097564964085
BAKKEN9-2013241714916701176761057623767958

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