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Wednesday, October 3, 2018

Bakken Well Life-Cycle -- MRO's Voigt Well In Bailey Oil Field -- October 3, 2018

Updates

Later, 3:12 p.m. CDT: dollars and (common) sense --
Using $50/bbl as the price of oil at the wellhead, look at the ten months following the re-frack, and the ten months prior to the re-frack:

Monthly
11,081
661
Monthly
12,157
691
Monthly
13,282
623
Monthly
12,953
697
Monthly
16,648
729
Monthly
20,807
632
Monthly
26,722
701
Monthly
14,371
698
Monthly
17,493
687
Monthly
28,683
689
Total: 10 months
174,197
6,808
at $50/bbl
$8,709,850
$340,400

At ten months following the re-frack, which might have cost $4 million, this well has produced almost $9 million in crude oil at $50/bbl. In the ten months prior to the re-frack, this well generated less than $350,000 in crude oil at $50/bbl at the wellhead. Regardless how the operator did, the mineral owners did very, very well.
Later, 2:27 p.m. CDT: cost of a re-frack


Original Post

Huge amounts of time and money were required to drill this greenfield well. The first time. Think about this. Second time around, to re-frack. Like getting a brand new well. But no time getting the lease, pooling, pad built, roads built, other infrastructure, etc; and, all the money saved -- essentially just the cost of a re-frack. And there are thousands of these wells in the Bakken suitable for a first re-frack. And then we have the second re-frack. And a third. Rinse and repeat.

The well:
  • 16964, 315, MRO, Voigt 11-15H, Bailey, t5/18; cum 354K 8/18; re-fracked once;
Recent production:

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN8-20183111081110339680983189390
BAKKEN7-201831121571211910689104598965532
BAKKEN6-20183013283132611186199348482431
BAKKEN5-201831129531303910748902667531266
BAKKEN4-2018301664816633153901213060744097
BAKKEN3-2018312080720900218661273359154409
BAKKEN2-2018282259022465251761367672803814
BAKKEN1-20183126722267043313617924135201364
BAKKEN12-201727143711436918379833922724386
BAKKEN11-20173017493173452132795615057006
BAKKEN10-201722286832872755416075012881
BAKKEN9-20170000000
BAKKEN8-20170000000
BAKKEN7-20170000000
BAKKEN6-20170000000
BAKKEN5-2017589641058040
BAKKEN4-2017306616631485410292

Re-frack: 8/22/17 -- 9/14/18; 4.9 million gallons of water; a small to moderate frack; 87.2% water by mass.

Original frack/geologist's note:
the lateral generated an exposure of 9,006 feet of 6" hole through the gross middle Bakken. The lateral well bore remained approximately 84% in the target zone and 100% in the gross middle Bakken. Background gas as high as 5,000 units. The middle Bakken must have been about 30 feet thick: the well path landed about 15 feet into the middle Bakken in the middle of the target zone. On May 12, 2008, the well was tested after stimulation with 546,700 pounds of 40/70 sand.
Initial production:
BAKKEN2-200928397739811094165516550
BAKKEN1-200913172814489606596590
BAKKEN12-200817203520984675965960
BAKKEN11-20083028633008537111311130
BAKKEN10-200831255025503789759750
BAKKEN9-20083025112590407116011600
BAKKEN8-20083134263223615158715870
BAKKEN7-20083140134080708165716570
BAKKEN6-20083057145895975179717970
BAKKEN5-200824699065991117000
BAKKEN4-200812903696303000

Amazing, huh?

On December 28, 2015, the well qualified for "stripper well status."

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