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Sunday, February 3, 2019

Another Example Of What The SeekingAlpha Crowd Is Missing -- Not Just In The Bakken But Everywhere -- February 3, 2019

Comments/Updates

 Comments that came in later, for newbies:
  • for minimal cost, MRO seems to have gotten a brand new well
  • MRO was pretty much guaranteed a brand new well -- something we never saw before the "unconventional" drilling / "the shale revolution"
  • the company did not have to pay upfront costs for a new lease; did not have to negotiate with the surface owner; is not paying additional surface "rent"; did not have to build a new pad; did not have to pay for new infrastructure, including new electricity access (a big choke point during the boom);  
  • every well drilled before 2016 is a candidate for a re-frack
  • by the time every well drilled before 2016 is re-fracked, it will be time to re-frack all the wells drilled between 2016 and 2022
  • when the Bakken boom began, primary production was estimated to be 1 - 3%
  • no one is talking but tea leaves suggest primary production in the Bakken is now in the low teens
  • conventional drilling, primary production, 50%?
  • can't wait to see EUR-type curves coming out of the Bakken in 2025
Original Post
 
Well, this is interesting. The Bakken never quits surprising me.

Art Berman, put #17255 in your pipe and smoke it.

First this well:
  • 17255, 465/1,799, MRO, Pelton 24-31H, Bailey, t9/08 and 4/17;  
  • from the sundry form, dated March 1, 2017: MRO is planning to refrack this well. Originally an open hole completion in 2008 and drilled with toe setbacks that were 500' FNL of section 30. This well had an original TD depth of 19,932' MD. MRO plans to put a rig on this well, extend the lateral starting at a tie-on survey at approximately 19,885' MD,and drill an approximate additional 450' of lateral (extending lateral to approximately 160' FNL of section 30). MRO will then run a cemented liner for a 45-stage plug and perf style completion.
  • second frack: 45 stages; 5.2 million lbs; cum 502K 4/29; full production profile here; recent production data. :
BAKKEN9-2017301637016300122761211241586024
BAKKEN8-2017312027920304163841497952447381
BAKKEN7-20173125626255912547718929147514540
BAKKEN6-2017241817718187196131325039107265
BAKKEN5-20173123337233662894817072108113582
BAKKEN4-2017787278599215625619763308
BAKKEN3-20170000000
BAKKEN2-2017820218440163934
BAKKEN1-20173189687520768831796
BAKKEN12-20162977175618760834711
BAKKEN11-2016308348651926433659
BAKKEN10-2016318638422066814021

Now we have another nice MRO in that very same drilling unit that has come off-line:
  • 22333, IA/1,086, MRO, RH 34-31TFH, t9/12; cum 190K 4/20; off-line 5/18; back on line 5/19;
NDIC File No: 22333     API No: 33-025-01608-00-00     CTB No: 222332
Well Type: OG     Well Status: IA     Status Date: 8/15/2018     Wellbore type: Horizontal
Location: SWSE 31-146-93     Footages: 293 FSL 2321 FEL     Latitude: 47.416327     Longitude: -102.576085
Current Operator: MARATHON OIL COMPANY
Current Well Name: RH 34-31TFH
Elevation(s): 2290 KB   2265 GR   2265 GL     Total Depth: 20492     Field: BAILEY
Spud Date(s):  6/1/2012
Casing String(s):  9.625" 2091'   7" 10939'  
Completion Data
   Pool: BAKKEN     Perfs: 11275-20492     Comp: 9/6/2012     Status: AL     Date: 12/21/2012     Spacing: 2SEC
Cumulative Production Data
   Pool: BAKKEN     Cum Oil: 171158     Cum MCF Gas: 120288     Cum Water: 154425
Production Test Data
   IP Test Date: 9/6/2012     Pool: BAKKEN     IP Oil: 1086     IP MCF: 882     IP Water: 1597
Monthly Production Data
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN11-20180000000
BAKKEN10-20180000000
BAKKEN9-20180000000
BAKKEN8-20180000000
BAKKEN7-20180000000
BAKKEN6-201800800000
BAKKEN5-201873684883752653199
BAKKEN4-201830162416711833130613935
BAKKEN3-2018311874182420521429643395

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