A Peregrine Petroleum Partners Larson Well In Covered Bridge Oil Field; Outside Of Tier 1 -- June 29, 2020

The well:

• 36558, 301, Peregrine Petroleum Partners, LTD, Larson 15-10 1H, Covered Bridge, t9/19; cum 111K 4/20;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	4-2020	0	0	0	0	0	0	0
BAKKEN	3-2020	7	2697	4028	2906	7494	5081	2413
BAKKEN	2-2020	29	14699	13951	16179	36012	23472	12540
BAKKEN	1-2020	30	17245	17158	16639	28774	24179	4595
BAKKEN	12-2019	28	17232	19188	20222	18272	5911	12361
BAKKEN	11-2019	30	23707	22967	27524	38872	0	38872
BAKKEN	10-2019	31	21599	21938	32451	37048	0	37048
BAKKEN	9-2019	16	13374	11116	26329	21898	0	21898

The graphic:

From the file report:

• December 3, 2019: switched over from flowing to ESP pump. 
• August 18, 2019: stimulated; 25 stages; 4.98 million lbs proppant;
• 30 miles south of Arnegard, ND, southern McKenzie County
• a single middle Bakken lateral;
• spud July 22, 2018
• vertical hole completed with three assemblies
• about 64 hours down time
• KOP reached on August 2, 2019 
• completed with one assembly
• curve successfully landed at 11,048; MD and 10,520' TVD, appox 10' below the upper Bakken shale on August 2, 2019
• lateral completed using four assemblies
• during the second trip, the lower Bakken shale was contacted at a depth of 17,128'. Since the lower Bakken shale is relatively thin in this portion of the Basin, the directional team was able to safely slide out of the shale; no adverse effects noted;
• third and fourth trips unremarkable
• gases: middle Bakken, ranged from 5,900 (sic) to 1300 units while several shows exceeded 700 units (sic)
• trips were accompanied by 15' to 30' bright orange flares
• background gas in the lateral ranged fro 300 to 5500 units;
• ideal drilling zone was 8' thick, beginning 8.5' into the middle Bakken and ending 4.5' above the lower Bakken shale
• the lateral was drilled in 7.5 days from casing exit to total depth
• surface casing to TD; 23 days
• 84% of the lateral was within target; opening 9,960' of potentially productive reservoir rock

At the sidebar at the right, click on "heat map of the Bakken":
area 8: west McKenzie; does not appear to be Tier 1; maybe not even Tier 2.

This "Covered Wagon" well took awhile to drill but not out of the ordinary

• note the "small" frack: 25 stages; 5 million lbs proppant
• big flares; moderate background gas

Two other wells in immediate area of interest:

• 27970: an older well; "dry" for all intents and purposes
• 32701, 443, Peregrine Petroleum Partners, Burlington Fee 9-16-1H, Hay Draw, t7/18; cum 192K 4/20; off line 4/20; stimulated July 16, 2018, 25 stages; 4.87 million lbs;  

My two cents worth: there's a lot of work left to be done in the Bakken; at the right price, this area could be Tier 1, and with improved completion strategies, more experience, and even at these prices, this area might be a pretty good area -- which, if accurate -- speaks volumes about the Bakken.