A closer look at the 70-acre parcel for which Whiting paid $2.346 million.
Operators target EURs of one million bbls/well.
But let's take a look at wells with EURs of 500K.
1280 acres
500,000 bbls
$100 / bbl
$50,000,000
70/1280 = 5%
5% x $50 million = $2.7 million
12 wells x $50 million = $600 million
5% x $600 million = $30 million
Paid $2.346 million for the 70-acre parcel.
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All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.
I often make simple arithmetic errors.
I am inappropriately exuberant about the Bakken.
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