Locator: 49767B.
The initial data -- NDIC dockets, permitting numbers, production data, and costs/well suggest that of all the operators in the Bakken right now, Phoenix is truly pushing the pedal to the metal. They seem to be acting as if this is a new boom. Of course, it isn't but it certainly seems surprising to me how aggressive (in a good way) that Phoenix Operating seems to be. See blog's disclaimer.
AI prompt:
Oil sector in the Bakken, North Dakota. Phoenix Operating is becoming very, very active in the Bakken. Do we have any data on how much Phoenix Operating is estimating the cost to drill / complete a well in the Bakken?AI reply was very, very long (as usual, very detailed, and took quite some time to provide an answer). The key points:
For its recently commissioned Willer pad in the Williston Basin Phoenix reports an average drill+complete cost of ≈ $6.3 million per well (about $1.4M below the budget for that pad).
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Source & quote: Phoenix’s Q3-2025 release (filed with its Form 10-Q / investor materials) states the Willer pad wells “represent the lowest cost per well in our portfolio to date, with an average cost of approximately $6.3 million per well, or $1.4 million below budget,” saving ~$8.6M on that project.
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Why that matters: Phoenix is running very long laterals (they report 3.75–~4.0 mile laterals on some pads) and very fast drill times — both of which materially change the per-well economics. Their headline $6.3M figure reflects those specific pad designs and the efficiencies they achieved.
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Bakken context: Industry reporting and operator commentary in recent years have put completed well costs in the Bakken in roughly the $6M–$10M range depending on lateral length, pad design and service costs; several large operators have publicly targeted ~$6M-ish completed well economics in recent cycles. That makes Phoenix’s reported ~$6.3M fully plausible as a competitive, basin-level number.
The wells:
- 42280, conf, Phoenix Operating, SWD,
- 41928, conf, Phoenix Operating, Willer 28-33 1H-ll, Big Stone, number of days of production unknown:
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 9-2025 | 23257 | 0 |
- 41929, conf, Phoenix Operating, Willer 28-33 2H, Big Stone,
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 9-2025 | 23243 | 0 |
- 41857, conf, Phoenix Operating, Willer 28-33 3H,
- 41930, conf, Phoenix Operating, Wiler 38-22 4H, Big Stone,
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 9-2025 | 23379 | 0 |
- 41932, conf, Phoenix Operating, Willer 28-33 5H, Big Stone,
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 9-2025 | 26221 | 0 |
- 41933, conf, Phoenix Operating, Willer 28-33 6H-LL, Big Stone, npd,
