Dec
03
03
Bakken Review
Posted by bakkenexpertThe following bakken tidbits surfaced in the last week
- Brigham Exploration Company (NASDAQ: BEXP) announced that its operated Strand 16-9 #1H produced approximately 2,264 barrels of oil equivalent per day from the Bakken formation during an early 24 hour flow back period. Brigham maintains an approximate 21% working interest in the Strand, which is the fourth well completed under the drilling participation agreement with U.S. Energy Corp. (NASDAQ: USEG)
- Junior Bakken player, AEZ has been looking for a partner on its Bakken/Three Forks acreage position (76,000 net acres) in order to ramp activity and lower its initial drilling costs in return for about 50% of the working interest in the play.”
- BASIC EARTH SCIENCE SYSTEMS, INC. (OTCBB:BSIC) reported that drilling operations have begun on its newest Bakken well in North Dakota. The Mondak Federal #4-14H well in Section 14, T148N-R105W, a new area of interest for Basic Earth in McKenzie County, is being drilled by XTO Energy Inc., Ft. Worth, TX. This well has a single long lateral borehole spanning Sections 14 and 23. Basic Earth has an approximate 8.4% working interest and expects to spend approximately $400k for its share of drilling and completion costs on this well.
- Junior oil and gas explorer Painted Pony Petroleum Ltd. is increasing its activity in the Saskatchewan Bakken tight oil play as it almost doubles its capital spending plan for 2010 to $90 million. The company, whose share price has gone up 400% from the start of the year to $5.90, noted Thursday that production in the third quarter grew to 1,600 barrels of oil equivalent per day, up 26 per cent over the second quarter and 79 per cent from the same period of 2008.
- Reliable Energy Ltd. (the “Company” or “Reliable”) (TSX VENTURE:REL) has recently completed its development drilling program having drilled four wells (gross), 3.9 wells net, into its South Kirkella Bakken oil pool. Of the four wells, one is completed, fracture stimulated and on production at 85 bbls per day (net) of oil. Two wells were perforated and placed on production and have each averaged 37 bbls per day (net) of oil with no produced water.
The news definitely indicates that a number of smaller players in the region (including Canada) are making progress towards their production targets.
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