Bakken happenings

Posted by bakkenexpert

The news from the Bakken region seems to be accelerating due to the uptick in activity.  Some pertinent tidbits are below:

• A joint venture between Resolute Energy Partners and GeoResources was announced, to develop acreage in the Bakken Shale Trend, North Dakota, US. Resolute will hold a 45% interest in the joint venture, while GeoResources will hold another 45% interest and the remaining 10% will be held by a third industry partner.
• Resolute Energy Corporation announced 2009 year end figures. Total proved oil and gas reserves were 64.4 million barrels of oil equivalent, 31% more than in 2008. Net production was 2.7 million barrels of oil equivalent, 4% down on last year It plans to put aside $22 – $25 million for acquisition and operations in its new leasehold position in Williams County, North Dakota.
• The Bakken lease sale for February in North Dakota raised $47 million, which was the second highest figure on record. The two highest bids were for Mountrail County land and the Burke County leased the most acres at 11,977.
• Brigham Exploration’s16-9 #1H well in the Bakken region produced 2,264 BOEPD at its initial rate.
• PetroBakken now has 51 bilateral horizontal wells on production in Saskatchewan, which are proving to be 50% more efficient, production-wise, compared to conventionally drilled wells.
• TransCanada Corp. met with two governors and Montana and North Dakota oil producers to discuss a possible on ramp to the Keystone XL pipeline, which could happen by 2013.

March 4^th

• One Exploration drilled 3 (0.9 net) horizontal wells in Q1 of 2010 at Tableland, Saskatchewan. They plan to drill another well there, also targeting the Sanish-Three Forks formation.
• Credo Petroleum Corporation continued to acquire acreage in North Dakota. Their first well was completed with an initial production rate of 1,474 barrels of oil per day equivalent. A second well should spud in about two months. They have 9 other wells in the area immediately surrounding these two.

March 3^rd

• Enbridge, which has already spent $223 million upgrading its North Dakota pipeline system is consider spending nearly $300 million more to increase capacity.

March 1^st

• Quicksilver Resources Q4 2009 net income was up 19% from the same period in 2008. They have over 130,000 acres in Montana and are planning to drill 2 horizontal wells to test the Bakken and other formations. The fact they will reach the Bakken at a depth of between 3,000 and 4,000 feet is of great interest as far as the economics of drilling there goes.

• American Oil & Gas Inc. is selling off other assets to focus on the development of their Goliath project area in the Bakken formation

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