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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July 26, 2008 – Active Drilling Rig List

Posted by bakkenexpert

The number of active drilling rigs has stayed fairly static since our last post on the subject in June.    Continental Resources is still the leader with 13 active rigs in the area.   EOG has 8 rigs,   Marathon Oil (MRO) has 7 and Whiting Petroleum (WLL) has 5 rigs.   With some of the recent finds in the area, we expect the number of rigs to top 85 by September and Continental Resources will most likely continue to report positive news on their drilling efforts as they did with Mathistad 1-35H a few weeks ago as outlined in a recent Continental Resources press release on Mathistad 1-35H below:

“The Mathistad 1-35H commenced production on July 4, 2008 and has flowed at an average rate of 1,095 barrels of crude oil equivalent per day, with 90 percent of production being crude oil and 10 percent natural gas,” said Harold Hamm, Chairman and Chief Executive Officer for Continental Resources. “This is a second positive data point in our effort to determine whether the Three Forks/Sanish formation is a separate oil-producing reservoir not drained by a horizontal well completion in the Middle Bakken zone above it. If the Three Forks/Sanish proves to be a separate reservoir, it would add significant incremental reserves to the Bakken play.”

Rig	Operator	Start Date
RED HAWK 351	BALLANTYNE OIL	7/17/2008
NABORS 49	BRIGHAM OIL & GAS LP	6/26/2008
NABORS 688	BURLINGTON RES O&G CO	6/26/2008
NABORS 59	BURLINGTON RES O&G CO	* MIRU
NABORS 177	BURLINGTON RES O&G CO	* MIRU
NABORS 52	BURLINGTON RES O&G CO	7/23/2008
CYCLONE 27	CONTINENTAL RESOURCES	7/16/2008
CYCLONE 26	CONTINENTAL RESOURCES	7/16/2008
CYCLONE 22	CONTINENTAL RESOURCES	7/23/2008
CYCLONE 9	CONTINENTAL RESOURCES	6/25/2008
CYCLONE 18	CONTINENTAL RESOURCES	6/27/2008
CYCLONE 2	CONTINENTAL RESOURCES	6/20/2008
CYCLONE 21	CONTINENTAL RESOURCES	6/22/2008
PATTERSON 154	CONTINENTAL RESOURCES	7/1/2008
CYCLONE 19	CONTINENTAL RESOURCES	6/12/2008
CYCLONE 10	CONTINENTAL RESOURCES	6/28/2008
PATTERSON 82	CONTINENTAL RESOURCES	* MIRU
CYCLONE 23	CONTINENTAL RESOURCES	6/17/2008
PATTERSON 180	CONTINENTAL RESOURCES	7/22/2008
PATTERSON 136	CONTINENTAL RESOURCES	6/1/2008
RED HAWK 358	EAGLE OPERATING INC	* MIRU
CYCLONE 25	ENCORE OPERATING LP	6/24/2008
NABORS 277	ENCORE OPERATING LP	7/5/2008
PIONEER 57	EOG RESOURCES INC	6/27/2008
NABORS 337	EOG RESOURCES INC	7/12/2008
ENSIGN 88	EOG RESOURCES INC	* MIRU
PIONEER 56	EOG RESOURCES INC	7/11/2008
NABORS 148	EOG RESOURCES INC	7/7/2008
NABORS 149	EOG RESOURCES INC	7/15/2008
NABORS 161	EOG RESOURCES INC	6/28/2008
ENSIGN 67	EOG RESOURCES INC	7/2/2008
NABORS 358	FIDELITY EXPL & PROD CO	6/23/2008
NABORS 417	FIDELITY EXPL & PROD CO	7/23/2008
NABORS 455	FIDELITY EXPL & PROD CO	6/29/2008
RED HAWK 354	GOLDEN EYE RESOURCES, LLC	7/22/2008
ENSIGN 46	HEADINGTON OIL CO LLC	5/16/2008
ENSIGN 24	HEADINGTON OIL CO LLC	7/21/2008
NABORS 560	HEADINGTON OIL CO LLC	7/12/2008
NABORS 558	HELIS OIL & GAS CO. LLC	7/11/2008
NABORS 165	HESS CORPORATION	6/9/2008
NABORS 742	HESS CORPORATION	7/22/2008
NABR WELL 556	HESS CORPORATION	6/28/2008
H & P 179	HESS CORPORATION	6/23/2008
H & P 241	HESS CORPORATION	7/14/2008
NABORS 272	HESS CORPORATION	7/3/2008
NABORS 557	HESS CORPORATION	7/20/2008
NABORS 140	HUNT OIL COMPANY	7/10/2008
NABORS 684	LUFF EXPLORATION CO	7/13/2008
NABORS 44	MARATHON OIL CO	7/8/2008
H & P 258	MARATHON OIL CO	7/7/2008
PATTERSON 183	MARATHON OIL CO	7/16/2008
H & P 255	MARATHON OIL CO	7/15/2008
H & P 259	MARATHON OIL CO	7/15/2008
H & P 257	MARATHON OIL CO	7/5/2008
H & P 256	MARATHON OIL CO	* MIRU
CYCLONE 20	MUREX PETROLEUM CORP	7/4/2008
ENSIGN 71	MUREX PETROLEUM CORP	7/10/2008
WANNER 5	OASIS PETRO NO AMER	6/30/2008
PATTERSON 490	PEAK NO DAK LLC	6/12/2008
ENSIGN 93	PETRO HUNT LLC	5/6/2008
PATTERSON 462	PRIMA EXPLORATION INC	7/18/2008
NABR WELL 164	SAGEBRUSH RESOURCES LLC	7/10/2008
NABORS 152	SAMSON RESOURCES CO	7/9/2008
PIONEER 44	SLAWSON EXPLORATION	6/25/2008
NABORS 592	ST MARY LAND & EXPLORATION CO	7/6/2008
KEY 233	ST MARY LAND & EXPLORATION CO	7/19/2008
NABORS 267	TRACKER RES DEVMNT	5/14/2008
NABORS 182	TRACKER RES DEVMNT	6/23/2008
GREY WOLF 520	WHITING OIL AND GAS CORP	5/31/2008
NABORS 527	WHITING OIL AND GAS CORP	6/30/2008
KEY 257	WHITING OIL AND GAS CORP	7/18/2008
NABORS 686	WHITING OIL AND GAS CORP	7/16/2008
NABORS 354	WHITING OIL AND GAS CORP	* MIRU
H & P 180	WINDSOR ENERGY GROUP LLC	7/24/2008
ENSIGN 43	ZENERGY INC	7/20/2008

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