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Bakken 4Q12 Top Operator Highlights Part 2


This is the second part to the Bakken Top Operator Highlights blog.  The trends of pad drilling and lowering well cost are still prevalent in this next group of top operators. Density pilot programs are also notable in this group of companies. Here are more key highlights from fourth quarter and full year releases:

Whiting Petroleum:

-Top oil producer for the month of December 2012 according to the North Dakota State Industrial Commission
-Whiting has 703,668 net acres in the Williston Basin as of year-end 2012
-52% of 2013 CapEx (~1.14 Billion) will be allocated to the Northern Rockies, specifically for drilling the middle Bakken, Three Forks, and Pronghorn Sand
-Well cost in the Southern Williston Basin are $7.0 MM, Western Williston $7.0 MM-8.5MM, and $6.5-7MM in the Sanish area
-Average 12 month production 24,085 MBOE
-Intend to conduct a higher density pilot program at Pronghorn
-Have implemented pad drilling in the Western Williston area, planning to drill 3 wells off each pad
-Completed Fladeland 14-33H in the Sanish field in the Middle Bakken, which had a flow rate of 3,220 BOED
-EURs average between 400-600 MBOE

EOG Resources:

-New Frac technology using 320 down spacing wells in the Parshall core has resulted in 30%-70% improvement in cumulative production
-Completed first two wells on 160 acre down spacing in the Parshall field, which tested at maximum rates of 1,185 and 1,265 BOD
-In 2013, plan to complete 46 net wells in the Parshall field and Antelope area and focus on down spacing to 160 acres in both
-Average EUR is 544 MBOE

Oasis Petroleum

-335,383 net acres prospective to the Bakken/ Three Forks
-Added 37 controlled operated drilling spacing units in 2012
-Decreased well cost from $10.5MM in the first half of 2012 to ~$8.8MM at year end
-This year Oasis expects 60%-70% of their wells to be on pads
-Expecting average production to range between 27 to 29 MBOED
-With pad drilling expect to reduce well cost by 5% to 10% compared to a single well
-Budgeting an average of $8.6MM/well and have a goal of $8MM
-Plan to complete 133 total net operated wells in 2013

Baytex Energy

-Drilled 7 gross, or 1.7 net wells during the fourth quarter, all 2-mile long horizontals
-11 Baytex operated wells came on stream during the fourth quarter and had 30-day peak production rates of ~475 BOED
-Recently set  record from spud to rig release of 15.9 days, compared to second half of 2012 of 22 days
-Production averaged 2,500 barrels per day
-Plan to drill approximately 9 wells in 2013
-Completed well costs average roughly $7 million
-EURs: average 420 MBOE
-North Dakota represents 15% of the total capital budget or $75 million of $520 million

Continental Resources

-Leading leasehold owner and producer in the Bakken
-Increased operating efficiencies with a transition to multi-well ECO-Pad drilling in the Bakken
-Produced 68 MBOED for  4Q12
-Continental is currently operating 21 rigs
-1.1 MM net acres
-More than 2/3 of 2013 CapEx focused on development and exploratory drilling in the Bakken
-$2.2 billion of the $3.5 billion CapEx 2012 was dedicated to the Bakken
-Plan to keep driving down well cost to $8.2MM/well by end of year 2013
-$161MM and $36MM of the 2013 CapEx will be allocated to 320 and 160-acre density tests respectively.
-EUR of 603 MBOE
-Will drill 15 net wells in the lower Three Forks area

Below is a map created with DI Desktop that shows where these companies have currently producing wells in the Bakken.  In addition, I have provided a chart showing recent production for these operators at YE 2012.

For more information on operator highlights and recent Bakken news follow the link to the DNA section of Drillinginfo.  This is found in the “DI-shared with all users folder.”

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Elizabeth Lipps

Elizabeth Lipps is a Research Associate on the DI Analytics team. She tracks industry trends and data to help keep Drillinginfo clients up-to-date on everything happening in E&P and midstream. Elizabeth is working on her Masters of Applied Geography in GIScience and will complete her studies in Spring 2014.