15
Feb

Wrap – Week Ended 2/12/10 (In Progress)

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2 Responses to “Wrap – Week Ended 2/12/10 (In Progress)”

  1. 1
    zman Says:

    Emailed question about the 2008 USGS report on the size of the Bakken being huge and if I knew anything about the play:

    Answer:
    Yeah, the USGS report has a pretty wide range on it. Difference between North Dakota and Saudi for instance is largely cost. 4x to 5x higher in the U.S. BEXP is drilling in the Bakken and it’s probably economic at $40 oil. Saudi is probably economic closer to $10 / barrel. So while there is a large amount of reserves in ND and Montana, they aren’t going to be as economic or as easily obtained. But I follow: CLR, WLL, BEXP, NOG, KOG, AEZ EOG, NFX, SM, CXO, and ROSE for this play.

    CLR has the most acreage, WLL drills the biggest wells due to where their acreage is in the play and I own the stock, BEXP is the up and comer on big wells and has three sets of acreage (own that one too), NOG is a non operated little one that participates with the better operators in the play and is very small but able to grow pretty quick (holding some options there), KOG (another small one, focused on a small area, I’ve got some common there), AEZ – small, hypey, EOG – big cap E&P with the biggest position in the play, NFX – mid cap with big exposure newish to the Bakken but I think will surprise some folks this year (holding common and some calls), SM and CXO – I track them but don’t own, sort of interesting in combination with other goings on, ROSE – Montana Bakken near the Canadian border, (3 wells down but only rumors on how good the first is; I own the stock and some options).

  2. 2
    nifkin Says:

    KOG Kodiak Oil & Gas provides interim operations update on Williston Basin drilling and completion activities ($2.55)

    Since commencing drilling activity in the middle Bakken, Kodiak has drilled and completed 10 oil producers, has an inventory of two wells awaiting initial completion activities and is drilling ahead in the horizontal leg of its thirteenth well.
    Drilling Operations
    During the first part of 2010, the company has completed drilling operations on three wells. All three wells were drilled as shorter laterals with horizontal lengths ranging from 4,200 feet to 4,800 feet. These wells represent the tenth, eleventh and twelfth wells drilled by the company in Dunn County. Kodiak operates these three wells with a 60% working interest (WI) and a 49% net revenue interest (NRI). The Moccasin Creek (MC) #16-3-11H and the MC #16-3H wells were drilled on a two-well pad.
    The MC #13-34-3H well was drilled as part of a three-well pad that includes the MC #13-34-28-2H well, currently drilling in the lateral portion of the well bore, and the MC #13-34-28-1H. While the MC #13-34-3H well was drilled as a short lateral, the other two wells being drilled from the same pad are projected to be approximately 9,000-foot laterals. Kodiak operates the two longer laterals with a 45% WI and a 37% NRI and the shorter lateral with a 60% WI and a 49% NRI.
    The MC #16-3-11H and the MC #13-34-3H wells represent the second and third promoted wells drilled under an exploration agreement entered into during Q4 2008 pursuant to which the company is required to pay 20% of drilling and completion costs for its 60% WI. The MC #13-34-28-1H will represent the fourth and final promoted well subject to that agreement and all future wells within the area will be drilled based upon working interest.
    A second three-well drilling pad was constructed in the Two Shields Butte prospect area north of the Moccasin Creek area. Kodiak expects to commence drilling operations on this pad immediately after drilling operations are completed in the Moccasin Creek area. Kodiak will operate these three wells with a 50% WI and a 41% NRI.
    Completion Operations
    Bakken producer with 4,729 foot lateral has initial production rate of 1,419 BOE/D
    The MC #16-3-11H well, a 4,729-foot horizontal lateral, was successfully completed in 12 stages. The well recorded 24-hour production rates of 1,260 barrels of oil per day and 0.950M cubic feet of natural gas per day, or 1,419 barrels of oil equivalent per day.
    Wells Waiting on Completion
    The MC #16-3H well was drilled from the same pad as the MC #16-3-11H well and completion is expected in early Mar utilizing 10 stages. Kodiak anticipates that drilling of the last two wells from this pad will be completed in March. Completion operations are expected to commence on these three wells in May, continuing through Q2’10. These wells will be completed utilizing staged completions with each stage comprised of approximately 350-400-foot fractured stimulation intervals. Completion operations are subject to weather and availability of services.

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