Approximately 40% of Enerplus's $760 million capital budget for 2014 will be dedicated to the Bakken and Three Forks. That's about $304 million.
The company expects to grow production by more than 30% in North Dakota in 2014.
Enerplus 2013 Capital Expenditures in Bakken
Read more: Enerplus Sets New Bakken Production Record in Q1
~$308 million of capital spending was in North Dakota, with the majority invested at Fort Berthold. Approximately 70% of company spending in 2013 was directed to crude oil assets.
“VP of Operations Raymond Daniels said, “45% of our capital spending was in North Dakota where we are targeting both the Bakken and Three Forks. Our focus was on driving improvements in capital efficiencies through a reduction in drilling costs and improvement in productivity.”
Capital spending came in slightly lower in 2013 than the original forecast of $685 million, totaling $681 million.
Enerplus Bakken Reserves
25 mmboe of 2P reserves were added in 2013 from North Dakota properties. The cost of this addition was $19.74 per boe including future development capital.
Total 2P reserves increased by more than 17% year-over-year, driven by additions in the Marcellus and Bakken/Three Forks properties.
Enerplus Bakken Initial Production Rates and Total Production
“According to VP of Operations, Raymond Daniels, “our two most recent Bakken wells have been completed using about a thousand tonnes of sand per lateral foot with roughly 40 frac stages. In their first 30 days these wells have produced a record of roughly 4,000 to 8,000 barrels of oil each.”
Enerplus total production grew in the fourth-quarter to 94,167 boe/d, which is up 7% from the third-quarter. Production for 2013 was 89,800 boe/d. That's up 9%.
Enerplus Highlights
- 40% of Enerplus's $760 million capital budget for 2014 will be dedicated to the Bakken and Three Forks - ~340 million
- Enerplus expects to grow production by more than 30% in North Dakota in 2014
- ~$308 million of capital spending was in North Dakota in 2013
- 25 mmboe of 2P reserves were added in 2013 from North Dakota properties
- Enerplus total production grew in the fourth-quarter to 94,167 boe/d
- Production for 2013 was 89,800 boe/d. That's up 9%
Read more at Enerplus.com