Oasis Petroleum added acreage in the third quarter is nearing half a million acres prospective for the Bakken and Three Forks.
In September, the company announced several deals that added over 160,000 acres to the company's position.
Read more:Oasis Petroleum Bakken Deals Grow Acreage ~50% for $1.5 billion
The deals were just one highlight of many from the company's third quarter earnings release:
- Oasis now has an inventory of almost 3,000 potential drilling locations
- Added two rigs through the acquisitions. 14 running across its position now
- Expanding Oasis Well Services
- Decreased well costs to $7.5 million
- Successful results from the Three Forks 2nd and 3rd benches
- Production grew 10% quarter over quarter to ~33,000 boe/d
“Including production from our recent acquisitions, we expect production to range between 42,000 boe/d to 46,000 boe/d in the fourth quarter of 2013.”
At year-end, watch for additional announcements related to results from downspacing tests and wells in the lower portion of the Three Forks.
The company currently expects to drill 4-6 wells in the Middle Bakken and 1st bench of the Three Forks in the best areas of the the basin. Drilling in 2014 will be split relatively evenly between the Bakken and Three Forks. If wells in the lower portion of the Three Forks prove successful, the mix of drilling could be weighted toward the Three Forks more than currently planned.