Bakken Shale News http://bakkenshale.com Bakken Shale News, MarketPlace, Jobs Tue, 21 Oct 2014 14:11:36 +0000 en-US hourly 1 http://wordpress.org/?v=4.0 Tesoro Buys QEP’s Bakken Pipeline Assets – $2.5 Billion http://bakkenshale.com/pipeline-midstream-news/tesoro-buys-qeps-bakken-pipeline-assets-2-5-billion/ http://bakkenshale.com/pipeline-midstream-news/tesoro-buys-qeps-bakken-pipeline-assets-2-5-billion/#respond Tue, 21 Oct 2014 14:11:36 +0000 http://bakkenshale.com/?p=6465 QEP Midstream Operations Map

QEP Midstream Operations Map | Click to Enlarge

San Antonio, TX-based Tesoro Logistics LP agreed to buy Denver, CO-based QEP Resources Inc.’s natural gas pipeline and processing business, QEP Field Services, for 2.5-billion in late October of 2014. The deal also includes a 58% ownership in QEP Midstream Partners.

The acquired assets operate over 2,000 miles of natural gas and crude oil gathering and transmission pipeline, with locations in North Dakota’s Bakken Shale and the Rocky Mountain region. The assets have have a combined 2.9 billion cf/d of natural gas and 54,000 b/d of crude oil throughput capacity.

The deal expands Tesoro’s presence in North Dakota significantly, and company officials say the acquisition will allow Tesoro to offer more integrated crude oil and natural gas services to producers in the Bakken.

In June, QEP stated that it would be focusing more on exploration and production, rather than processing and transportation. QEP, which has significant interests in the Bakken and West Texas’ Permian Basin, expects to increase production in these areas.

Chuck Stanley, President and CEO of QEP Resources, said, “the sale of our midstream business is a significant milestone in the strategic repositioning of our company, as we believe QEP will be better positioned to deliver continued growth in production and Adjusted EBITDA in 2015 and beyond.”

The acquisition, which is subject to regulatory approval, is anticipated to close in the fourth quarter.

Read more at tesorologistics.com

 

 

]]>
http://bakkenshale.com/pipeline-midstream-news/tesoro-buys-qeps-bakken-pipeline-assets-2-5-billion/feed/ 0
Bakken Shale Rig Count Decreases by One to 192 http://bakkenshale.com/drilling-rig-count/bakken-shale-rig-count-decreases-by-one-to-192/ http://bakkenshale.com/drilling-rig-count/bakken-shale-rig-count-decreases-by-one-to-192/#respond Mon, 20 Oct 2014 14:32:54 +0000 http://bakkenshale.com/?p=6462 EIA Bakken Production Data

EIA Bakken Production Data | Click to Enlarge

The Bakken-Three Forks rig count decreased by one to 192 rigs running across our coverage area by the end of last week. The NDIC notes 190 rigs are active in North Dakota, but around 13 of those are in the process of moving in and rigging up.

In recent Bakken news, The Bakken Shale is expected to produce 1.193-million b/d of oil in November, up 22% from the same time last year, according to theEnergy Information Administration’s (EIA) Drilling Productivity Report. October’s total production from the play is expected to be 1.164-million b/d.

Read more: Bakken Shale Expected to Hit 1.19-Million b/d in Nov. 2014

The U.S. rig count decreased by 12 to 1,918 rigs running by the end of last week. A total of 328 rigs were targeting natural gas (eight more than the previous week) and 1,590 were targeting oil in the U.S. (19 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 193 rigs are running in the Williston Basin across MT, ND, and SD. 181 are in ND alone.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 190 rigs are active in North Dakota. That is three less than Baker Hughes reports in the Bakken area, and nine less than the company reports in North Dakota. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around 13 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs decreased by one to 192 rigs running by the end of the week . WTI oil prices decreased by less than $1.00 from the previous week, trading at $83.15/bbl on Friday afternoon. Williston Basin Sweet crude traded at $64.44/bbl on Oct. 16th. The WTI-Brent closed up a bit, settling at just over $3 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.77/mmbtu by the end of last week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 64 rigs running. Mountrail, and Williams counties are the only other counties with more than 30 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 173 rigs are drilling horizontal wells
  • 16 rigs are drilling directional wells
  • 3 rigs are drilling vertical wells

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

County State Previous Week Current Week County State Previous Week Current Week
MCKENZIE ND 62 64 STARK ND 3 2
WILLIAMS ND 39 39 SHERIDAN MT 1 1
MOUNTRAIL ND 33 30 MCLEAN ND 1 1
DUNN ND 25 25 DANIELS MT 0 0
DIVIDE ND 9 10 DAWSON MT 0 0
RICHLAND MT 5 6 VALLEY MT 0 0
BOTTINEAU ND 3 3 WIBAUX MT 0 0
BURKE ND 3 3 GOLDEN VALLEY ND 0 0
FALLON MT 2 2 MERCER ND 0 0
ROOSEVELT MT 3 2 WARD ND 0 0
BILLINGS ND 2 2 MCHENRY ND 0 0
RENVILLE ND 2 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

]]>
http://bakkenshale.com/drilling-rig-count/bakken-shale-rig-count-decreases-by-one-to-192/feed/ 0
Bakken Shale Expected to Hit 1.19-Million b/d in Nov. 2014 http://bakkenshale.com/news/bakken-shale-expected-to-hit-1-19-million-bd-in-nov-2014/ http://bakkenshale.com/news/bakken-shale-expected-to-hit-1-19-million-bd-in-nov-2014/#respond Thu, 16 Oct 2014 14:53:56 +0000 http://bakkenshale.com/?p=6451 EIA Bakken Production Data

EIA Bakken Production Data | Click to Enlarge

The Bakken Shale is expected to produce 1.193-million b/d of oil in November, up 22% from the same time last year, according to the Energy Information Administration’s (EIA) Drilling Productivity Report. October’s total production from the play is expected to be 1.164-million b/d.

Despite lower crude prices, EIA data shows gains in production across all major U.S. shale fields. According to the International Energy Agency (IEA), only 4% of U.S. shale production needs prices above $80 for drillers to break even. In April of 2014, consultancy Wood Mackenzie issued a report that estimated break-even costs in the Bakken based on sub-plays. Break-even rates in the Sanish basin, one of the better areas for development in the Bakken, are estimated to average $58/bbl, according to the Wood Mackenzie report. Break-even costs were higher in other areas of the play.

Bakken operators continue the trend to be more efficient. EIA data for October shows new-well oil production per drilling rig is at 530. This is expected to increase to 537 by November.

Gains in Texas

In the Eagle Ford Shale in South Texas, and the Permian Basin in West Texas, gains were similar to the Bakken on a month-to-month basis.

The EIA estimates the Eagle Ford will produce 1.614-million b/d of oil November, up 29% from the same time last year. That’s also a ~2% increase from October’s expected production of 1.579-million b/d.

The Permian’s October production is expected to be 7.765-million b/d, and increase ~2% to 1,807-million b/d in November.

]]>
http://bakkenshale.com/news/bakken-shale-expected-to-hit-1-19-million-bd-in-nov-2014/feed/ 0
Bakken Drillers Could Be Forced to Scale Back 2015 Efforts http://bakkenshale.com/news/bakken-drillers-could-be-forced-to-scale-back-2015-efforts/ http://bakkenshale.com/news/bakken-drillers-could-be-forced-to-scale-back-2015-efforts/#respond Tue, 14 Oct 2014 14:35:04 +0000 http://bakkenshale.com/?p=6445 ND Pump Jack Photo

ND Pump Jack | Click to Enlarge

Bakken Shale oil producers are under pressure to scale back 2015 drilling plans due to falling oil prices, according to Bloomberg. On October 13th, Houston-based Plains Marketing L.P. listed Williston Basin sweet crude at $67.69, which is a ~$4 drop from last week’s price.

Crude oil prices have been on the decline worldwide. Surging production from U.S. shale plays are one of the reasons behind the worldwide oil price drop. Other factors include a weakening global demand for oil and an increase in Libyan oil drilling over the summer, according to the Energy Information Administration (EIA).

North Dakota’s Department of Mineral Resources (DMR) Director Lynn Helms updated lawmakers on the status of oil & gas development in the state last week. Helms said two factors could negatively impact oil production – lower oil prices and new flaring regulations.

Read more: Bakken Development Threats on the Horizon

Lower prices doesn’t mean production growth will stop in North Dakota for the immediate future. In April of 2014, consultancy Wood Mackenzie, predicted the play will hit 1.7-million b/d by 2020. Currently, oil production in North Dakota is ~1.1-million b/d.

Growth in the Bakken region has been marked by a sharp up tick in infill drilling and pad drilling to increase efficiencies and the recovery of hydrocarbons. In January of 2010, just a few years after the boom began, there were  about 4,600 producing wells in North Dakota. Now, there are more than 11,000 producing wells in the state.

If oil prices remain low or stay flat, operators will scale back drilling across the Bakken. Look for operators to focus mostly on the sweet spots in core areas located in McKenzie, Williams, Mountrail and Dunn Counties.

]]>
http://bakkenshale.com/news/bakken-drillers-could-be-forced-to-scale-back-2015-efforts/feed/ 0
Bakken Shale Rig Count Decreases by Four to 193 http://bakkenshale.com/drilling-rig-count/bakken-shale-rig-count-decreases-four-193/ http://bakkenshale.com/drilling-rig-count/bakken-shale-rig-count-decreases-four-193/#respond Mon, 13 Oct 2014 15:05:18 +0000 http://bakkenshale.com/?p=6442 Occidental Bakken Acreage

Occidental Bakken Acreage|Click to Enlarge

The Bakken-Three Forks rig count decreased by four to 193 rigs running across our coverage area by the end of last week. The NDIC notes 190 rigs are active in North Dakota, but around 18 of those are in the process of moving in and rigging up.

In recent Bakken news, Occidental Petroleum (NYSE: OXY) appears to be on the verge of divesting its acreage in the Williston Basin, according to a Bloombergreport, which cited “people with knowledge of the matter.”

Currently, OXY has ~500,000 gross acres (~335,000 net) in the Williston Basin, and is working with investment bank Tudor Pickering Holt & Co. to sell the assets.

Read more: Occidental’s Bakken Assets on the Table

The U.S. rig count increased by eight to 1,930 rigs running by the end of last week. A total of 320 rigs were targeting natural gas (ten less than the previous week) and 1,609 were targeting oil in the U.S. (18 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 194 rigs are running in the Williston Basin across MT, ND, and SD. 182 are in ND alone.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 190 rigs are active in North Dakota. That is four less than Baker Hughes reports in the Bakken area, and eight more than the company reports in North Dakota. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around 18 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs decreased  by four to 193 rigs running by the end of the week . WTI oil prices decreased by nearly $5 from the previous week, trading at $84.72/bbl on Friday afternoon. Williston Basin Sweet crude traded at $67.44/bbl on Oct. 2nd. The WTI-Brent opened up a bit, settling at just over $4 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.86/mmbtu by the end of last week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 62 rigs running. Mountrail, and Williams counties are the only other counties with more than 30 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 172 rigs are drilling horizontal wells
  • 16 rigs are drilling directional wells
  • 5 rigs are drilling vertical wells

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

County State Previous Week Current Week County State Previous Week Current Week
MCKENZIE ND 66 62 RENVILLE ND 2 2
WILLIAMS ND 36 39 SHERIDAN MT 0 1
MOUNTRAIL ND 34 33 MCLEAN ND 1 1
DUNN ND 26 25 DANIELS MT 0 0
DIVIDE ND 9 9 DAWSON MT 0 0
RICHLAND MT 5 5 VALLEY MT 0 0
ROOSEVELT MT 2 3 WIBAUX MT 0 0
BOTTINEAU ND 4 3 GOLDEN VALLEY ND 0 0
BURKE ND 4 3 MERCER ND 0 0
STARK ND 2 3 WARD ND 2 0
FALLON MT 1 2 MCHENRY ND 0 0
BILLINGS ND 3 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

]]>
http://bakkenshale.com/drilling-rig-count/bakken-shale-rig-count-decreases-four-193/feed/ 0
Bakken Development Threats on the Horizon? http://bakkenshale.com/news/bakken-development-threats-on-the-horizon/ http://bakkenshale.com/news/bakken-development-threats-on-the-horizon/#respond Thu, 09 Oct 2014 15:33:36 +0000 http://bakkenshale.com/?p=6434 Bakken Oil Workers

Bakken Oil Workers | Click to Enlarge

The Bakken is one of the most lucrative plays in the country, but there are some looming concerns for development. The good news is production growth is expected to continue.

New York City, NY-based financial information services company Fitch Ratings, Inc. published its “Bakken Shale Report” this week, which found the play had the highest oil cut among U.S. shales at 85%.

Oil production has been above 1-million b/d since April of 2014, according to the Department of Mineral Resources (DMR), and officials expect production to grow to 1.3-million b/d by 2015.

Read more: North Dakota Hits Record Oil & Gas Production

“The primary challenge for upstream companies has been to balance gains from increasing production and drilling efficiencies with strained takeaway capacity,” according to Fitch Ratings.

The Fitch report found Bakken crude averaged ~$10 per barrel below West Texas Intermediate (WTI) in 2014, and rail is estimated to provide 60% of regional takeaway capacity and costs to ship affected spread levels.

This week, the price of Bakken crude fell to ~$73, which spurred conversation online about lower oil prices and how that could impact Bakken development. On Wednesday, North Dakota’s Department of Mineral Resources Director Lynn Helms updated lawmakers on the status of oil & gas development in the state. Helms said two factors could negatively impact oil production – lower oil prices and new flaring regulations.

Beginning on June 1st, the North Dakota Industrial Commission (NDIC) began implementing its first in a series of policy changes aimed at reducing flaring in the Bakken.

The NDIC’s new “gas capture plan” (GCP) rule will require E&P companies to submit a document with their application for a permit to the commission specifying how they plan to capture gas produced from their drilling operations.

Read more: NDIC Implements New Bakken Flaring Rule

According to Fitch research, a large increase in Bakken production has disrupted traditional supply and demand balance in the region, and while pipeline capacity has struggled to keep up with volumes, Fitch expects supply and demand will begin to come more into balance in 2015 and 2016 as market participants strive to find the most economic placement for their barrels.

 

]]>
http://bakkenshale.com/news/bakken-development-threats-on-the-horizon/feed/ 0
Occidental’s Bakken Assets on the Table http://bakkenshale.com/news/occidental-bakken-assets-on-the-table/ http://bakkenshale.com/news/occidental-bakken-assets-on-the-table/#respond Tue, 07 Oct 2014 13:49:04 +0000 http://bakkenshale.com/?p=6425 Occidental Bakken Acreage

Occidental Bakken Acreage|Click to Enlarge

Occidental Petroleum (NYSE: OXY) appears to be on the verge of divesting its acreage in the Williston Basin, according to a Bloomberg report, which cited “people with knowledge of the matter.”

Currently, OXY has ~500,000 gross acres (~335,000 net) in the Williston Basin, and is working with investment bank Tudor Pickering Holt & Co. to sell the assets.

The company is in the process of restructuring, and could draw as much as $3-billion from the sale of its Williston Basin assets, according to Bloomberg’s sources. In October of last year, OXY announced it would pursue “stategic alternatives” for the trade or sale of select midcontinent assets.

In 2012, OXY’s net Bakken production was 14 Mboe/d, and in the first half of last year, it was 17 Mboe/d. Proved reserves at the end of 2012 were 87 Mmboe.

OXY has increased its focus on production from fields in the Permian Basin in Texas and New Mexico.

Read more at oxy.com

]]>
http://bakkenshale.com/news/occidental-bakken-assets-on-the-table/feed/ 0
Bakken Shale Rig Count Stays Flat at 197 http://bakkenshale.com/pipeline-midstream-news/bakken-shale-rig-count-stays-flat-at-197-2/ http://bakkenshale.com/pipeline-midstream-news/bakken-shale-rig-count-stays-flat-at-197-2/#respond Mon, 06 Oct 2014 14:00:08 +0000 http://bakkenshale.com/?p=6421 Pipeline Construction

Pipeline Construction | Click to Enlarge

The Bakken-Three Forks rig count stayed flat at 197 rigs running across our coverage area by the end of last week. The NDIC notes 188 rigs are active in North Dakota, but around six of those are in the process of moving in and rigging up.

In recent Bakken news, permitting problems in Minnesota are delaying Calgary-based Enbridge Energy Partners LP from building a 612-mile pipeline from North Dakota’s Bakken Shale, according to the Wall Street Journal. The company disclosed the delay of the $2.6-billion Sandpiper pipeline in a filing with the U.S. Securities and Exchange Commission earlier this week.

Read more: Enbridge’s Sandpiper Pipeline Delayed

The U.S. rig count decreased by nine to 1,922 rigs running by the end of last week. A total of 330 rigs were targeting natural gas (eight less than the previous week) and 1,591 were targeting oil in the U.S. (1 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 198 rigs are running in the Williston Basin across MT, ND, and SD. 189 are in ND alone.

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.

Note: The NDIC reports 188 rigs are active in North Dakota. That is ten less than Baker Hughes reports in the Bakken area, and one less than the company reports in North Dakota. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around six rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs stayed flat at 197 rigs running by the end of the week . WTI oil prices decreased by nearly $3 from the previous week, trading at $90.15/bbl on Friday afternoon. Williston Basin Sweet crude traded at $72.69/bbl on Oct. 2nd. The WTI-Brent closed up a bit, settling at just over $2 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $4.02/mmbtu by the end of last week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.

McKenzie County continues to lead development with 66 rigs running. Mountrail, and Williams counties are the only other counties with more than 30 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

  • 178 rigs are drilling horizontal wells
  • 18 rigs are drilling directional wells
  • 1 rigs are drilling vertical wells

Bakken Oil & Gas News

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

County State Previous Week Current Week County State Previous Week Current Week
MCKENZIE ND 65 66 WARD ND 2 2
WILLIAMS ND 36 36 FALLON MT 1 1
MOUNTRAIL ND 34 34 MCLEAN ND 1 1
DUNN ND 26 26 DANIELS MT 0 0
DIVIDE ND 9 9 DAWSON MT 0 0
RICHLAND MT 5 5 SHERIDAN MT 0 0
BOTTINEAU ND 4 4 VALLEY MT 0 0
BURKE ND 5 4 WIBAUX MT 0 0
BILLINGS ND 3 3 GOLDEN VALLEY ND 0 0
ROOSEVELT MT 2 2 MERCER ND 0 0
RENVILLE ND 2 2 MCHENRY ND 0 0
STARK ND 2 2

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

]]>
http://bakkenshale.com/pipeline-midstream-news/bakken-shale-rig-count-stays-flat-at-197-2/feed/ 0
Enbridge’s Sandpiper Pipeline Delayed http://bakkenshale.com/pipeline-midstream-news/enbridges-sandpiper-pipeline-delayed/ http://bakkenshale.com/pipeline-midstream-news/enbridges-sandpiper-pipeline-delayed/#respond Thu, 02 Oct 2014 14:59:12 +0000 http://bakkenshale.com/?p=6418 Pipeline Construction

Pipeline Construction | Click to Enlarge

Permitting problems in Minnesota are delaying Calgary-based Enbridge Energy Partners LP from building a 612-mile pipeline from North Dakota’s Bakken Shale, according to the Wall Street Journal. The company disclosed the delay of the $2.6-billion Sandpiper pipeline in a filing with the U.S. Securities and Exchange Commission earlier this week.

The Sandpiper pipeline is designed to move 225,000 b/d from North Dakota to Clearbrook, MN, and then transport up to 375,000 b/d from the Minnesota location to another oil hub in Superior, Wisconsin. At the end of last year, oil giant Marathon reached an agreement whereby Marathon will fund 37.5% of the Sandpiper pipeline and gain a 27% interest in Enbridge’s North Dakota System.

Read more: Enbridge’s Sandpiper Pipeline Gains Anchor Shipper in Marathon Petroleum – Open Season

The delay comes after the Minnesota Public Utilities Commission requested an expanded study on the environmental impacts of six possible routes of pipeline. Opponents to the pipeline suggest the planned route crosses many environmentally-sensitive areas in northern Minnesota, including rivers, lakes and wetlands.

At the Enbridge Annual Investment Community Conference, SVP-Major Projects Byron Neiles, said, ” even though we’ve secured all of the required approvals in North Dakota and close to 100% of the right-of-way, and close to 90% of the — and over 90% of the lands required in Minnesota, the regulator there three weeks ago reversed a decision it took earlier this spring denying opponents’ motions to extend the process as well as to bifurcate or decouple the route and need processes of the review. Moreover, it required that these processes be conducted one after the other rather than in parallel.”

The Sandpiper Pipeline is expected to be in service some time in 2017. Estimates at the end of last year were for the first quarter of 2016.

Enbridge’s current five-year forecast includes a record $44-billion in capital expenditures.

Read more at wsj.com and enbridge.com

]]>
http://bakkenshale.com/pipeline-midstream-news/enbridges-sandpiper-pipeline-delayed/feed/ 0
Vitesse Energy Grabs 19,000 Net Bakken Acres -Sept. 2014 http://bakkenshale.com/news/vitesse-energy-grabs-19000-net-bakken-acres/ http://bakkenshale.com/news/vitesse-energy-grabs-19000-net-bakken-acres/#respond Tue, 30 Sep 2014 13:54:17 +0000 http://bakkenshale.com/?p=6414 Bakken Oil Workers

Bakken Oil Workers | Click to Enlarge

Centennial, CO-based Vitesse Energy, LLC has purchased non-operated oil and gas assets in the Williston Basin from EnerVest Operating, LLC for $186.5-million. Included in the deal are working interests in approximately 600 wells and over 19,000 net acres in core Bakken Counties of Williams, McKenzie and Mountrail.

Vitesse CEO Bob Gerrity, said, “this acquisition represents a synergistic addition to our existing high-quality acreage in the core area of the Bakken and Three Forks play, and also provides new growth opportunities in developing areas of the field where technology continues to enhance returns.”

The agreement was signed on August 1st, and closed on September 8th. Vitesse Energy, LLC is a subsidiary of U.S.-based holding company Leucadia National Corporation.

Read more at vitesseoil.com

]]>
http://bakkenshale.com/news/vitesse-energy-grabs-19000-net-bakken-acres/feed/ 0