Northern Oil & Gas Bakken Operators
Northern Oil & Gas saw its Bakken production growth rate slow in the first quarter of 2013. Weather related issues kept the company from completing as many wells as it had hoped.
Production in the first quarter of 2013 averaged 11,100 boe/d or 30% more than Q1 2012 and 2% more than Q4 2012. The company added 128 gross (9.6 net) wells during the quarter. Northern has now participated in 1,355 gross (115.8 net) wells and an additional 152 gross (12.2 net) are drilling or waiting to be completed.
“Despite adverse weather conditions in the first quarter, which negatively impacted production and lowered the number of well completions, we were able to increase our average daily production and add nearly ten net wells to producing status.”
Averaged realized oil prices are expected to average $82-83 per barrel and lease operating expenses (LOE) are expected to average $8.50-9 per barrel.