Abraxas Will Run One Bakken Rig and Spend $54 Million in 2014

Will Drill 7.2 Wells and Complete 6.4 Wells in the Bakken

Abraxas Petroleum will run one rig in and spend $53.8 million in the Bakken in 2014.

The company plans to drill 7.2 net wells and complete 6.4 net wells.

Bob Watson, CEO, commented, “Abraxas enters 2014 with a pristine balance sheet and far more profitable and focused asset base. We continue to identify additional opportunities in the Bakken and Eagle Ford and will announce the results of these efforts when it is prudent. We look forward to what promises to be an active 2014 Bakken and Eagle Ford drilling program.”

Read more at abraxaspetroleum.com

Continental Resources’ 2014 Bakken Budget Increases to $2.5 Billion

$500 Million Exploration Budget Will Focus On Well Density Testing in the Bakken & Three Forks
Continental Resources Bakken Three Forks Map

Continental Resources Bakken-Three Forks Map | Click to Enlarge

Continental Resources plans to spend $2.5 billion on development drilling and completions in the Bakken in 2014. That’s a 16% increase from plans to spend $2.15 billion in 2013.

In 2014, the company will run 17 rigs in North Dakota and four rigs in Montana, with plans to drill 886 gross (300 net) wells.

Continental will spend a total of $4 billion in 2014, with $2.5 billion allocated to the Bakken, approximately $900 million allocated in Oklahoma, and $500 million directed to exploration activities. Company-wide production guidance calls for growth of 26-32%, with a 2014 exit rate of 200,000 boe/d. [Read more…]