Continental Resources: Bakken Hits 1-Billion Barrel Mark

Two-thirds of Total Oil Produced in the Last Three Years
Continental 2013 Production

Continental Production | Click to Enlarge

Citing IHS data, Continental Resources revealed the Bakken field of North Dakota and Montana reached the milestone of 1 billion bbls of cumulative light, sweet crude oil produced during first quarter of 2014.

Two-thirds of the total was produced in the last three years according to Continental.

 

 

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Emerald Oil Increases Bakken Production by 80% in 2013

Emerald has acquired ~67,700 net acres in the Bakken Since the Beginning of 2013
Emerald Acreage Map

Emerald Acreage Map | Click to Enlarge

Emerald’s total production increased by 80% in 2013 over 2012 from ~935 boe/d to ~1690 boe/d. The production increase was attributable to the addition of 10.58 net operated Bakken and Three Forks wells in 2013.

Since the beginning of 2013, the company has acquired ~67,700 net acres. The most recent Bakken acreage acquisition took place in January, and cost Emerald $74.6 million.

Read more: Emerald Acquires Acreage in the Williston Basin for $74.6 Million

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Enerplus Capital Budget in Bakken – $304 Million – 2014

Enerplus Expects to Grow Production by More Than 30% in North Dakota in 2014
Enerplus North Dakota Acreage Map

Enerplus North Dakota Acreage Map | Click to Enlarge

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.

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QEP Resources South Antelope Bakken Properties Valued at $2.8 Billion at Year-end 2013

QEP Increases Its Total Proved Reserves by 37% at End of Year 2013
QEP Resources Bakken Three Forks Acreage Map

QEP Resources Bakken & Three Forks Acreage Map | Click to Enlarge

QEP Resources acquired its South Antelope Properties in the fall of 2012 for ~$1.4 billion.

Since the acquisition, QEP’s value estimate for those properties has increased to $2.8 billion based on probable reserve estimates.

Read more: QEP – Helis Bakken Deal Agreed for 27,600 Acres for $1.4 Billion

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Oasis Petroleum’s Bakken Deals Grow Acreage Position 50% – $1.5 Billion

Oasis Now Controls Almost Half A Million Acres Targeting The Bakken & Three Forks
Oasis Petroleum Bakken Acreage Map - Acquisition Included

Oasis Petroleum Bakken Acreage Map – Acquisition Included | Click to Enlarge

Oasis Petroleum has agreed to acquire 161,000 acres prospective for the Bakken in the Williston Basin for a total of $1.515 billion. In four separate deals, the company’s position grows from 331,000 to 492,000 net acres.

The deals included production of 9,300 boe/d, so total volumes just grew from 33,700 boe/d to 43,000 boe/d. [Read more...]

USGS – Bakken & Three Forks Oil Reserves Estimated at 7.38 Billion Bbls

Bakken Resources Estimate Unchanged - Three Forks Adds 3.73 Billion bbls
USGS Bakken Reserves - Petroleum System Map

USGS Bakken Reserves – Petroleum System Map | Click to Enlarge

The USGS revised its oil and gas resource assessment for the Bakken and Three Forks formations for the first time since 2008.

Over 4,000 wells have been drilled and more than 450 million bbls of oil have been produced since the last update.

In 2008, the USGS estimated the Bakken could technically yield a mean estimate of 3.65 billion bbls. That didn’t change in this estimate, but the Three Forks was added and is estimated to hold 3.73 billion bbls oil. That’s a mean estimate of 7.38 billion barrels of technically recoverable oil from the Bakken and Three Forks.

Since the 2008 USGS assessment, more than 4,000 wells have been drilled in the Williston Basin, providing updated subsurface geologic data. Previously, very little data existed on the Three Forks Formation and it was generally thought to be unproductive. However, new drilling resulted in a new understanding of the reservoir and its resource potential.

The Bakken and Three Forks are also estimated to hold 6.7 Tcf of natural gas and 0.53 billion barrels of NGLs. That’s up from just 1.8 Tcf and 0.15 billion barrels in 2008.

The USGS numbers quoted the most include a mean estimate. The USGS actually provides a range of probability. The organization estimates that technically recoverable reserves range from 5.2 Billion boe to 14.3 Billion boe. That means a best or high case could be double what you see quoted in most places.

Read the full press release at USGS.gov

Northern Oil & Gas Grew Bakken Production 95% in 2012

Proved Reserves Increased 44% To More Than 67 Million Boe
Northern Oil & Gas Bakken Operators

Northern Oil & Gas Bakken Operators | Click to Enlarge

Northern Oil & Gas had an exceptional year in the Bakken. The company grew production 95% or from just under 2 million boe in 2011 to 3.76 million boe in 2012. That equates to daily production of more than 10,000 boe/d in 2012. Production growth was the result of Northern participating in the drilling of 42.8 net wells and bringing 48.3 net wells to production at a cost of $485 million. [Read more...]

Oasis Petroleum’s Bakken Production Doubles in 2012

Well Costs Reduced 16% During the Year - $10.5 Down to $8.8 Million
Oasis Petroleum Bakken Map

Oasis Petroleum Bakken Map | Click to Enlarge

Oasis Petroleum grew production from 10,724 boe/d in 2011 to 22,469 boe/d in 2012. That marks the second year in a row production has doubled for the company. The company actually exited the year with more than 27,000 boe/d of production, so reaching a range of 30,000-34,000 boe/d in 2013 shouldn’t be a worry. [Read more...]

Will Continental’s Reserves Cross 1 Billion Boe in 2013?

Production and Reserves Grew By More Than 50% in 2012
Continental Resources Bakken Production

CLR Bakken Production Growth | Click to Enlarge

Continental Resources Bakken assets account for 86% of the company’s provded undeveloped (PUD) reserves. That’s important because the company just reported proved reserves growth of 54%, an increase from 564 mmboe to 785 mmboe. Over 200 mmboe were added through exploration and development activity and over 80 mmboe were added through acquisitions.

Continental’s (CLR) reserves have grown an average of 45% each year since 2009. If that trend continues, Continental will book more than 1.1 BILLION boe at the end of 2013! [Read more...]

ConocoPhillips’ Capital Budget Favors the Bakken and Eagle Ford

Lower 48 Spending Favors Oil Plays
ConocoPhillips Bakken Acreage Map

ConocoPhillips Bakken Acreage Map | Click to Enlarge

ConocoPhillips released plans to spend $15.8 billion in 2013. Of that, more $4 billion will be spent across the company’s U.S. assets in the Bakken, Barnett, Eagle Ford, Niobrara, and Permian Basin areas. Targets in all of those areas are liquids-rich. [Read more...]

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