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