Marathon Accelerates Activity in The Bakken and Other US Domestic Plays

Marathon's Bakken and Three Forks Acreage Map

Marathon’s Bakken and Three Forks Acreage Map

Marathon is continuing to ramp up its presence in US domestic shale plays, with increased activity expected in the Bakken Shale through the end of 2014. In a company statement in late March 2014, officials revealed that Marathon hit its target of a 28-rig program across the Eagle Ford, Bakken and Oklahoma-Woodford Shale plays at the end of January.


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WPX Energy Sets Its Bakken Capital Budget at $580-600 Million in 2014

Additional Operated Rig Coming and Will Drill 62 Gross Wells in the Williston Basin in 2014
WPX Energy Rockies Asset Map

WPX Energy Rockies Asset Map | Click to Enlarge

WPX Energy will spend between $1.420-$1.523 billion in 2014, with $580-600 million directed to Bakken and Three Forks targets in the Williston Basin.

WPX is planning to add a rig to bring its operated total to five in 2014.

The company expects the added rig will allow the company to drill 62 gross operated wells, or 25% more than the ~50 wells the company drilled in 2013.

Also read: Halcon Lowers Its 2014 Capital Budget & Holds Production Guidance [Read more…]

Emerald Acquires Bakken Acreage in the Wiliston Basin for $74.6 Million

Emerald acreage deal includes leases producing 350 boe/d
Click to Enlarge

Click to Enlarge

Emerald Oil acquired 20,800 net acres in the Williston Basin for $74.6 million in two separate deals in early January.

The company now controls 85,000 net acres in the area.

With the closing of this deal, Emerald is now the operator for 75% of its acreage. The company’s purchase includes Bakken and Three Forks producing properties and an undeveloped leasehold in McKenzie and Williams counties in North Dakota. Without valuing production of 350 boe/d, the company paid a little more than $3,500/acre.

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Kodiak Sets 2014 Capital Budget at $940 Million – Expects 45% Growth

Expecting 18-month Payout on Polar Area Downspacing Pilots
Kodiak Oil & Gas Williston Basin Map

Kodiak Oil & Gas Williston Basin Map | Click to Enlarge

Kodiak Oil & Gas’ 2014 capital budget has been set at $940 million. That’s down from approximately $1 billion in 2013.

Kodiak expects to spend $890 million drilling and completing ~100 net wells to production 45%.

$50 million is budgeted for infrastructure build-out and acreage acquisitions. [Read more…]

Marathon Oil Plans To Spend $1 Billion in the Bakken in 2014

Initial Production From Wells Has Gotten Better Every Year Since 2008
Marathon Oil Bakken Initial Production Improvement

Marathon Oil’s Initial Production Rate Improvement in the Bakken | Click to Enlarge

Marathon Oil plans to spend $1 billion of its $3.6 billion budget in North America in the Bakken in 2014.

As a result, the company’s production is expected to grow from a little less than 40,000 boe/d in 2013 to a little less than 50,000 boe/d in 2014. [Read more…]

Continental’s Bakken & Three Forks Density Test Yields Almost 15,000 boe/d

Planning Full Field Development With 20-30 Well Pads in the Antelope Area
Continental Resources Hawkinson Bakken Three Forks Density Test

Continental Resources Hawkinson Bakken & Three Forks Density Test | Click to Enlarge

Continental set a record with third quarter production of 141,900 boe/d. Bakken production grew 7% and accounted for 94,500 boe/d of the total.

Continental operated 20 rigs in the Bakken region during the quarter and grew gross production to almost 120,000 boe/d (94,500 boe/d net). That’s 51% higher than the third quarter of 2012 and even more impressively, Montana production grew 17% over the second quarter. [Read more…]