Enerplus Sets New Bakken Production Record In Q1

Enerplus Bakken Acreage Map
Enerplus Bakken Acreage Map

Enerplus set a new company record in the first quarter with 14,500 boe/d of Bakken production from the company's Fort Berthold assets. In total, Enerplus produced just under 20,000 boe/d from the U.S. in the first quarter.

The company plans to drill 20-25 net wells in 2013, with two-thirds targeting the Bakken and one-third targeting the Three Forks formation.

Enerplus spent approximately 45% of the $173 million it invested in the first quarter in the Bakken. A similar trend is expected the rest of the year.

The Fort Berthold region continues to be our most active development area within our portfolio.

A total of three operated and one non-operated well were drilled in the quarter. In addition, five long lateral wells, two short laterals, and one non-operated well were completed during the quarter.

Enerplus also saw costs savings of almost 10% during the quarter due to lower services and supply costs. The company initially budgeted $12.9 million for drilling, completion, and tie-in of wells in the area. By year-end, total costs should be much lower.

Read the full press release at enerplus.com