QEP Bakken Production Increases in Q4 2013, Despite Adverse Weather Conditions

February 26, 2014 Kirk Eggleston

QEP Resources Bakken Three Forks Acreage Map

QEP Resources grew its Bakken and Three Forks production in the fourth-quarter, despite adverse weather conditions, achieving net average production of 27,700 boe/d (96% liquids). That's a 30% increase over third-quarter 2013 production, which was 21,300 boe/d.

The company brought 26 operated wells to sales in the fourth-quarter, with good initial production rates. 17 of those wells were in the South Antelope, and their average 24-hour initial production (IP) rate was ~3,025 boe/d. The other nine wells were in the Fort Berthold Reservation, with an average 24-hour initial production (IP) rate of 1,850 boe/d.

In 2013, QEP also saw the value of its South Antelope property rise to $2.8 billion from a $1.14 billion investment. Production from this asset grew throughout the year.

QEP Outside Operated Bakken and Three Forks Wells

QEP Resources also participated in 22 outside-operated Bakken or Three Forks wells that were completed and turned to sales during the fourth-quarter. These wells had an average working interest of 7%.

At the end of 2013, QEP had interests in 31 outside-operated wells in the process of being drilled, with an average working interest of 10%. Five outside-operated wells were waiting to be completed with an average working interest of 5%.

QEP Bakken Rigs Running at End of Year

At the end of the fourth-quarter, eight rigs were operating in the Williston Basin. Six of those rigs were located in the South Antelope, and two were in the Fort Berthold Reservation. QEP also had eight operated wells waiting on completion, with an average working interest of 94%.