QEP Resources has grown oil production 82% over the past year and that is largely attributable to assets in the Williston Basin. Bakken and Three Forks production grew to average 20,400 boe/d in the second quarter. That's up from 17,000 boe/d in the first quarter.
QEP drilled and completed 15 wells in the quarter. Nine wells were completed in the Fort Berthold area and six were completed in the South Antelope area.
The company's first well pad in the South Antelope area saw four wells come online at a total of more than 15,000 boe/d.
“The second quarter was one of steady progress at QEP,” commented Chuck Stanley, CEO. “We continued to increase activity in the Williston Basin and brought on 15 new operated wells in the quarter. Individual well performance has been in line with or ahead of expectations, and we continue to make progress on lowering well costs.”
QEP also participated in 18 non-operated wells. At the end of the quarter, the company had 11 operated wells awaiting completion, 10 non-operated wells being drilled, and 28 non-operated wells awaiting completion. The average working interest in the company's non-operated properties is less than 6%.
QEP Resources has an interest in 116,000 net acres in the region and is running 8 rigs. Development is primarily focused in the Fort Berthold and South Antelope areas.
In the South Antelope area, the company drills 5,000-12,500 ft laterals and expects ultimate recoveries from each well will reach to more than 1 million boe. In the Fort Berthold area, QEP also drills 5,00-12,500 ft laterals and expects ultimate recoveries per well to range from 300,000 to 900,000 boe
Read the company's full press release at qepres.com