SM Energy plans to drop from running four Bakken rigs to three later in the year. Two rig contracts are up and the company will be trading two for one.

The rig coming in will be a walking rig capable of drilling multi-well pads.

Bakken production was up 3% on the quarter and 18% from this time last year to 12,200 boe/d. The focus of drilling is in the Raven, Bear Den, and Gooseneck prospects in Divide, McKenzie, and Williams counties in North Dakota.

SM Energy completed 11 gross wells on its operated acreage during the quarter.

Read the full press release at sm-energy.com