Whiting Petroleum's operated Bakken production of ~66,156 b/d was higher than any other North Dakota company in December of 2012. Whiting edged out Continental Resources by less than 15 b/d. For operated and non-operated production during the quarter, Continental averaged 67,522 boe/d net in the Bakken to Whiting's ~63,000 boe/d across all of the Rockies (primarily Bakken).
Proved reserves grew in step with production. Whiting had over 378 million boe of proved reserves at the end of 2012, with 165.1 mmboe attributable to the Northern Rockies. Production and reserves growth was the direct result of the company's aggressive spending. The company completed 192.9 net wells in 2012 after only planning for 160 net wells. The company spent a total of $2.1 billion in 2012 and plans to spend $2.2 billion in 2013. Approximately 52% or $1.1 billion will be spent in the Northern Rockies (Bakken) region.
Whiting's Bakken Well Production Improves in 2012
The average Bakken well in the region averaged 572 b/d, 470 b/d and 403 b/d over 30, 60, and 90 day initial production periods in 2012. That's an increase from 432 b/d, 373 b/d, and 338 b/d over 30, 60, and 90 day periods in 2011. That's an improvement over almost 100 b/d over all three periods.
2013 will be spent further proving prospects and downspacing across the basin. Whiting has significant exploratory and development plans across all of its prospects:
- Pronghorn Prospect - Planning six wells per 1,280-acre spacing unit, up from three
- Tarpon Prospect - Drilling three well pads
- Hidden Bench Prospect - Testing the "Middle Bakken Silt" this year and hopes to establish a third productive zone
- Missouri Breaks Prospect - Continue to de-risk acreage in 2013
- Sanish Field - 32,590 boe/d net in Q4 2012. Planning a tighter spacing test in early 2013 and refracking wells
- Rid River - Completing seismic study at the Starbuck prospect and expect $3-3.5 million vertical wells to have EURs of 200,000-300,000 boe at Big Island
The Robinson Lake Plant was processing 67 mmcfd and the Belfield Gas Plant was processing18 mmcfd at year-end.
Read the company's full release at whiting.com