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.
Read more: QEP Resources Bakken & Three Forks Production Surpasses 21,000 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.
Read more: QEP Resources South Antelope Bakken Properties Valued at $2.8 Billion at Year-End 2013
“QEP Energy’s capital investment program resulted in a 62% increase in crude oil production over last year driven by a 133% increase in production from the Williston Basin. Crude oil volumes represented 20% of QEP Energy’s production in 2013, a substantial increase from 12% in 2012 and 8% in 2011,” said Chuck Stanley, CEO, QEP Resources.”
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%.
Read more at qepres.com