Emerald Oil Increases Bakken Production by 80% in 2013

Emerald Acreage Map
Emerald Acreage Map

Emerald's total production increased by 80% in 2013 over 2012 from ~935 boe/d to ~1690 boe/d. The production increase was attributable to the addition of 10.58 net operated Bakken and Three Forks wells in 2013.

Since the beginning of 2013, the company has acquired ~67,700 net acres. The most recent Bakken acreage acquisition took place in January, and cost Emerald $74.6 million.

Read more: Emerald Acquires Acreage in the Williston Basin for $74.6 Million

Emerald's Bakken Fourth-Quarter Production and 2013 Reserves

Emerald had a strong fourth-quarter in the Bakken, with average daily production of 2,430 boe/d.

McAndrew Rudisill, Emerald’s CEO, stated, “2013 was a transformational year for Emerald. We successfully drilled and completed multiple Middle Bakken and Three Forks wells, tripled our operated acreage position and monetized the majority of our non-operated assets.

t the end of 2013, Emerald had total proved reserves of ~13.2 mmboe, all of which were located in the Williston Basin. Emerald's proved reserves increased approximately 147% during 2013 primarily as a result of our successful operated well program.

Emerald's Bakken 2014 Drilling and Production Strategy

In 2014, Emerald has plans to add another rig to it's drilling program. The company expects to achieve an exit rate of 4,250 boe/d, with an average production rate of 3,550 boe/d.

In a company statement, Rudisill, said, “in 2014, our production will continue to grow as we add a third rig to our drilling program. The third rig is currently moving to location in our Easy Rider focus area and will soon begin drilling, earlier than originally anticipated. Due to the strong performance of our Low Rider Middle Bakken wells and positive indications from our Low Rider Three Forks wells, we are actively reviewing increased downspacing assumptions and raising our stated Low Rider type curve. We are very focused in 2014 on lowering operating expenses and driving greater drilling and completion cost efficiencies.

Emerald plans to add an additional 18.2 net operated wells by the end of 2014.

Read more at emeraldoil.com

Oasis Petroleum Nearing Half a Million Acres in the Bakken

Oasis Petroleum Bakken Acreage Map - Acquisition Included
Oasis Petroleum Bakken Acreage Map - Acquisition Included

Oasis Petroleum added acreage in the third quarter is nearing half a million acres prospective for the Bakken and Three Forks.

In September, the company announced several deals that added over 160,000 acres to the company's position.

Read more:Oasis Petroleum Bakken Deals Grow Acreage ~50% for $1.5 billion

The deals were just one highlight of many from the company's third quarter earnings release:

  • Oasis now has an inventory of almost 3,000 potential drilling locations
  • Added two rigs through the acquisitions. 14 running across its position now
  • Expanding Oasis Well Services
  • Decreased well costs to $7.5 million
  • Successful results from the Three Forks 2nd and 3rd benches
  • Production grew 10% quarter over quarter to ~33,000 boe/d
Including production from our recent acquisitions, we expect production to range between 42,000 boe/d to 46,000 boe/d in the fourth quarter of 2013.
— Mr. Nusz, CEO

At year-end, watch for additional announcements related to results from downspacing tests and wells in the lower portion of the Three Forks.

The company currently expects to drill 4-6 wells in the Middle Bakken and 1st bench of the Three Forks in the best areas of the the basin. Drilling in 2014 will be split relatively evenly between the Bakken and Three Forks. If wells in the lower portion of the Three Forks prove successful, the mix of drilling could be weighted toward the Three Forks more than currently planned.

Continental Resources' 2014 Bakken Budget Increases to $2.5 Billion

Continental Resources Bakken Three Forks Map
Continental Resources Bakken Three Forks Map

Continental Resources plans to spend $2.5 billion on development drilling and completions in the Bakken in 2014. That's a 16% increase from plans to spend $2.15 billion in 2013.

In 2014, the company will run 17 rigs in North Dakota and four rigs in Montana, with plans to drill 886 gross (300 net) wells.

Continental will spend a total of $4 billion in 2014, with $2.5 billion allocated to the Bakken, approximately $900 million allocated in Oklahoma, and $500 million directed to exploration activities. Company-wide production guidance calls for growth of 26-32%, with a 2014 exit rate of 200,000 boe/d.

"Achieving our 2014 goals will be an excellent 'Year 2' in our five-year plan to triple production and proved reserves," said Harold G. Hamm, Continental's CEO.

Continental plans to complete its four Three Forks well density pilots and will plan additional pilots in 2014 based on the results.

...the Company has set a new goal to reduce average operated Bakken completed well costs in a range of 3% to 5% by the end of 2014.

The company controls approximately 1.2 million net acres and produces approximately 80,000 boe/d from the Bakken.

Read the more from the company at clr.com