Oil Price — Bakken Shale News

Harold Hamm followed reports from the NDIC that production had surpassed 900,000 b/d with a prediction that the Bakken will ultimately produce 2 million b/d.

His company, Continental Resources, controls over 1 million acres and produces approximately 80,000 boe/d from the Bakken.

A few other notable comments included:

We're 75% of the way to fully optimizing the Bakken
He believes our borders should be opened to oil exports
He doesn't expect an oil price crash. Oil is simply harder to find and produce than natural gas
Oil prices will remain in the $90-100 bbl range
The chances Keystone XL will be built are dwindling

Mr. Hamm was speaking at the Bloomberg Oil & Gas Conference held October 17, 2013 in Houston.

Northern Oil & Gas saw its Bakken production growth rate slow in the first quarter of 2013. Weather related issues kept the company from completing as many wells as it had hoped.

Production in the first quarter of 2013 averaged 11,100 boe/d or 30% more than Q1 2012 and 2% more than Q4 2012. The company added 128 gross (9.6 net) wells during the quarter. Northern has now participated in 1,355 gross (115.8 net) wells and an additional 152 gross (12.2 net) are drilling or waiting to be completed.

“Despite adverse weather conditions in the first quarter, which negatively impacted production and lowered the number of well completions, we were able to increase our average daily production and add nearly ten net wells to producing status.”

— Northern`s CEO Michael Reger

Averaged realized oil prices are expected to average $82-83 per barrel and lease operating expenses (LOE) are expected to average $8.50-9 per barrel.