Monday, June 06, 2011
Northern O&G Inc.
Northern O&G announced recent completion results and current drilling activity.
Northern Oil participated in the Mustang #1-22H, a successful Bakken test well operated by Slawson Exploration in Mountrail County, North Dakota. Northern Oil controls a 39.56% working interest in the well, which had an initial production rate of 1,829 barrels of oil per day ("BOPD"). Northern Oil's BOPD rates do not take into account flared natural gas production. The well had an initial tubing pressure of 1,900 psi on an 8/64th choke.
In an important extensional discovery into eastern Montana, Northern Oil participated in the Tveit 25-36 #1H, a successful Bakken test well operated by URSA Resources in Richland County, Montana. Northern Oil controls a 39.54% working interest in the well, which had an initial production rate of 501 BOPD.
Northern Oil recently participated in the Alamo #2-19-18H, a successful Bakken test well operated by Slawson Exploration in Mountrail County, North Dakota. Northern Oil controls a 29.98% working interest in the well, which had an initial production rate of 1,286 BOPD. The well had an initial tubing pressure of 2,500 psi on a 13/64th choke.
To the south, Northern Oil participated in the Porcupine #1-19H, a successful Bakken test well operated by Sinclair Oil and Gas in Dunn County, North Dakota. Northern Oil controls a 29.02% working interest in the well, which had an initial production rate of 1,566 BOPD. The well had an initial tubing pressure of 3,800 psi on a 26/64th choke. Directly offsetting the Porcupine well, Northern Oil is currently awaiting completion on the Sinclair operated Bighorn #1-6H (48.79% working interest (WI)) and the Sinclair operated Crosby Creek #1-5H (29.63% WI) wells. These wells are expected to be fracture stimulated in early June.
In an important discovery drilled in the upper Bakken shale on the edge of the Elm Coulee field in Richland County, Montana, Northern Oil participated in the Rascal #1-18H, a successful upper Bakken shale test well operated by Slawson Exploration. Northern Oil controls a 20.00% working interest in the well, which had an initial production rate of 707 BOPD. The well had an initial tubing pressure of 1,600 psi on a 12/64th choke. This well represents the third successful upper shale test by Slawson Exploration in Richland County, Montana. Slawson and Northern refer to this exploration program as the Big Sky/Lambert prospect.
In an additional Three Forks delineating well, Northern Oil recently participated in the Goodson #1-28H, a successful Three Forks test well operated by Continental Resources in Divide County, North Dakota. Northern Oil controls an 18.75% working interest in the well, which had an initial production rate of 690 BOPD. The well had an initial tubing pressure of 1,350 psi, of which the choke was not available. Importantly, this well continues to define the expanding productive area of the Three Forks formation.
Northern Oil also participated in the Hunter #1-8-17H, a successful Bakken test well operated by Slawson Exploration in Mountrail County, North Dakota. Northern Oil controls an 11.74% working interest in the well, which had an initial production rate of 1,668 BOPD. The well had an initial tubing pressure of 2,200 psi on a 13/64th choke.
Michael Reger, Chief Executive Officer, commented, "We believe 2011 will be another record breaking year of production growth as we continue to execute our business plan by turning high quality acreage into production and cash flow. The wells detailed above represent the expansion of the delineated area of high-quality Three Forks production, the extension of the field into Montana and the continued success of Slawson's drilling program in southern Mountrail County. We continue to execute our strategy of acquiring high quality, non-operated acreage and turning it efficiently to production and cash flow. The story and asset base of Northern Oil are narrowly-defined and Northern Oil's business continues to trend upward. We believe 2011 will be a year of phenomenal growth for Northern Oil and for the Bakken and Three Forks play in the Williston Basin. Northern Oil retains significant excess liquidity and financial flexibility which provide the tools to execute its strategy. With our significant inventory of wells drilling or completing, we continue to add meaningful production and cash flow."
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