Thursday, August 04, 201
Whiting Petroleum Corp.
Whiting released information on six western Williston Basin areas within its Lewis & Clark prospect and three nearby prospects. The initial production rates from wells drilled in these nine areas averaged 1,471 barrels of oil equivalent (BOE) per day. Whiting believes that its drilling results at Lewis & Clark and Hidden Bench as well as non-operated drilling results at Missouri Breaks and Starbuck indicate that a large portion of its 1,102,302 gross acres and 680,137 net acres in the Williston Basin has been shown to be productive and have excellent initial production rates.
Eleven Whiting-operated Sanish Sand wells in our Pronghorn area had initial production rates averaging 1,298 BOE per day. This average excludes four delineation wells drilled to determine the southwest boundary of the Sanish Sand reservoir at Pronghorn.
In our Big Stick area, we have completed three wells with initial production rates averaging 1,043 BOE per day. At Demores, where two wells had initial production rates averaging 479 BOE per day, Whiting is changing the direction of its well bores to a north-south orientation to encounter more natural fractures. In its Beaver Creek area, Whiting has completed six wells that averaged 1,119 BOE per day. A recent well in the Beaver Creek area, the Dry Creek 44-20TFH, flowed 2,337 BOE per day from the Three Forks formation on August 2, 2011. The Company has completed one well in its O'Neil Creek area. The Mosser 11-27TFH well was completed in the Three Forks formation with an initial production rate of 193 BOE per day. Severe weather conditions which caused a shut-down of flow back operations post frac is believed to have resulted in the low initial production rate on this well.
At Missouri Breaks and Starbuck, another operator has drilled within the outline of our acreage position. One non-operated well at Missouri Breaks was completed flowing 2,962 BOE per day. Three non-operated wells at Starbuck had initial production rates averaging 1,264 BOE per day. Whiting currently has two operated wells waiting on completion at the Starbuck prospect with results expected within 30 days.
James J. Volker, Whiting's Chairman and CEO, commented, "We are very encouraged with our results at Lewis & Clark and Hidden Bench. We are also encouraged by the initial production rates of area non-operated wells and the shows encountered during drilling operations on our two operated wells at Starbuck. We plan to complete these wells in early September.
"We own 387,351 gross (254,818 net) acres in Lewis & Clark, which is more than three and a half times larger than our Sanish field. At Lewis & Clark, Whiting has a controlling interest in 164 1,280-acre spacing units with an average working interest of 64%. Based on production to date at Lewis & Clark, it appears that these wells have a relatively shallow decline rate. Therefore, we continue to believe that our wells at Lewis & Clark will have Estimated Ultimate Recoveries (EURs) in the 300,000 to 500,000 BOE range."
Mr. Volker added, "Based on IHS data, with its average of 100,000 BOE, we continue to be on top of the list in terms of cumulative production during the first six months from all Bakken wells drilled in North Dakota since January 2009. For companies with a sample of at least 10 wells, Whiting leads the pack by 15,000 to 70,000 BOE in the first six months. We hold more than 680,000 net acres in the Bakken/Three Forks Hydrocarbon System that we believe will generate increased production and reserve additions."
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