“The Bakken formation in North Dakota and Montana holds about 20 billion barrels of recoverable crude, or about five times the amount previously estimated by federal geologists” said Harold Hamm, chairman and chief executive officer of Continental Resources Inc. The formation also holds 4 BBOE of gas, he said.
Increased rig count!
According to the North Dakota Industrial Commission, approximately 173 rigs are currently drilling in the North Dakota Bakken and Three Forks play, against the Eagle Ford rig count of 154. Bakken/Three Forks is forecasted to account for 15% of US output by 2015, analysts from Raymond James estimated.
Continental to spend 73% of 2011 capex on Bakken shale!
Continental Resources is the largest leaseholder in the Bakken shale formation, with more than 864,000 acres in North Dakota and Montana. The company, which has been drilling in North Dakota for 22 years, was among the first to tap a Bakken well in 2004 using horizontal drilling technology. The company was the first to drill a horizontal well in Three Forks formation in 2008. Continental Resources plans to invest $955 million (73% of 2011 capex) in drilling operations in the Bakken and Three Forks this year, adding about 120 wells to the 257 currently producing, the company said.
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A new milestone for Bakken Metrics!!
The affinity towards Bakken does not stop only with the largest Bakken leaseholder, but also continues with the large independents like Oxy, Hess, Williams, Pioneer Natural Resources, Sandridge, etc., The last quarter of 2010 had set a new milestone for Bakken acreage metrics, during when Oxy ($7,700/acre), Hess ($6,200/acre) and Williams ($10,700/acre) added Bakken acreage to their asset portfolio. Earlier to this, the Bakken metrics were in the range of $2,000-$4,000/acre.
Updated estimates on the recoverable reserves, increased rig count and a new milestone for the metrics. Bakken Shale is booming!!