Samson Oil & Gas Selling Bakken Assets In Montana

Samson Oil Gas Roosevelt Project Bakken Map
Samson Oil Gas Roosevelt Project Bakken Map

Samson Oil & Gas is selling 30,000 net acres in the company's Roosevelt Project in Montana for $13.5 million.

The deal includes the acreage and an interest in the following wells: the Australia II, Gretel II, and Abercombie (Contiental Resources operated).

Samson will use the cash raised to further development of the company's North Dakota Bakken prospects.

The Roosevelt Project accounted for the bulk of the company's acreage in the play, but well results must not have been good enough to continue exploring the prospect. The company will now focus its development efforts in its 2,450 net acres in North Dakota. Samson expects to be producing 1,200 net b/d in the Bakken by the end of 2013.

Abraxas Nears Completion On Bakken Pad Utilizing A Zipper Frack

Abraxas Petroleum Bakken Acreage Map
Abraxas Petroleum Bakken Acreage Map

Abraxas Petroleum has completed 109 of 122 frack stages in four wells on its Lillibridge unit in McKenzie County.

Production data will be released after flowback begins and production measurements can be made.

A well pad just west of this unit is currently being drilled and will be completed later in the summer.

Bob Watson, CEO, commented:

“In numerous presentations over the last several months we spoke of an anticipated step change in production. As we head into the third quarter of 2013 we are poised to realize that production growth via our four new Bakken wells and upcoming Eagle Ford completions...... In the Bakken, our Lillibridge completions are running remarkably smoothly and our rig is working efficiently.”

Read the full press release at abraxaspetroleum.com

North Dakota Pushing The US To The Forefront Of Worldwide Oil Production - Video

The Bakken is producing almost 1 million barrels per day and it along with other plays are pushing the U.S. to the forefront of worldwide oil producing countries.

The play has grown to produce almost 15% of all oil in the U.S. and the number of producing wells in the play has grown from 25 in 2005 to almost 4,000 today.

We're not affiliated with the company that produced the video nor to we endorse signing up for their report. We simply enjoyed the video and thought you would as well.

Bakken Real Estate Developers Can't Get Financing

Reuters published an article detailing why many real estate developments in North Dakota can't get construction financing. The big lenders simply haven't stepped up to the plate in North Dakota.

There are many reasons, but one is the reluctance of workers to build homes in the area. In Williston, only 20 permits for homes were issued through May of 2013, but 482 permits for apartments had been issued over the same period. The type of Bakken housing being developed sends a signal to lenders that residents are here to stay.....and will be spending a bigger portion of their paychecks in the area. Home building indicates people plan to reside in the area much longer than apartment rentals.

There were several items of note in the article:

  • Average two-bedroom apartment rents for $2,500/month
  • Banks are afraid of an oil bust
  • ND has the 4th LOWEST mortgage foreclosure rate
  • KKR is self-funding a 330 apartment, 164-acre development
  • The largest banks, BoA & Chase, don't have branches in ND
  • Wages at local retail outlets is high at $15-16/hr

You can read the full article at reuters.com