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Kodiak Oil & Gas' Bakken production is up more than 7% to ~36,500 boe/d since July 23rd.
Kodiak is the eight largest producer in the Bakken and the increase should be no surprise. The company acquired assets from Liberty Resources for $660 million and increased spending in 2013 shortly thereafter.
Read more at reuters.com
Bakken oil production reported in July is both a new record and a broken record in North Dakota.
Oil production in North Dakota grew by almost 53,000 b/d in a single month. The increase from June to July represents the largest monthly increase in production in the state's history.
Preliminary estimates peg state production at 874,460 b/d and 970 mmcfd (both records). The Bakken and Three Forks contributed 810,795 b/d.
The increase was primarily driven by an increase from 102 well completions in June to 251 well completions in July. Less than 100 completions are needed to sustain production.
Production has only increased more than 40,000 b/d in a single month twice and the biggest increase before now was ~41,000 b/d in February.
Flexpipe Systems recently announced the opening of the company's North Dakota Sales and Operations Solutions Center. This new location will be open to support the future growth of Flexpipe Systems in the highly active Bakken Shale. The facility features 11,000 sq. ft. of office and warehouse space set on 5 acres of land located in Dickinson, ND. The strategic location will allow the company to better service Eastern Montana and NorthernWyoming.
The Bakken is the second largest area in the US for oil and gas exploration.
Contact info:
Flexpipe Systems 180 - 25th Ave East Dickinson, ND 58601 Phone: 701.690.1208
The article above was published through BakkenShale.com`s press release distribution service. Learn more about Bakken Advertising here.
Continental Resources plans to spend $2.5 billion on development drilling and completions in the Bakken in 2014. That's a 16% increase from plans to spend $2.15 billion in 2013.
In 2014, the company will run 17 rigs in North Dakota and four rigs in Montana, with plans to drill 886 gross (300 net) wells.
Continental will spend a total of $4 billion in 2014, with $2.5 billion allocated to the Bakken, approximately $900 million allocated in Oklahoma, and $500 million directed to exploration activities. Company-wide production guidance calls for growth of 26-32%, with a 2014 exit rate of 200,000 boe/d.
"Achieving our 2014 goals will be an excellent 'Year 2' in our five-year plan to triple production and proved reserves," said Harold G. Hamm, Continental's CEO.
Continental plans to complete its four Three Forks well density pilots and will plan additional pilots in 2014 based on the results.
“...the Company has set a new goal to reduce average operated Bakken completed well costs in a range of 3% to 5% by the end of 2014.”
The company controls approximately 1.2 million net acres and produces approximately 80,000 boe/d from the Bakken.
Read the more from the company at clr.com
Abraxas Petroleum provided an operational update and included results from a four-well pad that targeted the Bakken and Three Forks.
Bob Watson, CEO of Abraxas, commented, "Abraxas continues to execute operationally with excellent well results in our core operated Bakken and Eagle Ford assets."
The following four wells were completed in the Lillibridge East unit in McKenzie County, ND, and produced at the following rates over an initial 30-day period:
Abraxas has hit total depth of 20,800 ft on the Lillibridge 8H and 7H and set casing. The wells are located on the company's Lillibridge West pad. The 6H is being completed and the company will start drilling the 5H soon thereafter. Abraxas has a 34% interest in both Lillibridge units.
Read the full press release at abraxaspetroleum.com
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