The Bakken shale play has been the toast of the North American oil industry. In a previous article, I touched upon three companies operating in this region whose wells showed fantastic outputs. I also mentioned that the best way to ascertain well-flow rates is to calculate the average daily production over a period of three to six months.
However, at times, this data is not readily available. Instead, company filings mention growth in production and production guidance for the next fiscal period. These values can be safely used to ascertain whether the wells have been performing well. Today we'll take a look at some more companies operating in the Bakken.
The major deal that took place in 2011 was undoubtedly the acquisition of Brigham Exploration by Statoil
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Still, it must be noted that every well drilled in the Bakken hasn't been as productive. McKenzie County's Rose 147-99-28-2H, operated by ConocoPhillips
Northern has progressed substantially in 2011, adding production from 98 gross wells in the fourth quarter. Net production in the first nine months of 2011 rose a phenomenal 135% compared to the corresponding period in 2010. The Bakken has indeed proved its mettle.
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However, the biggest player in the Bakken, Continental Resources
Continental also completed the Lawrence-Omar ECO-Pad project in Williams County, where IP rates averaged 1,129 BOE/d. Other notable wells here are the Rennerfeldt 1-30H and the McCoy 2-18H, which clocked IP rates of 1,346 BOE/d and 1,249 BOE/d, respectively.
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Foolish bottom line
All in all, the Bakken looked impressive in 2011. The coming year should continue seeing further growth as more undeveloped property gets converted into developed reserves. However, if you're looking for more ideas, The Motley Fool has created a new special oil report titled "3 Stocks for $100 Oil," which you can download today, absolutely free. In this report, Fool analysts cover three outstanding oil companies. To get instant access to the names of the three oil stocks, click here -- it's free.