Fracking has been around for years, but only recently have we been able to use it economically. Since fracking became a profitable venture, exploration and production companies have been experimenting with a whole bunch of different methods to make it as efficienct as possible, and Whiting Petroleum (WLL) has come across quite possibly the most effective method yet.
By employing a new technique for fracking known as "plug and perf" instead of the more common technique -- known as a "sliding sleeve fracture" -- the company has achieved initial production rates 50%-75% better than neighboring competitors in the Bakken region. Other Bakken producers like Halcon Resources (HK) have started to sue Whiting's method, and are having success as well. The methods used by Whiting are proving to be the most effective method for the Bakken, and could have a major impact on the shale drilling business going forward. Tune into the video below to find out how this could change the direction of many drillers, and why EOG Resources (EOG -1.35%) and Continental Resources (CLR) are likely to follow suit.
