“The oil supply is here and the demand will always be there.” – Jason Vedadi Dropping oil prices may have put the brakes on a lot of E&Ps’ capital spending plans for 2015, but that’s not slowing down Jason Vedadi and his fellow real estate developers in the Williston basin. “We see this as a long term play. The oil supply
EOX Says Breakeven Price in the Bakken is $55/BOE Emerald Oil is a pure play Williston Basin E&P with operations targeting the Bakken, Pronghorn and Three Forks shale oil formations. The company averaged production of 3,855 BOEPD in its Q3’14 results, along with net income of $13.7 million ($0.21 per share). The results represent respective increases of 3% and 80%
Plant will use Ethane from Natural Gas to Make Consumer and Industrial Plastics The cutback on flaring the Bakken’s natural gas took another positive step yesterday. A planned plastics manufacturing facility, announced at a press conference in Bismarck, will produce 1.5 million metric tons of polyethylene (3.3 billion pounds annually) from ethane produced in North Dakota. The plant will employ
Bakken/Three Forks Producer Exceeds Production Guidance for Q3 by 40% American Eagle Energy (ticker: AMZG) found a way to navigate around some backwash from last spring/early summer’s closed county roads in Divide County, North Dakota. At that time the company was forced to shut in producing wells because trucks weren’t allowed to collect crude on site due to county-wide road
ONEOK has laid enough pipe to go from Dallas to NYC five times and it’s not nearly enough. The current state of the United States oil and gas industry is indicative of a foot race between two Olympic athletes. In lane one is the upstream division, in lane two is the midstream. The stadium is packed – standing room only,
Flaring decreases to 26% The State of North Dakota has chalked up another record. July production numbers are in—the state produced 1,110,642 barrels of oil per day in July. The numbers broke down as follows: Bakken/Three Forks Shale: 1,047,034 BOPD (94%), conventional oil: 63,608 BOPD (6%). Seventy percent of July production was from 7,862 unconventional Bakken/Three forks wells, and 30%
Whiting Petroleum (ticker: WLL) is set to become the largest E&P in the Williston Formation once its $6 billion acquisition of Kodiak Oil & Gas (ticker: KOG) is finalized before the end of fiscal 2014. Management teams on both sides limited comments on the acquisition in their respective Q2’14 conference calls, considering the transaction is not yet complete. KOG spent
The Bakken Shale, the third largest regional oil producer in the United States, achieved the 1 MMBOPD milestone in June 2014. The announcement came just months after IHS announced the field had produced a total of 1 billion barrels in an April 2014 report. The Bakken is showing no signs of slowing down. At an Energy Information Administration conference in
Whiting Petroleum (ticker: WLL) has announced the acquisition of Kodiak Oil & Gas (ticker: KOG), making the company the largest producer in the prolific Bakken/Three Forks area in the Williston Basin. COMBINED COMPANY 107,000 BOEPD (Q1 2014) Production 370 MMBOE Reserves 855,000 Net Bakken Acres (strongest acreage position in the Bakken) 3,460 Future Drilling Locations 21 Active Williston Rigs 1,200+
Samson Oil & Gas Limited (ticker: SSN) is an independent oil and gas company with dual listings on the Australian ASX and the NYSE. All of the company’s assets and operations are based in the United States, with a current emphasis on the Bakken oil shale play in North Dakota. Samson Oil & Gas is scheduled to present at EnerCom’s
Richard E. (Rick) Muncrief officially took the helm on May 15, 2014, as chief executive officer at WPX Energy (NYSE:WPX), one of the nation’s largest independent energy producers. WPX has 16 drilling rigs deployed in the Piceance, Williston and San Juan basins as part of its $1.47 billion capital investment plan for 2014. The company reported first-quarter net income of
Oasis Petroleum Inc. (ticker: OAS) is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin as a pure play Bakken E&P. The company holds 506,960 net acres in the Bakken along with 219 MMBOE in proved reserves having a PV-10 value of $5.2 billion.
