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Kodiak Oil & Gas (KOG) just updated shareholders on their Bakken Shale drilling operations. KOG stock is up slightly but could be getting ready to make another move higher after the company announced a gushing oil well.
Bakken producer records initial production (IP) rate of 3,042 BOE/d
The Koala #9-5-6-5H well [Kodiak operated – 95% working interest (WI) /78% net revenue interest (NRI)], an 8,967-foot horizontal lateral, was successfully completed in 24 stages in the middle Bakken Formation. During a 24-hour period, the well recorded production of 2,526 barrels of oil (BO) and 3.10 million cubic feet of natural gas (MMcf), or 3,042 barrels of oil equivalent (BOE). Kodiak completed the 24-hour production test utilizing an average 38/64" choke with average flowing casing pressure of 1,800 psi. Since coming online, the well had cumulative production of 7,340 BO and 7.5 MMcf, or 8,590 BOE in the first five days of production while continuing to recover frac load during well flowback.
Three Forks producer records IP rate of 2,327 BOE/d
The first well completed on the pad, the Koala #9-5-6-12H3 [Kodiak operated – 95% WI/78% NRI], a 9,171-foot horizontal lateral, was successfully completed in 22 stages in the Three Forks Formation. During a 24-hour period, the well recorded production of 1,919 BO and 2.45 MMcf, or 2,327 BOE. Kodiak completed the 24-hour production test utilizing a 36/64" choke with average flowing casing pressure of 1,400 psi. Since coming online, the well had cumulative production of 8,251 BO and 10.57 MMcf, or 10,012 BOE in the first nine days of production while recovering the frac load during well flowback. Koala #9-5-6-12H3 production was temporarily curtailed due to surface facility constraints while completion work on the second well on the pad, the Koala #9-5-6-5H, was completed.
The Three Forks well, the Koala #9-5-6-12H3, was drilled 700 feet from the Bakken well, the Koala #9-5-6-5H, in an ongoing effort to evaluate communication between the middle Bakken and the Three Forks Formation. By successfully completing the Koala #9-5-6-12H3 well, Kodiak now demonstrates the productive potential of the Three Forks Formation as an oil-prone reservoir system on this part of its McKenzie County core operating area.
These are big time wells and KOG has a 95% working interest! All aboard, going to be a fun rest of 2011.