QEP Resources (QEP) issued an operational update on the Bakken play in the Williston Basin in North Dakota. The company has 90,000 net acres of exposure to this formation.
QEP Resources turned three Bakken wells onto production during the second quarter of 2011. The well names and production rates are:
MHA 2-29-30H-150-90 – 935 barrels of oil equivalent (BOE) per day
MHA 2-01-02H-149-91 – 831 BOE per day
MHA 1-05-08-147-92 – 2,650 BOE per day
QEP Resources said that the production from these Bakken wells was restricted due to various issues. The company is operating three rigs and plans to add two more rigs in early 2012.
QEP Resources reported average production from the Bakken of approximately 2,639 BOE per day during the second quarter of 2011. Other details on the Bakken position of QEP Resources:
- Average completed well costs range from $6.5 million to $9 million per well.
- Estimated Ultimate Recovery (EUR) per well range from 350,000 to 750,000 per well.
- Proved reserves of 26.6 million BOE at the end of 2010.
- Seventy one proved undeveloped (PUD) locations into the Bakken Shale (640 acre spacing)