SM Energy (SM) issued an update for the first quarter of 2011 and disclosed additional information on its operations in the Bakken formation. The company has 204,000 net acres in the Williston Basin that are prospective for this formation.
SM Energy reported average daily production from the Bakken of 4.2 million barrels of oil equivalents (BOE) in the first quarter of 2011. The company is operating two rigs on its Bakken acreage and plans to add a third during the second quarter of 2011.
SM Energy plans to drill 34 gross or 20 net wells in 2011on the Raven and Gooseneck prospects located in McKenzie and Divide Counties, North Dakota. The company plans no activity at the Bear Den prospect because this acreage is held by production.