GeoResources (GEOI) has participated in 58 wells to date in the Bakken Shale and owns minor working interests in a total of 185 total wells in the area.
GeoResources said that between 12 and 15 wells in which the company has a non-operated working interest are expected to commence drilling during the third quarter of 2010. Costs per well are estimated at between $5.0 and $6.2 million depending on the spacing.
GeoResources released data on completed Bakken Shale wells the company has been involved in during the first and second quarter of 2010. The names of the wells and the 24 hour initial production rate in barrels of oil per day (BOPD) are:
Cannonball Federal #1-27-34H - 1,517 BOPD
Sniper Federal #1-6-7H - 1,546
Wizard 1-35H - 904
Tarantula #1-16H - 1,010
Atlantis Federal #1-34-35H - 1,424
Jericho #2-5H-TF - 310
Machete 1-19H - 1,264
Whirlwind #1-31H - 1,546
Sauger Federal #1-22H - 1,597
Voyager #2-28H - 1,045