Unit Corporation (UNT) reported the following details on its operations in the Bakken Shale in the fourth quarter of 2011 and full year. The company has 13,400 net acres under lease in North Dakota.
- Participated in 17 wells in 2011 at an average working interest of 11%.
- Total net cost of approximately $18 million.
- Bakken well estimated ultimate recovery (EUR) of 662,000 barrels of oil equivalent (BOE)
- Bakken net production of 831 barrels of oil and 977,000 cubic feet of natural gas per day in the fourth quarter of 2011 – 42% sequential growth.
In 2012, Unit Corporation plans to spend approximately $30 million and participate in 20 gross wells into the Bakken during the year.