SM Energy (SM) announced that the company will spend $830 million in drilling capital in 2011 on its various properties in the United States. The company has allocated $170 million, or 20% of this capital towards developing the Bakken formation on its properties in the Williston Basin.
SM Energy plans to operate two drilling rigs initially on its acreage and add a third rig to develop the Bakken Shale in the second half of 2011. The company will focus on the Raven prospect in McKenzie County, North Dakota.
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