Vaalco Energy buys Montana Bakken acreage

By OGJ editors
HOUSTON, June 2
-- Vaalco Energy Inc. is buying a 70% working interest in 5,214 acres of the Bakken play in Sheridan County, Mont., from a privately held company.

The acreage adjoins Flat Lake field, which produces from the Middle Bakken formation.

Robert Gerry, Vaalco chairman and chief executive officer, believes there could be 100 million bbl OOIP with a recovery factor of 5-10%.

“Our partner has participated in over 200 Bakken wells,” Gerry said. The Houston independent declined to discuss financial terms or name the partner, saying Vaalco is reviewing additional opportunities in the area.

Operatorship is being discussed by the partners, who anticipate drilling a well during the fourth quarter at a net cost of $3.5 million to Vaalco.

Vaalco’s properties and exploration acreage primarily are in Gabon, Angola, and the US.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...