Whiting signs another Williston basin agreement, boosts budget

Whiting Petroleum Corp. of Denver resumed completion operations in the Williston basin in late June as part of its previously announced 44-well participation agreement. Whiting had announced in February it would suspend completions in North Dakota during the second quarter.

James J. Volker, Whiting chairman, president, and chief executive officer, said in April that the 44-well agreement called for a partner to pay 65% of well costs to earn 50% working interest in those wells. The agreement enabled 44 additional completions without expanding the budget.

On July 28, Whiting also announced a 30-well participation agreement in its Pronghorn area of the Williston basin. The participation agreement and addition of these drilled but uncompleted (DUC) wells increase 2016 capex by $50 million.

Executives said Whiting plans to add a rig in October to drill in the Pronghorn area.

Whiting plans to increase activity in the second half and complete 16 gross (12.5 net) DUC wells in the Williston basin. Whiting controls 746,338 gross (444,214 net) acres in the Williston and 154,018 gross (129,076 net) acres at its Redtail Niobrara play.

Second-quarter total net production averaged 134,245 boe/d. The Bakken-Three Forks play averaged 114,435 boe/d and the Redtail Niobrara play in the Denver-Julesburg basin averaged 10,150 boe/d.

Whiting is testing large-volume completions at two pads in Williams County, ND. At the Carscallen pad, one of four wells will be completed with 13.6 million lb of sand and at the P Bibler pad, one of three wells will be completed with 10.1 million lb of sand.

The company continues to improve its gas capture rates. Whiting reported a 94% gas-capture rate in the Williston basin and a 98% rate in the Redtail field in the DJ basin.

Whiting’s Williston gas-capture rate averaged 94% during the second quarter, 14% better than North Dakota state requirements and a 5% increase from the first quarter.

Contact Paula Dittrick at paulad@ogjonline.com.

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