Source: Kodiak Oil & Gas
Kodiak Oil & Gas Corp. (NYSE: KOG), an oil and gas exploration and production company with assets in the Williston Basin of North Dakota and Montana and in the Green River Basin of southwest Wyoming and Colorado, provided initial production rates on its recently completed Moccasin Creek (MC) #13-34-28-2H well.
Kodiak successfully completed and flow-tested the MC #13-34-28-2H (Kodiak-operated 59% working interest / 48% net revenue interest) well. The well was completed in 15 stages through a 6,200-foot horizontal wellbore. After flow testing for the past six days, the well has now stabilized sufficiently to report a 24-hour initial production rate.
The MC #13-34-28-2H well recorded 24-hour initial production rates of 1,870 barrels of oil per day (BOPD) and 1.1 million cubic feet of natural gas (MMcf) per day, or 2,055 barrels of oil equivalent (BOE) per day. Kodiak completed the 24-hour production test utilizing a 22/64" choke with flowing casing pressure of 2,525 psi. Since the flow test began on August 2, 2010, the well has cumulative production of 6,546 barrels of oil and 4.5 MMcf of natural gas, or 7,298 BOE. During the last four days of full production, the well has produced 5,495 barrels of oil and 3.9 MMcf of natural gas, or 6,140 BOE for an average of 1,535 BOE per day.
Kodiak will next complete the MC # 13-34-28-1H offset well drilled from the same pad. This well is a 9,800-foot horizontal lateral and is scheduled for completion in the third quarter of 2010 with 22 stages in its design.
"These preliminary results indicated a very strong well,” said Lynn A. Peterson, Kodiak's President and CEO. “The well further confirms the resource potential of our acreage position in North Dakota, which we estimate has 177 total locations, including de-risked Bakken and developing Three Forks potential. Our Williston Basin position also includes an extension area in Montana, which we estimate having 36 locations. We believe these locations are based on conservative spacing estimates."