I am new to this forum and have been trying to find the answers to the following questions.
I own mineral rights in Williams County North Dakota. My rights have been leased and it sounds like the oil drilling company is planning on moving my direction and hopefully drilling (fingers crossed).
Based on my discussion with the the leasing company, I understand that when the oil company drills, they can drill 12 or more horizontal wells from one location. The leasing agent threw out numbers like 1,000 BBLS/day or 800 BBLs/day and so on. Is this total from all 12 wells or would it be each individual well? For example the average production is 900 BBSLs/day times 12?
The example above is for me to understand the process. I understand that each well can vary in production and that the production falls off rather quickly the first year or so.
Mark, it depends on where your acres are located. If you give your legal description I will look at any wells in your area and give you an idea of what you could expect.
Mark, you already have a pretty nice well, the SKJEI MIDWEST TRUST 15-35H, 69,041 bbl oil in 9 months as of january. 3,139 bbl production in january for 23 days. your well IP'd at 711 bbl first day and held it for awhile and declined to it's present rate. The most important thing in my opinion about a Bakken well is where it plateaus out. I consider anything over 50 bbl a day to be good if it can stay above that for years. An oil well is (hopefully) a long term proposition where the last 10,000 bbl is just as important as the first 10,000 bbl although the last 10,000 bbl will come out alot slower. Your area is good. Hess is a busy operator or they might have drilled two wells at once. I think your area is good enough that you could expect at least one more well in the future although I wouldn't hazard a guess when. The landman didn't lie but he was probably talking about a time much farther in the future. Congratulations on your well and good luck with your minerals in the future.
I got excited for moment but I had a typo. It is 159N not 158N. Hopefully it is still a good area.
My research indicates that the drilling companies are doing one well per lease area and then moving on so as to hold the lease, but that each drilling pad can handle 4 wells. I understand that there are a LOT of variables involved in oil well drilling. I suspected that the landman was talking about a longer horizon, he just made it sound like I would have 12 or more wells on my property producing 100's of barrels a day. This would mean very early retirement for me. But it just sounded too good to be true.
Mark, it's okay, let me look again. Kodiak and Hess both have good wells in your area. Moreover the gas production seems fair which is good because the gas aids in production of oil. To me this area looks just as good as the other and possibly a little better, except for not having a well on it yet.