Sunday, October 25, 2009

Bakken: Other Producers/Service Companies in the Bakken

Overview
Abraxas:
American Eagle Energy
American Oil and Energy:
American Standard:
Anschutz
  • March 21, 2013: Anschutz announces it will leave northern Montana in the Blackfeet Indian reservation; not enough oil found to make it economically viable. 
  • I had removed Anschutz when they sold to OXY USA. It turns out Anschutz still had some Bakken acreage. It was announced August 10, 2011, that Anschutz sold the rest of it's remaining Bakken acreage for $115 million to an unidentified Canadian company. August 10, 2011.
Ante5
Arsenal Energy (AEYIF):
  • March 23, 2012: Arsenal reports a nice well. 
  • March 22, 2011: Operations update. 
  • December 9, 2010, news release: At Stanley North Dakota, Arsenal as operator has spud the Brenlee one mile horizontal Bakken well. Arsenal has acquired an additional 27% in the well increasing its working interest to 73%. After the Brenlee well the drilling rig will move directly to the Amy Elizabeth (62% WI) two mile horizontal Bakken location.
Baytex:
Black Ridge Oil & Gas
Bowood Energy:
Breitling
Chimney Sweep Oil and Gas: a subsidiary of Enterprise Energy Resources, Ltd.

Clear Creek Energy Services, LLC:
Corinthian
Bought by Surge Energy in 2010/2011-time frame (or later); Corinthian "reorganized" as a private company (not publicly traded); Surge Energy may have bought 40% of the "new" private Corinthian
Credo:
Cress Oil, Inc
  • Subsidiary of X-Change (Houston)
  • Press release, April 9, 2012 -- enters the Bakken; acquires 44,000 net acres @$700/acre
  • 2 - 4 wells/year for the first three years
Delek Resources. First posted December 2, 2010.

Devon Energy Corporation is selling overseas assets to concentrate on continental US assets.
As far as I know Devon is not in the Bakken in North Dakota, but I would keep an eye out for them. I think Devon has more than enough to develop without getting into the Bakken but one never knows. September, 2011: Lynn Helms says Devon entering the Bakken. 
Earthstone: formerly known as Basic Earth Science Systems (BSIC) is now known as Earthstone. First posted update is here.
March 17, 2011: Operations update; wells from the past year.
Eternal Energy
  • Merged with American Eagle, closed December 20, 2011; now known as American Eagle
FieldPoint Petroleum: Acquires a lease in Renville County. Inconsequential. January 16, 2010. 

G3 Operating, LLC: a wholly-owned subsidiary of GeoResources.

GeoResources, Inc.: Moved GEOI to its own page on January 17, 2011.

GTL Energy (Australia) is shipping lignite from New Zealand to North Dakota.
GTL Energy is testing the technology developed at the coal beneficiation plant in North Dakota. By the most conservative estimates, North Dakota has 800 years of reserves of lignite coal. December 6, 2009. UPDATE: the test was a success. July 27, 2010.
GMX Resources
Headington: a privately held natural gas company; bought by XTO in 2008. See Timothy Headington, Forbes, #158 on Forbes 400 List, 2009. Elm Coulee Oil Field.

Hunt Petroleum: bought by XTO in 2008.

JayHawk enters the Bakken, January 20, 2011.

Lario: adds acreage in the Bakken. October 7, 2010.

Legacy: will now be followed at this link.
Legacy Reserves, LP, a Midland, TX, company
Liberty Resources, LLC
Magnum Hunter Resources (MHR)
Marathon: all new posts on Marathon will be at the Marathon page. July 27, 2010.
  • Anyone interested in a snapshot of Marathon wells in the Bailey oil field can click here. Bottom line: averaging 400 boepd, all long laterals, most completed before multiple-stage fracturing became the norm. December 14, 2009.
  • Permits for two wells 100 feet apart in Reunion Bay, #18692 and #18693, Feb 8, 2010.
  • Says it will drill 75 wells in the Bakken in 2010.
  • Marathon said that drilling costs average about $5.5 million/well, and can drill a well in 16 days, "compared to an average of 33 days for competitors." At the end of 2009, Marathon said it produced 11,000 boepd from its 200 wells in North Dakota, and will reach 15,000 boepd by 2013. Marathon has four (4) rigs. Marathon says it is also evaluating other potential pay zones above and below the Middle Bakken. Cost to extract well: operational costs, $5/barrel and development costs averaging $18/barrel. February 12, 2010.
Mountainview Energy Ltd:
Murex:
  • March 5, 2012: to sell 5,000 net acres in Bakken Pool, southwest McKenzie County
  • small player in the Bakken; homepage here; ND assets here;

National Oilwell Varco:
  • August 13, 2012: will acquire Robbins & Myers Inc., a pumping equipment company based in Willis, TX, for $2.5 billion in cash.
Newfield: 1Q 2010 conference call, May 3, 2010. The Bakken is its second largest growth area; has 400,00 net acres in the Bakken. This company flies under the radar scope in the Bakken. I completely missed it. All new postings concerning Newfield will be at the Newfield page or the Investing/Newfield page.

North Plains Energy, LLC:
  • Autumn, 2011: KOG announces that it will buy all of North Plains
  • Denver-based
  • 40,000 net acres (2010; corporate webpage)
  • 2 rigs
Oasis and Fidelity appear to be partnering. It appears this started in the summer (or earlier) in 2009. See Bakken: Fidelity (MDU). November 15, 2009. Follow Oasis and Fidelity at their respective pages: see sidebar on the right.

Oil for America, LLC. Click here for updates. 

Open Range Petroleum, first noted on the blog on June 27, 2011. News and updates will be tracked at this page.

Peak North Dakota
Petro Harvester, LLC
  • Enters the Bakken, February, 2011, with purchase of Sagebrush assets in North Dakota
  • Launched as new company, October, 2010
Primary Petroleum (PIE.V)
Questar: asks NDIC to extend the Heart Butte oil field, allowing for up to 48 more wells, March 24, 2010, NDIC docket. March 3, 2010. All new Questar (STR) or QEP postings will be at the Questar page. July 27, 2010. Update: Questar okays spin-off; November 12, 2010.

Renegade Petroleum:
Resolute Energy:
Resource Drilling, LLC:
Sanchez Energy
Southwestern Energy: 
  • February 25, 2013: 4Q13 earnings call mentions their first Bakken well in Sheridan County; will spud a Three Forks well in Sheridan County in 2Q13.
  • November 7, 2012: reports activity in Sheridan County, MT;
    "The company has also drilled and completed a well in Sheridan County, Montana, targeting the Bakken/Three Forks objectives, which has been flowing back for approximately 60 days. The company is continuing to lease acreage and plans to permit and drill additional wells in the area in 2013."
  • August 13, 2012: Bedwell horizontal well in Sheridan County, Montana, on July 10, targeting the Bakken and Three Forks objectives -- from 2Q12 earnings call.
SM:
Sundance (Australia): 
  • I don't plan on following this company, but if one is interested in the company, one might start here. Notice, that at the top of that web page, one can download a "pdf" file which is a much nicer format than some others.
Surge Energy (SGY.TO):
Tracker Resource: sold wholly-owned subsidiary TRZ LLC to Hess in 2010. According to its website, Tracker Resource controls 80,000 net acres in the Bakken, but the website may be out of date.

Triangle Petroleum (TPLM): new player in the Bakken; 4,000 net acres in Wms and McKenzie Counties, Feb 8, 2010.
  • Z-Man on Triangle Petroleum; with this link I will move TPLM to the sidebar at the right; TPLM updates will no longer be placed here
  • Investopedia article, April 12, 2012.
  • January, 2012 presentation
  • December 20, 2011: getting more active -- Triangle has permits for a 3-well pad in Ellsworth oil field. Ellsworth is a 36-section (one township) oil field near the bull's eye of the Bakken. It is located about five miles south of Arnegard, southwest of Watford City.
TRZ LLC: wholly owned subsidiary of Tracker Resource; sold to Hess in 2010. 
US Energy:
Vanguard Natural:
Voyager: has moved into the "bigger leagues" in the Bakken; has its own link now

Ward Williston: Privately held, conventional wells, undated but this article discusses their 2010 capex program so it must be a fairly recent article. January 13, 2010. Still active -- another permit, July 27, 2010.

WellStar Energy
Williston Exploration:
  • update on the Tyler, Williston Exploration mentioned; November 25, 2012: 10,000 acres ("3,000 acres prior to our purchase of Upton Resources assets [7,000 acres ] for a total of 10,000 acres" -- company e-mail)
  • first post, October 25, 2012
  • 7,000 net acres; assets owned by Medora Minerals
  • targeting the Tyler
XTO bought by XOM.  For the gas play. XOM calls it a merger. XTO will retain its identity and will keep its headquarters in Ft Worth, TX. December 14, 2009.

Zavanna:
  • March 23, 2012: two active rigs.
  • Active in Stony Creek and Stockyard Creek oil fields northwest of Williston. One active rig at time of original posting. Still one active rig as of July, 2010. As of November 27, 2010, all further Zavanna postings will be at the Zavanna site.
Zenergy:
  • March 23, 2012: two active rigs.
  • A company to watch.  It has 45 wells on the confidential list (in the same ball park as EOG's with 76 wells on the confidential list). I think it might go public if not bought out. Whiting has 32 wells on the confidential list and Whiting is the number 5 producer in North Dakota. Slawson has 39. Even small companies can have significant impact on industry legal issues: this one on fresh water drilling by an oil company. December 15, 2009.
  • Cancels five permits in McKenzie County (two other companies also canceled one permit each). The scuttlebutt is that these permits were canceled because they were "640-acre spacing" and the companies were going to go back and ask for "1280-acre spacing." January 27, 2010.
Portions UPDATED: April 10, 2012
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