Bakken Update: Brigham's 2012 Well Results

By Michael Filloon: I recently reported that Brigham's (STO) well design was one of the b

By Michael Filloon: I recently completed the article, Bakken Update: Brigham's 2012 Well Results. It focused on Brigham's (STO) changes to completions. Brigham allows initial production with minimum choke restrictions. This produces better IP rates, with little effect on longer term production.

By Michael Filloon: The third quarter has been good to the oil companies operating in the Williston Basin. Initial worries of escalating costs seem to be manageable, with only Newfield (NFX) seeing well costs as high as $11 million.

By Michael Filloon: Brigham (STO) has made a name for Alger and Ross fields.

By Michael Filloon: Marathon (MRO) has been increasing the number of stages it uses in Bakken well completions. This seems to be the new standard for several companies.

By Michael Filloon: Continental Resources (CLR) is levered to the Williston Basin. With approximately one million acres in North Dakota and Montana, it offers exposure to virtually all areas of the Bakken/Three Forks. Going forward, Continental has upside on both the top and bottom lines. 2012 drilling and completion improvements have decreased costs and increased production.

By Michael Filloon: Denbury (DNR) has been working the Bakken/Three Forks quite hard over the past couple of years. Even though its main business is EOR, it is increasing production quickly through unconventional methods in North Dakota. Early last year, Denbury was using 15 stage laterals, and in my opinion were behind other operators with respect to completion design.

By Michael Filloon: Interest in the Eagle Ford has increased since the beginning of last year. Some believe it outperforms all other plays in the United States, including the Bakken/Three Forks. Comparing one play to another can be difficult, if not impossible, given shale differences. Acquiring proper knowledge of these differences can take years of study, as there are many variables to address.