Whiting Petroleum to run 3 rigs in Niobrara after 50% Capex reduction for 2015

'Whiting_Petroleum_Corporation_LogoFebruary 26, 2015 – At the Q4 2014 Whiting Petroleum Corp. Earnings Conference Call, the company announced a Q4 2014 Production of 131,260 BOE/d Up 13% Over Q3 2014, Proved Reserves to a Record 780.3 MMBOE an Increase of 78% and a $2.0 Billion 2015 Capex Budget, a 50% Decrease from Whiting+Kodiak 2014 Capex.

Press Release Highlights: James J. Volker, Whiting’s Chairman, President and CEO, when commenting about the companies activities in the Niobrara said that “In our Redtail area in Weld County, Colorado, results have been strong in the Niobrara “C” zone and Codell/Fort Hays formations with 120-day average rates of approximately 400 BOE/d. We believe returns could rival our Niobrara “A” and “B” drilling and after year-end 2014 we added 3,162 gross Niobrara “C” and Codell/Fort Hays locations to our potential drilling inventory. Given our high quality asset base, we are confident in our ability to navigate the current pricing environment.”

Mr Volker continued, “We are currently running 19 rigs, 16 in the Bakken/Three Forks and 3 in the Niobrara at Redtail. Our rig count will go to 13 rigs by mid-year, 10 in the Bakken/Three Forks and 3 in the Niobrara, down from 25 rigs for the combined companies in 2014. We will focus our operations on our highest rate-of-return properties. At the same time, we are seeing lower completed well costs through service company price reductions and technology applications. We expect our 2015 completed well cost in the Bakken/Three Forks to average $7 million, down from $8.5 million in 2014. We expect our 2015 Redtail Niobrara well cost to be $5.0 million.”

Read the full Whiting Petroleum Q4 2014 Press Release

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