Who’s Who in the Niobrara

Detailed Niobrara Stratigraphy

Detailed Niobrara Stratigraphy

Who’s Who in the Niobrara is a list of companies actively operating in the Niobrara based on Colorado Oil and Gas Conservation Commission records. The list, specifically geared towards companies that are using horizontal drilling and hydraulic fracturing to develop the Niobrara, contains the latest available data on each company’s Niobrara position regarding acres leased, their Niobrara development strategy, and their latest technological developments available in public records.

While the list is mostly complete for the large to medium sized operators in the play, it is not inclusive of all operators in the Niobrara,  however the list does represent 80 to 90 percent of companies that have been active in the last year to date.

 

Anadarko_logo

 

 

Anadarko also operates as KERR MCGEE OIL & GAS ONSHORE LP

  • 350,000 Wattenberg Acres
  • 13 Operating Rigs
  • 1 -1.5 BBOE Net Resources
  • Concentrating on their Core Wattenberg Field acreage
  • Optimizing EURs
  • Testing Well Spacing and Frac Designs
  • Leveraging Efficiencies
  • 500+ MMBOE Resource Potential Upside

Source: 2014 Anadarko Investor Conference

 

NobleEnergyLogo

 

 

Noble Energy 

  • 609,000 Net Niobrara Acres
  • 10 operating Rigs in 2014
  • Focused on Accelerating the ERL Program, Extended Reach Laterals (ERLs) Providing Up to 3.4X the NPV of Normal Laterals
  • Confident in 40-acre spacing in development areas (16 wells per section)
  • Multiple spacing and appraisal test in 2014 (24-32 wells per section) Using Integrated Development plan
  • Reduced footprint
  • Community partner
  • Less emissions
  • Reduced truck traffic
  • Water management

Source: Noble Energy 2nd Qtr 2014 Supplemental Information

 

encana_logo

 

 

Encana

  • DJ Niobrara 10,000 net acres
  • 6 operating rigs
  • Long Laterals
  • Wells averaging an IP of 330 boe/d (30 day)
  • Producing 10,500 boe/d from DJ Basin

Source: Encana Interim Report Q1 2014

 

Carrizo Logo

 

 

Carrizo 

  • Niobrara 1 Rig Operating
  • 39,700 net acres
  • 5.4 MMBOE Proved
  • Average EUR 253 Mboe
  • Confirmed 60-acre spacing
  • Testing 40-acre downspacing
  • Initial A bench wells had an average peak rate of 1,127 Boe/d (88% oil)
  • Participating in “Super Pads”  with Noble and Whiting to test A,B, and C benches at various spacing

Source: Enercom 2014 The Oil & Gas Conference Presentation

 

pdc-energy-inc-logo

 

 

 

PDC Energy

  • 212 Mboe Proved Reserves
  • ~97,000 net acres, ~97% HBP
  • Avg EUR is 500 Mboe for Inner Core Wattenberg to 285 Mboe for Outer Core Wattenberg
  • Third largest leaseholder and producer
  • 2,000 horizontal Niobrara locations
  • 800 horizontal Codell locations
  • 370 Mboe EUR – weighted average per well of inventory
  • 50%  80% liquids
  • 5th drilling rig deployed in early June 2014
  • 2014 Planned Spuds: 123 operated & ~ 84 non operated
  • 2014 drilling based on 16 wells per section spacing
  • Strong Codell results across entire PDC acreage position
  • PDC second in horizontal Codell development
  • Provides second tier of upside complementing Niobrara
  • PDC plans for continued Codell development and downspacing tests

Source: EnerCom’s The Oil & Gas Conference® 19 Presentation

 

Bonanza_Creek_Energy_Logo

 

 

 

Bonanza Creek

  • 4 HZ rigs in Wattenberg
  • ~70,000 net acres in “Extension Area”
  • 308 MMBoe Net HZ Risked 3P Reserves
  • Initial 30-day Rate 458 Boe/d
  • EUR 313 Mboe Type Curve – 4,000
  • >60% crude oil; liquids-rich natural gas
  • Contiguous acreage attractive for long laterals
  • Increased frac stages
  • More efficient stimulation of reservoir
  • Higher concentration of proppant near wellbore
  • Shorter fracs accommodate downspacing
  • Longer laterals
  • 2014 wells completed successfully
  • Flatter decline than 4,000’ laterals

Source: BCEI August 2014 Investor Presentation

 

WPX Corporate Logo

 

 

WPX Energy

  • Currently running 1 Niobrara rig in Piceance Basin
  • Garfield and Rio Blanco County, CO
  • 4 Horizontal wells drilled in Niobrara
  • Drilling  up to 10 Niobrara delinea]on and science wells in 2014
  • Producing natural gas and NGLs
  • No. 1 Niobrara Shale producing well in the United States.
  • Considering using longer length laterals

Source: YE 2013 Results

 

'Whiting_Petroleum_Corporation_Logo

 

 

 

Whiting

  • Redtail Niobrara A and B
  • 7,235 BOE/d (Q2 2014) Petroleum
  • Redtail Niobrara A & B Type Curve: 420 MBOE EUR
  • OBJECTIVE Niobrara “B” Shale
  • Niobrara “A” Shale

DEVELOPMENT PLAN

  • Mix of 960 and 640 acre spacing units
  • 8 Wells per spacing unit Niobrara “B”
  •  Wells per spacing unit Niobrara “A”
  • 3,300+ potential drilling locations

ACREAGE

  • Whiting has assembled 180,115 gross (128,721 net) acres in our Redtail prospect in the northeastern portion of the DJ Basin.
  • Average WI of 71%
  • Average NRI of 59%

COMPLETED WELL COST

  • Horizontal: $5.5 MM

DRILLING HIGHLIGHTS

  • First 8  well pad, the Razor 27I (4 Niobrara “A”; 4 Niobrara “B”) pad came online April 15, 2014. The pad was producing 4,699 BOE/d as of July 21, 2014 .
  • Horsetail 30F super pad will test 32 well spacing in the Niobrara “A”, “B” and “C” zones

Source: August Presentation

 

EOG_Resources_Logo

 

 

 

EOG Resources

  • 85000 Net Codell Acres with 225 net locations
  • 50000 Net Niobrara Acres with 235 net locations
  • 2014 Targeting Codell and Niobrara, 39 Net Wells
  • Target Economics for 9,000 Foot Laterals, Codell is 695 Mboe EUR/well and Niobrara is 430 Mboe EUR/well
  • Recent Codell IPs from 3600ft laterals as high as 1400 Bopd with 76% oil/15% NGLs/ 7% gas
  • Recent Niobrara IPs from 3600 ft laterals as high as 700 Bopd with 71% oil/19% NGLs/ 10% gas
  • Currently testing downspacing to 710 ft laterals

Source: August 2014 Investors Presentation

Bill_Barrett_Logo

 

 

Bill Barrett Corporation

  • Northeast Wattenberg: 40,875 net acres
  • Chalk Bluffs: 22,360 net acres
  • Wattenberg interior: 13,050 net acres
  • Target Niobrara and Codell formations with horizontal drilling
  • Proved reserves: 197 MMBoe
  • 42% oil; 42% proved developed
  • Total risked resources: 587 MMBoe
  • Long-term drilling inventory with 5,400 gross oil and gas locations2Q14 production: 29MBoe/d
  • 11,280 Bbls/d oil,  5,275 Bbls/d NGLs, 73,580 Mcf/d gas

 

ConocoPhillips

 

 

 

ConocoPhillips (also operates as Burlington Resources Oil & Gas Company LP)

  • 130,000 Net Acres in DJ Basin
  • Highly contiguous acreage in and around Lowry Bombing Range
  • Niobrara Appraisal Program Ongoing, 2 rigs running
  • 18 Horizontal Wells planned for 2014
  • Optimizing drilling and completions design
  • Average early rates from new well design is 600 boed
  • Product Mix is 67% Oil, NGL 19%, Gas 14%
  • New completion designs achieving 350% improvement over industry standard Niobrara designs
  • Burlington Resources Oil & Gas Company LP was formerly known as Meridian Oil Inc. and changed its name to Burlington Resources Oil & Gas Company LP in July 1996. Burlington Resources Oil & Gas Company LP operates as a subsidiary of ConocoPhillips.
  • Source: ConocoPhillips Investor Presentation 2014

Great_Western_Logo

 

 

  • Great Western Oil and Gas Company (GWOG) is an affiliate of The Broe Group of companies headquartered in Denver, Colorado.   Founded in 2005, Great Western has grown from an initial undeveloped 1,500 acre parcel of land near Windsor, Colorado to a significant independent producer with interests in the Denver-Julesburg Basin. Great Western is rapidly growing domestic USA exploration and the production company in the Rocky Mountain and Mid-continent Region and has roughly $1 Billion in assets. The company is privately owned.
  • GWOG has an operating inventory of 250 wells along with an inventory of 500+ PUDs (Proved Undeveloped Reserves), refracs and infills. The company reports it has over 2200 boe/d of production. The company is a top 100 producer in the United States and 9th in production in the Wattenberg Field.

 

Extraction_Oil_Gas_logo

 

 

 

Extraction Oil and Gas LLC

  • Denver-based Extraction Oil & Gas, LLC is a private equity-backed domestic energy company focusing on the exploration and production of oil and gas reserves in the Rocky Mountains. Their core operating area is in the Greater Wattenberg Field in Colorado’s DJ Basin where they have an active drilling program targeting the horizontal development of the Codell and Niobrara formations.
  • The company says on its website that: “Operators have now had encouraging results in the Niobrara A, B and C benches as well as the Codell Sandstone. Due to having multiple target zones, industry believes that full development will allow for horizontals to be drilled on 20-40 acre spacing. This lateral density places the Wattenberg Field as having one of the largest amounts of recoverable reserves per section amongst all North American resource plays. Extraction is focused on the western portion of the field where both the Niobrara and Codell are exploitable.”

Extraction Oil and Gas LLC Website

 

Cirque Resources LP

  •  Cirque Resources LP is a Denver-based private exploration and production partnership focused largely on unconventional oil resource plays in the Rocky Mountain region and a natural gas project in California. Cirque currently retains over 400,000 net acres, primarily in the northern Denver Julesburg Basin, Central Wyoming and Central Montana.
  • The company leases land in oil basins in the Rocky Mountains based on geological data and then partner with other companies to drill exploration wells. Upon discovery, the company sells off the oil-producing asset to medium to large-sized producers.
  • President and CEO Peter Dea of Cirque Resources LP helped found the company in May 2007 He previously worked at Western Gas Resources, Inc. from 2001 through its merger with Anadarko Petroleum Corp. in 2006. He also worked for Barrett Resources Corp.  All his previous employers are or have been active in the Denver-Julesburg Basin which is now focused on the Niobrara, and Codell formation plays.

 

Synergy_Resources_Corporation_Logo

 

 

 

Synergy Resources Corporation

  • 56,624 net acres in the Greater Wattenberg Area
  • -30,859 net acre position in the Core Wattenberg
  • Over 99% of current production is sourced from the Core Wattenberg
  • 25,765 net acres in the NE Wattenberg Extension Area
  • 3rd Horizontal Rig added in September 2014 up from 1 rig a year ago
  • 32 Horizontal wells drilled and completed on SYRG acreage with 100% success rate.
  • 9 Horizontal pads currently in production, completion or being drilled

Source: Corporate Presentation – September 2014

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