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This docFinder Alert presents fresh data on select oil resource plays that are in full growth mode. These plays are largely responsible for the recent growth of U.S. oil production which reversed a downward trajectory solidly in place from 1970 to 2009. While recent news by some analysts is raising concern over a drop in 2013 for the price of oil, the positions held by the companies featured in this Alert should all continue to flourish even with a lower oil price deck.
The slide above shows Continental Resources' significant recently released upward revision of Bakken/Three Forks resources. The 2012 estimate of OOIP increased 57% to 903 billion bbls vs. 507 billion bbls in 2010. At a 5% recovery factory, this pegs the play to produce 45 billion bbls! The resource base increase is due to expansion of the play both geographically and vertically. CLR is now completing its first TF3 test and, in a 10-well program, had oil shows in the TF2, TF3 and TF4 benches. The economics of this play work quite well even at $60 Nymex oil.
Not to be outdone, the slide above right shows that Noble Energy has increased its risked recoverable resources in the DJ Basin, including the Greater Wattenberg Area and Northern Colorado, over 60% YOY to 2.1 Bboe. In this area, horizontal EUR's have now increased to 335 Mboe per well and the number of locations has nearly doubled to 9,500. This breaks down to 6,400 oil locations in the GWA based on 47-acre spacing, 1,350 gas locations in the GWA based on 80-acre spacing and 1,750 locations in the Northern Colorado area based on 89-acre spacing. Noble calls the Niobrara a "Top Oil Resource Play" - with this slide comparing well economics versus the Eagle Ford and the Bakken. This play is paving the way forward for Noble and is expected to deliver 5-year CAGR production growth rates of over 20% to nearly 200,000 boepd by 2017.
More HOT slides and data below.
Additional fresh data is shown below for the Midland Basin by Energen, the Utica by Range Resources, the Eagle Ford by ConocoPhillips and the Marble Falls by Atlas Resource Partners.
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