Don't know about the $3 million. Last years prices perhaps?
A new well can be drilled within a week and at a cost of about $US1.5 million, which is reducing and which fell nearly 20 per cent on average last year.
http://www.businessspectator.com.au/article/2015/1/28/commodities/saudis-battle-us-shale-far-over
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