On second thoughts, $15-20 million sounds too conservative for proved and producing Bakken land.
Derrick Petroleum rated 11,641 Bakken acres (some of it in the same Goliath area) with 18 mmboe 3P reserves and 1066 boe/d production @ 130-150 million.
The June 2011 reserves attributed 3.3 mmboe 3P reserves towards the Goliath project, and that was not including any Three Forks reserves.
Maybe something like $25-30 million should be expected?
On second thoughts, $15-20 million sounds too conservative for...
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