Whiting Petroleum (WLL) released updated operational information on its development program in the Denver Julesburg Basin where the company is working on the Niobrara Shale. The company is targeting the Niobrara “B” zone at the Redtail prospect.
Whiting Petroleum has 74,808 net acres under lease that is prospective for the Niobrara and reported two recent well results here:
Wildhorse 16-42H - 430 barrels of oil equivalent (BOE) per day - vertical depth of 6,280 feet – lateral length of 4,212 feet.
Wolf 35-2623H – 426 BOE per day - lateral length of 6,341 feet – 31 hydraulic fracturing stages
Whiting Petroleum has decided to increase development at the Redtail prospect due to the favorable drilling results and plans to drill 17 wells in the first phase, up from 8 previously. The company’s first two wells into the Niobrara Shale were:
Wildhorse 16-13H - initial production rate of 1,321 BOE per day
Horsetail 18-0733H - initial production rate of 718 BOE per day
SSN Price at posting:
5.1¢ Sentiment: Buy Disclosure: Held
