Whiting Petroleum (WLL) issued an update on its operations in Colorado, where the company is developing the Niobrara Shale. The company has accumulated 73,115 net acres in Weld County that are prospective for the Niobrara play. Whiting Petroleum’s average cost per acre is $468.
Whiting Petroleum started a seven well exploratory program in late 2010, and expects to drill two vertical and five horizontal wells through June 2011. The company estimates that its acreage could accommodate 220 operated wells and participation in an additional 131 non-operated wells.