Niobrara Shale

Whiting Petroleum Updates Niobrara Shale For Third Quarter Of 2010

Whiting Petroleum Corporation (WLL) issued an operational update on its oil and gas exploration and development activities, and provided information on its Niobrara Shale properties.

Whiting Petroleum Corporation has built a position of 86,140 gross, or 64,240 net acres that are prospective for the Niobrara Shale in Colorado.  The company is adding to its acreage here and expects to start drilling its first Niobrara Shale well during the first six months of 2011.

Whiting Petroleum Corporation reported that the company has 53,000 gross, or 32,000 net acres in the Hatfield Prospect, located in Carbon County, Wyoming.  The Niobrara Shale is present at a depth of 3,500 feet here, and vertical wells are expected to cost from $1.0 to $1.5 million here. The company plans to start drilling two vertical wells here in November 2010. 

Whiting Petroleum - Niobrara Shale Update

Whiting Petroleum Corporation (WLL) issued an operational update regarding the company’s activities in the Niobrara Shale, where the company has assembled 39,000 net acres in Colorado and 32,000 net acres in Wyoming.

Whiting Petroleum Corporation said that it would continue to lease acreage in Colorado, and will drill its first Niobrara shale well during the first half of 2011.

In Wyoming, Whiting Petroleum Corporation is developing the Hatfield prospect, located in Carbon County, Wyoming. The company said that it would spud two vertical wells here before the end of 2010, and released the following details on the prospect:

• Niobrara Shale Depth - Approximately 3500 feet.
  

• Estimated Ultimate Recovery (EUR) - 100,000 to 125,000 barrels oil equivalent (BOE) per well.
  

• Well Costs - Between $1.0 million and $1.5 million.
  

Whiting Petroleum Corporation said that the wells drilled in 2010 into the Niobrara Shale will be vertical test wells, and if successful, the company would initiate a horizontal drilling program on 160 acre spacing.