Niobrara Shale

PetroQuest Energy Update Niobrara Shale Drilling Program

PetroQuest Energy (PQ) updated investors on its oil and gas activities in the Rocky Mountains, where the company is working on the Niobrara Shale.

PetroQuest Energy is participating in two wells being drilled into the Niobrara Shale and expects both wells to reach total depth within the next three weeks.  The company plans to be involved with between ten and fifteen gross wells in 2011.

Whiting Petroleum Updates Niobrara Shale Exploratory Program

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.

PetroQuest Energy Updates Niobrara Shale Operations

PetroQuest Energy (PQ) issued a year end operations update on its properties prospective for the Niobrara Shale. The company has been involved with the play on a non operated basis.

PetroQuest Energy reported that the Nevis #2 well has produced 20,000 barrels of oil since coming onto production sixty days ago.  The company has a 20% net revenue interest in the Nevis #2 well. The well was put on artificial lift in January after experiencing some down time and is now producing 360 barrels of oil per day.

PetroQuest Energy said that the Hester #3 well, the company’s third non operated well into the Niobrara Shale, will be spud during the first quarter of 2011.  The company has allocated between $11 million and $12 million to participate in 12 to 15 gross Niobrara Shale wells in 2011.