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SummaryThough oil prices continue to slowly creep upward, operators are still wary of shale economics. In lieu of expanding operations, companies are consolidating and innovating: turning to already de-risked acreage and heavily focusing on downspacing and improving well performance in core areas. Enhanced completion methods, longer laterals, more proppant, and new targets in the Lower Three Forks are increasing recovery rates and generating wells with impressive economies.ScopeReport provides information and insight on - - How production and development in the Bakken has behaved subsequent to the oil price crash- Advancements in completion techniques are their contribution and effect on the IP rates and EUR of newer wells- Capital budgets of major players in the Bakken play and their plans going forward in 2015- Rig and permit counts and expected trends of these metrics throughout 2015Reasons to buy- Improved completion and drilling methods and their effect on well efficiency and performance- The geology of the Bakken play and the formations which constitute it- Expected company behavior through 2015 and 2016- How the Bakken endured and continues to endure the low price environment and the measures operators are taking to keep producing- Downspacing operations and how they affect Bakken production and productivity per acre
1 Table of Contents1 Table of Contents 21.1 List of Tables 41.2 List of Figures 52 Key Points 63 Introduction 74 Geology 95 Acreage 116 Deals 137 Top Operators: 147.1 Continental 147.2 ConocoPhillips 157.3 Enerplus 157.4 EOG 167.5 Whiting 168 Active Counties 189 Productivity 1910 Well Cost 2211 Well Completion and Configuration 2412 Rig Counts 2613 Break-even Costs 2814 Permit Activity 3015 EUR 3316 Capital Expense Forecast 3417 Contracts 3618 Projected Rig Counts 3919 Crude Oil Production Forecast 4120 Other Operators 4321 Appendix 4521.1 Abbreviations 4521.2 Methodology 4521.2.1 Coverage 4521.2.2 Secondary Research 4621.3 Disclaimer 461.1 List of TablesTable 1: Geological Characteristics of Bakken TPS Units 10Table 2: Notable Deals 13Table 3: Bakken Well Design and Cost Estimations 24Table 4: Bakken Well Configurations 25Table 5: Horizontal Rig Count by County 26Table 6: Percentage Rig Count Loss by County (%) 27Table 7: Development Drilling Permits by Company and County 32Table 8: Capital Budget 34Table 9: Contracts Awarded in the Bakken 36Table 10: Gas Processing Facilities 37Table 11: Pipelines 38Table 12: Projected Rig Counts 39Table 13: Other Companies 431.2 List of FiguresFigure 1: Bakken IP30 Rates by County 8Figure 2: Bakken Acreage by Company (net) 11Figure 3: EUR by County and Company 14Figure 4: Active Well Count by Company 18Figure 5: Bakken Oil Production (2014) 20Figure 6: Natural Gas Production (2014) 21Figure 7: Average Well Cost 23Figure 8: Break-even Prices by County 28Figure 9: Break-even Prices by Company 29Figure 10: Horizontal Drilling Permits, Jan-June 2015 31Figure 11: Average EUR per Well 33Figure 12: Bakken Production (bd) 42