Exploration & Production | Capital Markets | Capital Expenditure
Emerald to Speed Up Bakken Development; Adds Rig
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Emerald Oil Inc. has reported that it is contracting a second drilling rig to accelerate development in its Williston Basin acreage, resulting in an increase of its financial and operational guidance.
The Company's drilling efforts will remain primarily focused in the Low Rider Area of McKenzie County, North Dakota where it holds approximately 12,500 net operable acres.
Emerald is contracting a multi-year well-to-well option agreement on a high specification drilling rig. The rig is a 1,200 hp top drive long-reach horizontal capable rig with the potential to upgrade with a "walking package" for infill efficiency. The rig is expected to commence drilling in June 2013.
In connection with the rig addition, Emerald is increasing its 2013 drilling budget from $90.1 million to $127.6 million…
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