Exploration & Production | Quarterly / Earnings Reports
Fidelity Exploration Reduces Bakken Rig Count; Cites Improved Efficiency
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The Exploration arm of MDU Resources provided the following Bakken update as a part of its 2Q13 earnings report.
The company expects to spend $400 million in capital expenditure between the Bakken, Paradox Basin and Texas.
Bakken areas The company owns a total of approximately 127,000 net acres of leaseholds in Mountrail, Stark and Richland counties.
Capital expenditures are expected to total approximately $200 million in 2013. During second quarter the company operated three rigs in the play and as drilling efficiencies have accelerated, two rigs are now being utilized.
Net oil production for second quarter was more than 7,500 barrels of oil per day.
In mid-July the first three-well pad in Mountrail county began producing. In the first 10 days of production, the pad averaged 2,770 BOPD…
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