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Northern Oil Cuts Well Costs to $7.1MM; EURs Increase 12.5%
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Northern Oil and Gas announced 2016 third quarter results and completion of the semi-annual redetermination of the borrowing base under Northern's revolving credit facility.
Key Points: Early results for wells drilled and completed in 2016 are tracking a 900,000 Boe EUR average type curve (up +12.5% from ~800,000 Boe in Q1 2016). Average drilling and completion costs have declined materially, with average AFE costs of $7.1 million (down -16% YOY from $8.4MM) Drilling Activity / Capital Expenditure: Highlights: Production totaled 1,236,708 barrels of oil equivalent ("Boe") for the third quarter, averaging 13,442 Boe per day, despite approximately 600 Boe per day of shut-in production during the quarter Oil and gas sales, including cash from settled derivatives, totaled $50.7…- ✓ Full news archive — U.S., Canada & international coverage
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