Exploration & Production | Capital Markets | Capital Expenditure
Surge Plans $140MM CapEx; Eyes Bakken, Doig
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North Dakota (Spearfish)
Surge successfully drilled and brought on production its operated, 100 percent working interest five well pad during the fourth quarter of 2012. By using a fit for purpose rig and a multi-well pad configuration, Surge was able to reduce the all-in average cost of these wells to $1.5 million . The accomplishment of this goal is a major step forward in the advancement of the value of these North Dakota assets.
Also during the fourth quarter of 2012, Surge participated in 11 non-operated wells (4.3 net) that were brought on production. All 16 (9.3 net) wells drilling and completed during the fourth quarter of 2012 achieved type curve average best first month production of 125 barrels of oil per day.
Surge also participated in the drilling and…
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