Serving The Bakken And Beyond

EOG Targets Powder River Basin Wells

EOG Resources cited successful production from new wells in Wyoming’s Powder River Basin, and the company plans on completing 30 wells on its holdings, which have increased to 400,000 acres.

In addition, EOG will complete 35 wells this year in the Bakken and 15 net wells in Colorado’s DJ Basin. In the fourth quarter, it completed 34 Bakken wells with average 30-day initial production rates of 820 BOEPD.

EOG said its best results in the Powder River Basin are Turner zone wells that are averaging 1600 BOEPD for the first 30 days. The company stated that Turner wells are costing about $5 million to drill and complete. In the fourth quarter, EOG completed three wells that averaged 2,155 BOEPD.

The company said that it financed the acquisition of Yates Petroleum by issuing 25 million shares of common stock, as well as a cash payment of $16 million, for a total of $2.4 billion. It said the acquisition included $17 million worth of gas processing plants and equipment, along with $735 million of proved property acquisitions.