The definition goes on to state that a high degree of confidence exists if the quantity is much more likely to be achieved than not and, as changes are made to estimated ultimate recovery ("EUR") due to increased availability of data, reasonably certain EUR is much more likely to increase or remain constant than to decrease.
Successful Bakken wells in the area have resulted in production rates of approximately 300-800 barrels of oil per day, with an estimated ultimate recovery (EUR) of between 300,000-800,000 barrels of oil over the life of each well, and an expected life span of around ten years.
The company's last six horizontal wells have had gross average initial production rates exceeding 10 mmcfe per day and the company has gained even greater confidence in its average estimated ultimate recovery estimate (EUR) of 6.
8 million; and that if drilling operations are successful the Lodgepole Reef will produce as much oil and/or gas as the Dickinson Lodgepole Unit #74 well, or the Ranchos #1 well, if any oil or gas at all; that a successful Bakken well will result in production rates of approximately 300-800 barrels of oil per day, if any; that a successful Bakken will produce an estimated ultimate recovery (EUR) of between 300,000-800,000 barrels of oil over the life of each well, and/or have an expected productive life span of around ten years; that the Company is developing a portfolio of oil and gas properties throughout Montana and North Dakota.
Successful Bakken wells in the area have resulted in production rates of approximately 300-800 barrels of oil per day, with an estimated ultimate recovery (EUR) of between 300,000-800,000 barrels of oil over the life of each well, and an expected life span of around ten years.
According to area production data, successful Bakken wells have respectively resulted in production rates of up to 800 barrels per day (bbls/d), with projected estimated ultimate recovery (EUR) ranging between 300-800 thousand barrels of oil per 1,280-acre unit.
