Wow! 4570 Boepd on the IP for Richardson Federal 11-9H! And 3646 Boepd for Kinnoin 11-14H would be good reasons to get excited about Whiting stock. Was a little surprised that they didn't trumpet the "record IP for a Bakken well" other than a footnote in their list of well results. Will we start seeing a bigger payoff on their 1280 acres wells now?
On Oct 30, 8:40 am, Larry <[EMAIL PROTECTED]> wrote: > Wall Street is liking the Whiting results. WLL is up over 20% this > morning. > > EOG should see a similar spike when they announce their 3rd quarter > results. > > On Oct 29, 8:48 pm, go-devil <[EMAIL PROTECTED]> wrote: > > > > > Whiting Petroleum Corporation's Third Quarter 2008 Earnings Reach a > > Record $112.4 Million or $2.65 per Share > > > Discretionary Cash Flow Increases to a Record $255.6 Million > > > Record Q3 08 Average Production of 50,480 BOE/D Up 24% from Q3 07 > > and > > Up 14% from Q2 08 > > > Record September 2008 Production of 51,700 BOE/D Up 10% from June > > 2008 > > Average of 47,100 BOE/D > > > DENVER, Oct. 29 /PRNewswire-FirstCall/ -- Whiting Petroleum > > Corporation > > (NYSE: WLL) today reported record third quarter 2008 net income of > > $112.4 > > million, or $2.66 per basic share and $2.65 per diluted share, on > > total > > revenues of $388.4 million. This compares to third quarter 2007 net > > income > > of $47.7 million, or $1.14 per basic share and $1.13 per diluted > > share, on > > total revenues of $233.5 million. During the third quarter of 2008, > > Whiting > > recognized a non-cash, after-tax unrealized gain on commodity > > derivative > > contracts of $6.7 million, or $0.16 per share. > > > Discretionary cash flow in the third quarter of 2008 totaled a > > record > > $255.6 million, more than double the $108.0 million reported for the > > same > > period in 2007. A reconciliation of discretionary cash flow to net > > cash > > provided by operating activities is included at the end of this news > > release. The increases in net income and discretionary cash flow in > > the > > third quarter of 2008 versus the comparable 2007 period were primarily > > the > > result of a 24% increase in the Company's total equivalent production, > > a > > 43% increase in the Company's realized oil price (net of hedging) and > > a 71% > > increase in its realized gas price. > > > Production in the third quarter of 2008 totaled a record of 4.64 > > million barrels of oil equivalent (MMBOE), of which 3.28 million > > barrels > > were crude oil (71%) and 1.36 MMBOE was natural gas (29%). This third > > quarter 2008 production total equates to a daily average production > > rate of > > 50,480 barrels of oil equivalent (BOE), compared to the 40,640 BOE per > > day > > average rate in 2007's third quarter. The third quarter 2008 daily > > average > > production rate of 50,480 BOE represents a 14% sequential increase > > from the > > second quarter 2008 average daily rate of 44,200 BOE. September 2008 > > average production of 51,700 BOE per day represents a 10% increase > > from the > > June 2008 average daily rate of 47,100 BOE. > > > Approximately 1,480 BOE per day of production was interrupted > > during > > September 2008 due to Hurricane Ike. Substantially all of this > > production > > was back on stream by October 1, 2008. > > > Production increases were due to a combination of successful > > drilling > > results in the prolific Bakken and Piceance projects as well as > > continued > > production increases from the Company's CO(2) flood projects at the > > Postle > > and North Ward Estes fields. The primary contributor to Whiting's > > production increases in the third quarter of 2008 came from new wells > > in > > the Middle Bakken formation in the Sanish and Parshall fields in > > Mountrail > > County, North Dakota. The following table summarizes the Company's > > operated > > and non-operated net production from the Sanish and Parshall fields in > > the > > third quarter and in September 2008: > > > Operated and Non-operated Bakken Net Production by Field > > (In BOE) > > > 3rd Qtr 2008 September 2008 > > ------------ -------------- > > Parshall Sanish Total Parshall Sanish Total > > -------- ------ ----- -------- ------ ----- > > > Whiting > > Operated 72,126 418,100 490,226 38,435 156,070 > > 194,505 > > Non-Operated 446,679 -- 446,679 156,049 -- > > 156,049 > > Other > > Non-Operated 5,592 41,919 47,511 2,305 19,736 > > 22,041 > > ----- ------ ------ ----- ------ > > ------ > > 524,397 460,019 984,416 196,789 175,806 > > 372,595 > > ======= ======= ======= ======= ======= > > ======= > > > Daily BOE 5,700 5,000 10,700 6,560 5,860 > > 12,420 > > Commercial Banking Facility > > > In September, Whiting's bank group, as requested, reconfirmed the > > Company's $900 million borrowing base, maturing in August 2010. The > > Whiting > > bank group is comprised of 24 commercial banks holding between 1.8% > > and > > 6.8% of the total facility. As of September 30, 2008, approximately > > $500 > > million was drawn on the facility and approximately $3 million in > > letters > > of credit were outstanding, resulting in approximately $397 million of > > availability. The large number of banks and relatively low hold levels > > allow for flexibility should there be additional consolidation within > > the > > banking sector. > > > 2009 Capital Spending Budget > > > Although the Company will not submit its 2009 capital spending > > budget > > to its Board of Directors until later this year, Whiting expects to > > submit > > a budget in line with the Company's estimated 2009 discretionary cash > > flow. > > Such a budget is expected to generate double-digit production growth > > in > > 2009. > > > Nine Months Financial and Operating Results > > > For the nine months ended September 30, 2008, Whiting reported net > > income of $255.2 million, or $6.03 per basic share and $6.01 per > > diluted > > share, on total revenues of $998.3 million. This compares to net > > income of > > $84.9 million, or $2.20 per basic share and $2.19 per diluted share, > > on > > total revenues of $586.4 million in the first nine months of 2007. > > Discretionary cash flow for the first nine months of 2008 totaled > > $633.4 > > million, compared to $282.3 million in the comparable 2007 period. > > > Production in the first nine months of 2008 totaled 12.4 MMBOE, or > > 45,280 BOE per day, compared to production of 11.0 MMBOE, or 40,280 > > BOE per > > day, in the first nine months of 2007. > > > James J. Volker, Whiting's Chairman, President and CEO, commented, > > "We > > continue to generate substantially all of our production growth > > organically. Our net production from the Middle Bakken formation rose > > 48% > > to 12,420 BOE per day in September 2008 from 8,400 BOE per day in June > > 2008. Combined production from our CO(2) projects increased 15% to > > 13,400 > > BOE per day in September from 11,700 BOE in June as both projects are > > responding to CO(2) injection and waterflooding. In addition, our net > > production from the Boies Ranch prospect in the Piceance Basin ramped > > up to > > more than 9.5 million cubic feet of gas per day (1,583 BOE per day) in > > September 2008, an increase of 56% from the June 2008 average daily > > net > > rate of 6.1 million cubic feet of gas (1,017 BOE per day)." > > > Mr. Volker continued, "We expect the trend established in the > > first > > nine months of 2008 to continue during the fourth quarter of this year > > and > > through 2009." > > > As of October 20, 2008, 18 operated drilling rigs and 37 operated > > workover rigs were active on our properties. We were also > > participating in > > the drilling of eight non-operated wells, four of which are located in > > the > > Parshall field. The breakdown of our operated rigs is as follows: > > > Region Drilling Workover > > ------ -------- -------- > > Rocky Mountain > > Bakken / Williston 5 3 > > Piceance 3 1 > > Other Rockies 2 2 > > Permian 2 7 > > Mid-Continent/Michigan 1 1 > > Gulf Coast 2 0 > > Postle 2 4 > > North Ward Estes 1 19 > > -- -- > > Totals 18 37 > > Other Noteworthy Events and Results > > > -- Since July 1, 2008, Whiting has completed 12 significant > > single-lateral > > Bakken oil and gas producers in the Sanish field. The > > following table > > summarizes the results of these recent wells and the results > > of all 21 > > Whiting-operated wells in the Sanish field: > > > Well Name WI NRI Completion IP 1st > > 1st > > --------- -- --- Date (BOE/D) 30 Days > > 60 Days > > ---- 24-hr. (BOE/D) > > (BOE/D) > > Test ------- > > ------- > > ---- > > 1) Kinnoin > > 11-14H - Hide quoted text - > > - Show quoted text -... > > read more » --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Bakken Shale Discussion" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/bakken-shale-discussion?hl=en -~----------~----~----~----~------~----~------~--~---
