I listened to a portion of the Whiting conference call this morning and the Wall Street Analysts liked what they had read about these two wells. There was a lot of good discussions on the conference call about the Bakken, pipelines, future drilling plans, etc and it would be worthy for folks to listen to it.
It is archived here--- http://biz.yahoo.com/cc/3/98593.html On Oct 30, 1:44 pm, bradaz <[EMAIL PROTECTED]> wrote: > 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- Hide quoted text - > > - Show quoted text -... > > read more » --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Bakken Shale Discussion" group. 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