Our total probable and possible PV10 value is $3.1 billion. Therefore, we estimate our 3P PV10 value at $10.5 billion. Once again these are third party engineered estimates. Slide number seven provides Whiting’s internal estimate of resource potential beyond the 3P category. This totals 479 million BOEs with the PV10 value of $4.7 billion.
Slide number eight, we breakout our by region the PV, the 3P and resource drilling locations that underpin our reserve and resource estimates focusing on just our Northern Rockies Williston Basin area. We have over 2,500 drilling locations, which represents over 10 years of inventory from that one area at our current pace of approximately 250 wells per year.
Moving to slide nine, you can see our 2012 CapEx budget. The main change between this year and 2011 is a transition from an emphasis on exploratory drilling to an emphasis on development drilling in our recently discovered Williston Basin prospect areas. For example, that our Pronghorn area, we’ve doubled our rig count to six rigs and are initiating pad drilling. We expect pad drilling alone to save us approximately $0.5 million per well.
On slide 10, we provide an overview on our Williston Basin plays. We control over 680,000 net acres in the play. The line of this map ties to the cross section on the next slide. The slide 11, cross section shows the reservoirs we target in each of our Williston Basin plays. At Lewis & Clark/Pronghorn, we target the Pronghorn Sand and upper Three Forks horizon which we can tap with one wellbore.In Hidden Bench, Tarpon, Missouri Breaks and Starbuck, we have dual targets in the Middle Bakken and Three Forks formations. On slide 12, we show our estimate of the derisked acreage across to our prospect areas in the Williston Basin.This slide hasn’t changed since our third quarter call. We will update it later this year, when we drilled more wells at our Starbuck Missouri Breaks, Hidden Bench, Tarpon, Cassandra, Lewis & Clark and Pronghorn prospect areas. Slide 13 and 14 give our Sanish Bakken and Three Forks type curves. They have not changed since our last update. On slide 15, our two typical production profiles are non Sanish, Field Bakken or Pronghorn Sand/Three Forks wells.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV