This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

MDU Resources Announces Significant Well Test Results In Paradox Basin

MDU Resources Group, Inc. (NYSE:MDU) has announced that its indirect wholly owned subsidiary, Fidelity Exploration & Production Company has completed a successful exploration test on its 75,000 net acres in the Paradox Basin. Following two weeks of production, the Cane Creek Unit No. 26-2H well was tested at a stabilized rate of 647 barrels of oil per day and 561 mcf of natural gas per day through a 7/64 inch choke with a flowing pressure exceeding 3400 psi. The well is flowing from a short unstimulated horizontal section. The well production rate is being significantly restricted to manage production operations, gather performance data and minimize natural gas flaring.

“This well is significant on its own and provides the basis from which we can establish a very large and profitable growth area for our company” said Kent Wells, president and chief executive officer of Fidelity. “The potential of this play appears significant and would make it a key component of Fidelity’s growth strategy as well as provide business opportunities for other MDU subsidiaries as it relates to pipelines and construction activity.”

Fidelity drilled the Cane Creek No. 26-2H well to a total depth of 8,685 feet, including a 1,945-foot lateral that was cased and subsequently perforated over a 116 foot interval at the end of the lateral. While it is too early to establish reserve potential for the well, a well drilled five miles to the southeast during the 1960s has produced over 1 million barrels of oil and a well seven miles northwest drilled in the 1990s has produced over 600,000 barrels of oil. Initial production rates from the 26-2H well are very encouraging; however, further data is required to give a reasonable estimate of ultimate recovery.

In addition, Fidelity has drilled its second horizontal Cane Creek well, the Cane Creek Unit No. 18-1H, to a total depth of 9,272 feet, including a 1,154-foot lateral. This well will be completed across a 900 foot horizontal interval and should be put on production during May. Fidelity plans to drill additional Paradox wells in 2012 to further advance the appraisal process and commence the development phase.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs