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Whiting Petroleum Corporation Announces Second Quarter 2013 Financial And Operating Results

Stocks in this article: WLL

Denver Basin: Redtail Niobrara Area

We hold a total of approximately 121,000 gross (88,000 net) acres in our Redtail area, located in the Denver Julesberg Basin in Weld County, Colorado. Our Redtail acreage produces from the Niobrara “B” zone and is also prospective in the Niobrara “A” and “C” zones as well as the Codell formation.

Highlighting recent drilling results at Redtail was the completion of the Razor 33-2813H, which flowed 966 barrels of oil and 620 Mcf of gas (1,069 BOE) per day from the Niobrara “B” zone on July 9, 2013. The well’s 6,047-foot lateral was fracture stimulated in a total of 32 stages using our new frac design. Whiting holds a 73.4% working interest and a 58.7% net revenue interest in the Razor well, which was drilled on a 960-acre spacing unit. We have also applied this new frac design to our 640-acre spacing unit wells with positive results. The Razor 25-2514H flowed 593 barrels of oil and 255 Mcf of gas (636 BOE) per day from the Niobrara “B” zone on June 30, 2013. The well’s 3,716-foot lateral was fracture stimulated in a total of 18 stages. Whiting holds an 87.5% working interest and a 74.8% net revenue interest in the well. Production results from our most recent six wells using this new completion design are consistent with a 400+ MBOE type curve.

We currently have two drilling rigs running at Redtail. We plan to add a third rig in October 2013. Our development plan for the Redtail prospect is to drill eight wells per spacing unit to the Niobrara “B” zone and four wells in each spacing unit to the Niobrara “A” zone. We estimate that we have more than 2,400 gross locations and 1,200 net locations at our Redtail prospect on this development pattern. We plan to test tighter spacing in the Niobrara “A” / “B” reservoir system, with the potential to drill up to 16 wells per spacing unit versus our current 12-well plan.

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