Emerald Oil has made its case as a pure play operator focused on the Williston Basin. Through two separate transactions totaling $113 million, the Denver-based exploration and production company has sold nearly all of its non-operated Williston Basin acreage. In total, the company sold 26,580 net acres of non-operated leasehold with a current daily production of 850 barrels of oil per day.

“These divestitures complete Emerald’s transition to a large scale, pure play Williston Basin operator,” said McAndrew Rudisill, Emerald’s CEO. The company’s main focus following the acreage sale is to continue to maximize production in its Low Rider area. Rudisill pointed to the reservoir engineering team’s frack modeling and the application of proprietary internal technology as the driving factors for its strong well results. The company is also working to retain the highest possible concentration of ceramic proppant per frac stage in the wellbore post drill-out, the company said, a practice that increases the reserves long-term performance of the well.

“In order to achieve this goal, we plan to be more conservative about initial 24 hour flowback rates in order to achieve greater 30 and 90 day production volumes,” Rudisill said.

In its drilling update, the company said it completed its fifth and sixth operated Bakken wells in July. Each well was drilled from a single pad and were completed with 34 fracture stages. Each well recorded roughly 1,300 boe during its first 24 hours. In august, Emerald drilled two more wells, each of which are in the fracturing process or waiting on completion services. Emerald has also purchased an additional 2,900 net undeveloped operated acres adjacent to its Low Rider operations for roughly $1,000 per acre. In total, the company has 33,293 net Williston Basin acres. Both the North Dakota Counties of Dunn and Williams hold more than 7,700 net Emerald acres. 

 


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