I recently reported that Brigham’s (STO) well design was one of the best in the Bakken. At one point, Brigham had nine of the top ten IP rates in the Williston Basin. This was the case until Newfield (NFX) provided some very good numbers of its own. Newfield has done this with a well design close to that of Kodiak (KOG) or Exxon (XOM) dba XTO Energy. Newfield is not only a good operator, its acreage is in what may be the best area in North Dakota. Much of its acreage is in northeast McKenzie County, which I believe not only has a very good middle Bakken but also upper Three Forks. The Three Forks is comprised of up to four benches throughout the Williston Basin. There have been at least two successful wells drilled and completed in the second bench of northeast McKenzie County. One of these wells were operated by Continental (CLR) and the other Burlington (COP). The third and fourth bench of the Three Forks is not as consistent, but has promise in this area. What this means is the middle Bakken, which is 90 feet thick in some areas, and the Three Forks which is up to 270, could produce 16 wells. Currently most areas are only de-risked for 8 wells.
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