This play is a bust. All they found was a lot of water with maybe a trace of oil. They closed their Denver office and moved back south to concentrate on the Permian Basin. This area will never produce commercial quantities of Bakken oil as they really are on the edge and most oil has been flushed out of the zone due to lack of trap. They will try to salvage something but I think they've written it off. There are other horizons that can be developed with traditional methods but that is called wildcatting. They didn't hide anything except the fact that the project failed. This happens a lot when you try to push the limits but it didn't work here.
Paulette Sanders said:
For what its worth, Apache still lists the williston basin on their website. They still have many years on their leases. Apache is moving the majority of its operations to U.S onshore. Bedingfeild said that he was "pleased" with the results on the first well after they drilled it. There are multiple stacked plays in this area. It think Apache is pulling out and will hold its oil reserves in Daniels county until there is a viable way to bring it to market. No offense but apache has said NOTHING about this play. The comment on the "results" of the first well keep ringing in my ears.
For what it's worth, I think there might be an upcoming investors day in February. (I tried to check the Apache website to find page with date, but couldn't. I swear I thought they'd posted an announcement earlier, though, about a February 26-ish investors day.)
I assumed this investor day was going to be similar to the one they had during Summer of 2012 and so might provide info or hints about Bakken play described at Apache website. E.g., at that investors day, they provided images of the formations they'd be drilling into in Daniels County, estimates of the production, etc. If one saw similar slides at next investors day, all well and good. If they say nothing, maybe opposite of well and good?
The language that Billy Bob Jim Bob describes is, I think, unchanged since it was posted way back when. I would think they'd remove at some point if their Williston basin play is a bust for them.
I also think apache expected the keystone to be ramping up by now. Apache reps also said that “this is a science experiment and that plays like these are developed over a period of years”. I for one do not think this play is a bust.
All the technical data I have prepared shows that this is an uneconomic venture. The team that was brought in to run it was let go. The maturity figures are suspect as the TMAX values are not high quality. It looks like an early stage of thermal maturity.The statement from their website is old and has never been updated.The reservoir pressure is not elevated like the better parts of the play. The porosity is better but water has flushed through the system and pushed the oil out. The other potential productive horizons are few and far between are more conventional reservoirs that might be found with extensive seismic but will need a structural or stratigraphic trap and will not be regionally extensive.
Billy Bob Jim Bob said:
I also think apache expected the keystone to be ramping up by now. Apache reps also said that "this is a science experiment and that plays like these are developed over a period of years". I for one do not think this play is a bust.
Hard data or it hasn’t happened.
It seems to me that Apache has removed all references to Daniels County and the Bakken from their website. I could not find what was there for a long period of time. What began , and started with such hoopla and excitement , I guess ends in silence.
Lee
I’m just glad we didn’t get tied up for 10 years like most did.
my lease for example , you are only tied up for 10 years if some pays the premium at the end of 5. Most of the 10 year deals were like that. They had a 10 year option but needed to put up additional funds to hold that option. I will be more than satisfied if they were to extend to the 10 years and pay the premium.
>It seems to me that Apache has removed all references to Daniels County
Oh-oh.... that isn't a very encouraging sign. Especially given all the other non-activity.
Hello - does anyone have any updates or information on the progress or lack of drilling in Daniels County?