What is considered decent monthly production for both oil and gas wells?
Are there generally accepted ranges for poor, good, monster, etc.?
Just jumping in -- but I would think you need to give location & at what price.
Such as -- what would be "good" production in the middle of Lavaca County @ $100 pb?
or what would be such "poor" production that a big company would shut down the well?
"A good oil & gas well" is any well which is drilled into minerals you own.
Now with that being said, it really does matter where you're located as to what might be considered "good". In many places a well with an I.P. (initial production) of 300 bbls of oil per day is "good". Yet in the midst of the Bakken play many would consider that same well a disapointment.
So the level of expectation, and where you're located, matters as to how a well might be judged. There is not really a hard and fast standard nationwide. Personally I'd say an I.P. <75 bbls is "poor", an I.P. >400 bbls is "good", and an I.P. >2,000 bbls is a "monster". No doubt others would have entirely different ideas on this.
It also depends on the time period.
The discovery well for the spindletop field was drilled in January, 1901 and had an initial flow rate of 80,000 BOPD. The first year that well, the Lucas No. 1, produced 17.2 million barrels of oil.
During that time, oil dropped to 3 cents per barrel and water was 5 cents a cup on the derrick floor.
How times have changed.
Buddy is so right! I have two Bakken wells that came in in March and May of 2008 when oil was climbing to it's zenith. All things being equal, I would much rather that my oil be pumped and sold for $100+ than for $30 a barrel, which the price later fell to.
Ray:
Just remember the decline in production in the beginning and the slower decline over the lifetime of the well. Interesting to watch the IP and check back in 2 years later for the results.
In some ways times don't seem so different. It depends on what you consider "normal".
This is from an article titled "Would you pay $55 for bottled water?"
To understand how expensive regular bottled water is, let's compare it with gasoline. With the price of oil rising, we typically think of gasoline as very expensive. On the other hand, some of us will barely blink an eye at picking up a few bottles of water from the same gas station. Here are the numbers:
A gallon of gas costs around $3 [when the article was written]. If we assume a one-liter bottle of water from the store costs about $2.50, a gallon of the same bottled water should cost about $10. Water, life's most necessary substance, costs about three times more than gasoline when it comes in a plastic bottle. If you wanted to fill up a car's 15-gallon tank with gasoline, it would cost you about $45. If you wanted to fill up that same 15-gallon tank with bottled water, it would cost you $150 [source: National Geographic News].
Tap water, on the other hand, costs a fraction of the price of bottled water. The same $2 you spend on a liter of bottled water will get you about 1,000 gallons of tap water [source: EPA].
Buddy Cotten said:
It also depends on the time period.
The discovery well for the spindletop field was drilled in January, 1901 and had an initial flow rate of 80,000 BOPD. The first year that well, the Lucas No. 1, produced 17.2 million barrels of oil.
During that time, oil dropped to 3 cents per barrel and water was 5 cents a cup on the derrick floor.
How times have changed.
Buddy
UT_PLM