By OGJ editors
HOUSTON, Nov. 11 -- GeoResources Inc., Houston, said the pace of activity in the Williston basin Bakken/Three Forks play is increasing in its joint venture with Slawson Exploration Co., private Wichita-based operator.
GeoResources expects to participate in 60 joint venture wells in the next 18 months and will hold minor interest in numerous other wells. The company has 10-18% working interest in 110,000 net acres in the Bakken and has a 100% success rate with 34 Slawson-operated wells.
GeoResources, which continues to acquire land, said 63,000 acres are in Mountrail County, ND, on the east side of the Nesson anticline.
The company also owns minor working interests with multiple operators in more than 125 wells in the Bakken/Three Forks play in different parts of the basin.
Most wells in which GeoResources participates will be on 640-acre units, but the company is scheduling 1,280-acre and some larger spacing units and has numerous locations that may result in or require the larger units.
Completed well costs for single-lateral wells on 640-acre units are $3-3.5 million. Initial production rates have improved as the number of frac stages increases, and recent wells have had 18 stages. Three rigs are running and a fourth rig joins in from time to time.