By OGJ editors
HOUSTON, July 7 – GeoResources Inc., Houston, expects to participate in 70-100 joint venture wells the next 18 months plus many other minor interest wells in the Bakken oil play in North Dakota.
GeoResources controls thirty-eight 1,280-acre Bakken units on 49,000 net leasehold acres in Williams County and is project operator having retained 47.5% working interest. The company material working interests in another forty-nine 1,280-acre units.
The company, working with two industry partners, plans to spud at least three horizontal Middle Bakken wells in September 2010. Secondary objectives include the Three Forks, Madison, and Red River formations.
Meanwhile, GeoResources has participated in 58 wells, all successful, in a nonoperated joint venture in Mountrail and adjacent counties. It also owns minor working interests in more than 185 wells in the Bakken-Three Forks play.
The joint venture is running six rigs, and the first Montana Bakken well is to spud by the end of July. Renegade 1-10H is on the 2,920-gross acre RipRap prospect in Roosevelt County, in which GeoResources has 25% working interest. The prospect also has uphole potential in Mississippian Ratcliff.