Williston Basin - Bakken
We have approximately 54,000 net acres in the Williston Basin in North Dakota and Montana The Williston Basin is one of the largest oil resources in North America and has been the focus of extensive industry activity over the last several years. We believe that this industry activity has substantially de-risked both drilling and capital return profiles by providing industry accepted type curves defining production profiles and individual well recoveries for different producing areas. Reserves per well and well costs vary across the Williston Basin, depending on the characteristics of the area. However, based on publically available information, we believe representative estimated ultimate recoveries, or EURs, for our areas of interest, range from 350 to 700 MBoe per well with drilling and completion costs between $7.5 to $13.0 million per well. The Williston Basin is geologically and aerially well-defined and almost all of our leaseholds are positioned within McKenzie, Williams, Dunn and Mountrail Counties in North Dakota and Richland County, Montana, which are all generally recognized as being prospective for both the Bakken and Three Forks formations.
Our Williston acreage is comprised of approximately 23,500 net operable acres. Our current focus is on our primary operating area in McKenzie County, North Dakota, where we hold approximately 12,500 net operated acres, We have operable acreage in Dunn County, North Dakota and Richland County, Montana that we could develop in the future and operable acreage in Williams County, North Dakota. We also hold approximately 30,500 net acres in core areas of the Williston Basin in Williams, McKenzie, Dunn and Mountrail Counties in North Dakota and Richland County in Montana. We have monetized some of our non-operated acreage as we receive Authorizations For Expenditures (AFEs). We will continue to analyze all AFEs on non-operated properties to ensure the meet rate of return hurdles in the context of our 2013 capital budget.