MDU Resources (MDU): More DD on Fidelity: Fidelity produc...

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Re: OilStockReport post# 42

Thursday, 06/02/2011 5:05:09 PM

Thursday, June 02, 2011 5:05:09 PM

More DD on Fidelity:

Fidelity produced 2.4 million net barrels of oil equivalent in the last three years. It owns 16000 net acres in Mountrail County. Last year 8 Mountrail wells were drilled to a total of 37 operated wells. Fidelity produces 3700 BOED in Mountrail. Future drilling locations include 20 in the middle Bakken and over 30 in the Three Forks.

A drilling cap ex of $52 million will be used to drill 13 operated wells. Fidelity plans to participate in non-operated wells this year. In the second quarter of this year, Fidelity will add a second drilling rig. It plans to drill 12 wells in 2012 and 2013. Fidelity estimates an EUR of 250-400 MBO per well.

This is not an offer to buy or sell securities or any kind of investment advice. Oil investment carries very high risks so consult a licensed professional making any decisions. My resume is real time on Twitter @TurnKeyOil.