Bakken Energy Corp. (BKEN)

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Red Willow Offshore Gulf of Mexico

Red Willow ventured offshore in 2003 via an exploration agreement with Houston Energy and W.G. Helis in the Gulf of Mexico. Houston Energy generated seismic prospects that W.G. Helis and others operated. The program ultimately resulted in over 28 completions in new offshore wells. Smaller targets became economic by tying these wells in to existing operators’ facilities.

To support the Gulf of Mexico drilling program we opened an office in Houston, Texas. Expansion of the Gulf Coast program included exploring on shore in Texas and Louisiana. Red Willow was the operator of the wells with Houston Energy as its partner. In 2004, we also entered another exploration agreement with Houston Energy to explore in the Deepwater Gulf of Mexico.

The Deepwater program drilled its first discovery in 2005. Red Willow ultimately discontinued the Shelf and Onshore exploration programs, but remains committed to the Deepwater and has built an inventory of prospects. As of spring 2013, Red Willow and partners have drilled six discoveries in the greater Mississippi Canyon area. Two of those wells had first production in 2012 and are currently producing at a combined gross rate of over 39,000 BOE per day.