Mountrail County, ND: GeoResources Bakken Shale update

By Andrea: http://oilshalegas.com

GeoResourcs Inc. (GEOI) recently release an operational update on their activity in the Bakken Shale, located in Mountrail, ND:

To date, in our non-operated program located in Mountrail and adjacent counties, they have participated in 72 wells drilled by our primary operator, Slawson Exploration, with a 100% success rate. In addition, they own minor working interests in numerous wells within the Bakken/Three Forks play. Slawson is currently running three drilling rigs and they continue to acquire additional acreage and well interests, when reasonably available.

At present, 9 -12 wells are scheduled for the 4th Quarter of 2010 where they expect to have working interests in the 5% to 15% range. Additional wells are in the process of being permitted and scheduled. Completed well costs, including surface equipment and production facilities for single lateral wells drilled on 640 acre units are currently estimated at approximately $5.0 million and at $6.2 million for 1,280 acre units. Recent wells drilled on 640 acre units have had 18-22 frac stages per well, while wells drilled on 1,280 acre units have had up to 41 stage fracs.

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