Northern Oil and Gas, Inc. issued an update on its oil and gas activities in the United States where the company is active in the Williston Basin in North Dakota. The company also issued its year end proved reserves report.
Northern Oil and Gas has approximately 147,000 net acres under lease in the Williston basin and has been developing the Bakken and Three Forks formation on its properties. The company has interests in a total of 332 wells that produce from these two formations.
Northern Oil and Gas plans to start drilling 10.6 net wells in the Williston Basin during the first quarter of 2011 and 36 net wells in all of 2011. The company expects production to average 6,500 barrels of oil equivalent (BOE) per day in 2011.
Northern Oil and Gas reported proved reserves of 15.7 million BOE at 12/31/2010, composed of 14 million barrels of oil and 10.5 billion cubic feet of natural gas.
Proved reserves were calculated using SEC pricing of $70.46 per barrel for oil and $5.04 per thousand cubic feet of natural gas. The company said this level of proved reserves was a 158% increase over the end of 2009.
For more information on the company, go to www.northernoil.com