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U.S. Energy Corp. (Nasdaq: USEG) $6.17. Announced Tuesday after market close the initial production rate from its State 36-1 #1H well which was recently completed with Brigham Exploration Company.
The State 36-1 #1H well, which is operated by Brigham Exploration Company, produced approximately 3,236 barrels of oil and 3.42 MMCF of natural gas per day or 3,807 BOE/D during an early 24-hour flow back period. The well was completed with swell packers and 30 fracture stimulation stages. U.S. Energy's initial working interest in this well is approximately 29% (~23% net revenue interest). Oil and gas sales (of 1.5 MMCFD due to line constraints) from this well have commenced.
"We are extremely pleased to see a 3,800 BOE/D initial production rate well to round out our six initial well program with Brigham," stated Keith Larsen, CEO of U.S. Energy Corp. "We anticipate continuing an aggressive drilling pace in 2010, with wells seven and eight currently drilling forward in the horizontal portion of the well bore while well number nine is now drilling forward in the vertical well bore. We expect to provide further updates as wells seven and eight are completed," he added.
What They Do: U.S. Energy Corp. is a diversified natural resource company with interests in oil and gas, molybdenum, geothermal and real estate assets.
GeoResources (Nasdaq: GEOI) $14.33. Announced Tuesday after market close an operations update. The Company holds a proportionate 10% - 18% working interest in approximately 110,000 net acres in the Bakken Shale trend of the Williston Basin. Approximately 63,000 acres are located in Mountrail County, North Dakota, with the remainder located in adjacent counties. To date, the Company has realized a 100% success rate with 41 successful wells drilled by its joint venture operator. In addition, the Company owns minor working interests in more than 130 wells within the Bakken/Three Forks play. Our joint venture continues to acquire acreage in this expanding play and is currently running three drilling rigs. We expect to have five drilling rigs working by the end of the month and into the spring. Thereafter, we expect four drilling rigs working continuously, but the drilling program could be expanded, pending drilling rig availability and performance.
What They Do: GeoResources, Inc. is an independent oil and gas company engaged in the acquisition and development of oil and gas reserves through an active and diversified program which includes purchases of reserves, re-engineering, and development and exploration activities, currently focused in the Southwest, Gulf Coast and the Williston Basin.
Brigham Exploration Company (Nasdaq: BEXP) $14.43. Announced Tuesday after market close that its operated State 36-1 #1H produced approximately 3,807 barrels of oil equivalent per day (3,236 Bopd and 3.42 MMcf/d) from the Bakken formation during an early 24 hour flow back period. The State was completed with 30 frac stages and represents Brigham's highest reported 24 hour flow back rate in the Williston Basin. Thus far, Brigham's 10 long lateral high frac stage Bakken and Three Forks wells have averaged an early peak production rate of approximately 2,240 barrels of oil equivalent per day.
Brigham maintains an approximate 16% working interest in the State, which is the sixth well completed under the drilling participation agreement with U.S. Energy Corp.Brigham's interest in the State is anticipated to increase upon payout of the first six wells in the drilling participation agreement.
What They Do: Brigham Exploration Company is an independent exploration, development and production company that utilizes advanced exploration, drilling and completion technologies to systematically explore for, develop and produce domestic onshore oil and natural gas reserves.
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