Enterprise announced that it has spudded its first well, Archer #1, in Sheridan County, Montana. Enterprise holds a 100% working interest in approximately 30,000 net acres (47 net sections), subject to a 10% back-in right.
The Archer #1 well is located on the northern edge of Enterprise's land package and lies about 40km (25 miles) south west of several successful Bakken wells drilled recently in Montana by one of the area's major operators. The well will evaluate the oil potential of the underlying formations, including the thick Bakken and Three Forks formations within the Williston Basin in North Eastern Montana.
The Archer #1 well, with a TVD of 2,470 m (8,100 ft), is anticipated to take about 14 days to drill, evaluate and case at an estimated cost of approximately US $1.1MM.
"With the rapid north western migration of the productive Bakken and Three Forks play, we anticipate that this well will demonstrate similar positive prospectivity over Enterprise's land holdings. Historical wells in this area have encountered both horizons and there is current local production from deeper zones. Core taken from the well will be evaluated for potential future well stimulation," commented Geoff Carrington, President & CEO of Enterprise. "A successful well would have a significant impact on the Company."
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