GeoResources has provided an interim operations update on its joint venture in the Bakken Shale trend of the Williston Basin.
To date, the Company has participated in 42 wells drilled by its joint venture operator and has realized a 100% success rate. In addition, the Company owns minor working interests in more than 140 wells within the Bakken/Three Forks play. Our joint venture continues to acquire acreage in this expanding play and is currently running four drilling rigs continuously.
The following table lists recent activity. Please refer to our prior news releases for additional information. The Company generally reports joint venture and other wells where its interests are meaningful, but does not report numerous minor interest wells. The pace of activity has increased and we expect to participate in more than 90 joint venture wells over the next two years, exclusive of the participation in numerous minor interest wells. The following table updates our prior operations release with respect to this project.
Frank A. Lodzinski, Chief Executive Officer of GeoResources, said, "Our net production in the Williston Basin continues to increase with the on-going success of this development program. As part of our recurring communications, we expect to provide a further operations update after the end of the 1st quarter."
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