Voyager O&G provided an operations update related to drilling and completion activity in its Williston Basin Bakken and Three Forks, D-J Basin Niobrara and Tiger Ridge prospects.
Williston Basin Bakken and Three Forks
Voyager currently controls approximately 24,000 net acres in the Williston Basin. Since April 16, 2010, Voyager has acquired approximately 18,000 net acres primarily in Williams and McKenzie Counties, North Dakota. Voyager has also participated in six Bakken oil wells, including the Brigham operated Ross-Alger 6-7 #1H which reported initial production of 3,070 barrels of oil equivalent per day (BOEPD). To date, Voyager acreage has been included in approximately 74 permits to drill Bakken wells expected to spud within the next six months. Voyager continues to lease prospective acreage using its competitive advantage targeting non-operated working interests in delineated areas of high quality production.
D-J Basin Niobrara
Voyager announced the 48,000 net acre Niobrara development program with Slawson Exploration on June 28, 2010. Voyager is participating on a heads-up basis for a 50% working interest in Slawson's 48,000 acre position. Since that announcement, Slawson has commenced drilling operations on the Bushwacker 24-11-67 well targeting the Niobrara formation. The Bushwacker is the first in a series of three test wells planned for 2010 and the first of 60 wells planned through 2011.
Tiger Ridge Gas
Voyager controls approximately 65,000 net acres in and around the Tiger Ridge Gas Field in Montana. Voyager is currently conducting seismic testing and plans to participate in the drilling of three wells with Devon Energy, with the first two wells in the series already spud and a third planned for late third quarter of 2010.
Heath Oil Shale
Voyager owns 33,500 net acres targeting the Heath Oil Shale of Central Montana. Voyager has begun to see substantial permitting activity and expects its acreage to be included in a number of wells to spud in the fourth quarter of 2010. The Heath Oil Shale is very similar to the Bakken and the play contains many of the same development partners.
J.R. Reger, CEO of Voyager commented, "Throughout the remainder of 2010, we expect that Voyager will continue its aggressive leasing program in the Williston Basin and its development programs in the Niobrara, Heath Shale and Tiger Ridge Gas field. We are fully funded to continue to execute on our 2010 goals and expect our competitive leasing advantage to result in further strategic acreage acquisitions and expanded drilling activity. With our strong cash position and no debt we believe we are well positioned to execute on our drilling and acreage programs."
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