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Bakken Oil Formation

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The company holds five leases adjacent to the Roncott / Bakken Oil Field, which ... is not a blanket (sink holes, crater features, areas of anomalous tighter or ... – PowerPoint PPT presentation

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Title: Bakken Oil Formation


1
Bakken Oil Formation
Presented by
Century Energy LTD.
2
Century Energy LTD.
  • Century Energy Ltd (TSX.VCEY, PKCEYFF) is a
    junior oil and gas exploration company actively
    pursuing resource opportunities in North
    America. The company holds five leases adjacent
    to the Roncott / Bakken Oil Field, which is
    prospective for both horizontal and vertical
    drilling. Century Energy Ltd. has signed a
    farm-out agreement with TriAxon Resources Ltd. of
    Calgary for the drilling of a horizontal well
    before December 31st, 2008, on Century's acreage
    adjacent to the Roncott/Bakken oil field in
    southeast Saskatchewan.
  • Please visit www.centuryenergyltd.com for more
    information.

3
Bakken Geology
  • Bakken Formation is comprised of 3 Members
  • Upper Shale Member Source Seal
  • Middle Siltstone Member Reservoir Migration
    Conduit
  • Lower Shale Member- Source Seal
  • Middle Member Depositional EnvironmentComplex
    Marginal Marine to Marine Shelf Environment with
    a variety of rock types ranging from shales to
    siltstones and fine grained sandstones, lime- and
    dolostones. (Described as a carbonate/clastic
    tug of war by Hess)

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James A. Peterson, University of Montana
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Bakken Comparison Canada / USA
  • The Bakken zone is geologically and
    lithologically complex across the Williston Basin
    with numerous marginal marine depositional
    environments and resultant rock types
  • Montana rock types represent carbonate bank
    deposits
  • North Dakota, Saskatchewan, and Manitoba rock
    types represent a variety of marginal marine
    deposits
  • The zone is about 10,000 feet deep in Montana and
    North Dakota, about 5,000 feet in Viewfield
    Saskatchewan and about 3,000 feet in Sinclair
    Manitoba

10
  • OOIP per section for the different areas is
    estimated to be in the order of 3 MMStb to 7
    MMStb
  • The oil is light, at about 40 45 degrees API
  • Permeabilities are in the order of 0.001 to 1
    millidarcy
  • The fractured Bakken in North Dakota has initial
    rates of over 1,000 Bopd, the Montana Elm Coulee
    wells produce initially about 500 Bopd, the
    Viewfield wells commence at about 200 Bopd and
    the Sinclair vertical wells start producing at
    rates of about 50 Bopd

11
  • The deeper areas have lesser well density about
    2 Hz wells per section, or less, as compared to
    Viewfield with 4 Hz wells per section and
    Sinclair with 16 vertical wells per section
  • Current Bakken production rates are estimated to
    be 130,000 Bopd from 650 wells in Montana, 70,000
    Bopd from 400 wells in North Dakota, 40,000 Bopd
    from 550 wells in Viewfield and 10,000 Bopd from
    725 vertical wells in Sinclair

12
Viewfield BakkenReserve Estimation Methods
  • Volumetrics Volumetric estimates using vertical
    well open hole logs, samples and core control
  • Computer simulation work on the Bakken to assist
    in estimating solution gas drive recovery
    factors, potential interference effects between
    wells and the expected production profile
  • Type curve analysis

13
Viewfield BakkenReserve Estimates
  • - OOIP 4 MMstb per section developed with 4 Hz
    wells per section 1 MMstb OOIP per well
  • Recovery Factor of 10, 100,000 barrels of oil
    per well. 2P at 12.5, 125,000 barrels of oil per
    well, and 3P at 17.5, 175,000 barrels of oil per
    well.
  • This represents the average well that has been
    used as an analogue. Reserves assigned to both
    drilled wells and offsetting locations will be
    dependent upon actual production characteristics
    of producing wells in the vicinity

14
Reserves Evaluation Issues
  • Extremely active, over 100 wells per month,
    public and confidential data
  • A multitude of undrilled reserves, resource and
    prospective locations
  • Short life performance history on the steep
    decline portion only long life lesser decline
    only a guess

15
Reserves Evaluation Issues
  • All wells are not type wells, sand is not a
    blanket (sink holes, crater features, areas of
    anomalous tighter or sandier sediments and
    structural components)
  • All horizontal wells do not keep perfectly within
    the sand at an optimum position, nor do all
    fracture stimulations stay in the zone
  • Even Packers Plus fracture methods are not the
    same due to different number of intervals and
    fluid type sensitivities

16
Bakken Booking Methodology
  • Until the advent of horizontal drilling and
    focused fracturing techniques, the Bakken oil
    play was limited to stimulated vertical wells in
    areas where the average permeability was in the
    order of 10s of millidarcies. Any other Bakken
    oil areas with low permeability were uneconomic
    to develop even though producible oil was
    established.
  • The prospective resources in the Bakken play,
    both in the USA and Canada, could be very large.
    In April 2008, the United States Geological
    Survey assessed the mean undiscovered volume of
    oil in the Bakken in the Williston Basin area of
    Montana and North Dakota, combined, to be 3,650
    MMstb.
  • Resources and reserves bookings in the Bakken
    will be done by analogy using type curves. The
    play lends itself to a statistical approach,
    taking into account available geological and
    production information.

17
Bakken Booking Methodology
  • Prospective resources will be rapidly upgraded to
    contingent resources or, more likely, to
    reserves, as wells are drilled.. The USGS
    considers the Bakken oil play to be largely a
    resource play
  • Resource and reserves assignments will be
    dependent on geological and well control. A
    single successful oil well can result in a number
    of offset reserve and resource locations. A few
    strategically placed successful wells in an area
    can result in the booking of multiples of a
    single wells offset location potential.
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