One of the top oil exploration companies drilling in North Dakota’s Bakken oil pool released results for two new wells today.
Initial flow results showed a peak rate of 3,171 and 5,035 barrels of oil equivalent a day (BOEPD). With these results, this company now has the two top producing wells in the entire Bakken play.
One analyst following the company said: "These results continue to affirm the validity of [this company’s] Bakken acreage and the fact that they are getting increasingly better at finding the sweet spots…"
For the Second Quarter, this company will be producing as much as 6,800 boepd. By the end of the year, it is expected to be 10,000 boepd.
Investment strategist Ian Wyatt said: "The recent volatility gave me the chance to recommend this top Bakken producer at $14.50 a share. It’s already up $2 and I think it will ultimately be a $25 a stock."
For more on Wyatt’s Bakken oil investments click HERE.