Endeavor oil wellsLets say that NOG has found a new oil deposit that is profitable etc. I would like to know how many oil wells could we put in this region.
Does anyone with knowledge of the oil business know how far apart can you place oil wells.
I have been to California and I believe I have seen oil rigs set up a few hundred feet apart however maybe I was mistaken with what I saw.
What is considered a good oil well? 100 barrels of oil a day?
An excellent well being 1000 barrels of oil a day?
I ask these questions as I am trying to figure out what we could expect to see if we were able to get say 10 - 20 wells going on a great property.
I have worked out some numbers thus far.
If 1 well would produce 100bopd we would be looking at roughly $9000/day or $27000 per month at an oil price of $90 per barrel. I dont know sort of costs there generally involved from pumping out the oil to maintaining the well to delivery of oil etc. I admit I am new to oil and I would love some imput from those more knowledgable.
10 wells producing 100bopd would equate to $270,000 per month before expenses.
You can see how the numbers can really grow if we have in fact found a nice oil find.
I am not going to tout the 1000bopd but that would be a game changer. I am thinking that 100bopd is a big win for us and anything more is a complete bonus.
I would love to hear from those out there more knowledgeable.
In addition does anyone have a time table for when a) #2 well is going to commence drilling and b) when will we hear the final numbers on well #1