Crescent Point NewsOutput from the Viewfield Bakken play grew by more than 4,400 boe per day by the end of third quarter. If conditions remain favourable, Crescent Point said it may exceed its current 2011 capital expenditures budget for the area.
Saxberg noted that production performance from water injection patterns in the Viewfield Bakken resource play continues to exceed Crescent Point's expectations and has demonstrated the applicability of waterflood to the play. To date, the company has converted 18 wells to injection wells in the Bakken.
Crescent Point now has more than 12 months of history on 11 injection wells across five different areas of the play and each one has demonstrated positive waterflood response in offsetting producer wells. Based on promising results from nearly three years of production in the company's first Bakken waterflood pilot, Saxberg believes that waterflood implementation could increase ultimate recovery factors to "greater than 30 per cent" from an expected 19 per cent on primary recovery.
"We're pretty confident in the waterflood and the implementation of that across the whole field and how that relates to recovery factors," he said.
Saxberg said that preliminary meetings with partners to unitize a portion of the centre of the play are underway. Crescent Point will continue to develop the waterflood program and anticipates having more than 50 injection wells in the Viewfield Bakken play by year-end 2012.
During third quarter, the company also participated in the drilling of 78 (58.7 net) oil wells in southwest Saskatchewan, of which 34 (32.6 net) were Lower Shaunavon wells and eight (6.1 net) were Upper Shaunavon wells, achieving a 100 per cent success rate.
To the end of third quarter, the company has drilled 89 (69.4 net) wells in the Shaunavon area. In total, Crescent Point has budgeted to drill 114 (86 net) wells in the Shaunavon area during 2011, compared to original plans to drill 44 net wells.
The company is currently injecting water into six horizontal injection wells in four pressure maintenance programs in the Lower Shaunavon zone. Plans to convert up to three wells in the Upper Shaunavon zone to water injection wells in 2012 are also underway.
"The Lower Shuanavon [waterflood], though early days, is showing good waterflood response in our initial project," Saxberg said.
Maybe there might be one or two Powerwaves installed.