Question-and-Answer Session
Operator
(Operator instructions) And your first question comes from Gary Muscular [ph]. Please proceed.
Gary Muscular
Thanks. Good morning guys.
Jim Palm
Hi, Gary.
Gary Muscular
First question, in the Permian Basin, what kind of production do you think you can exit the year at?
Jim Palm
I think we can exit the year at somewhat in the 1,700 to 2,000 barrels a day range.
Gary Muscular
Okay. You are talking 35 to 45 wells?
Jim Palm
That's right. That's correct.
Gary Muscular
Okay. And then second question is over in the Bakken Shale, I know you say drilling costs are $5.5 million to $7 million per well. Can you give us a sense of what you're seeing in terms of the trending cost over there, has it remained relatively flat or are you starting to see those costs move higher or can you just provide some color there?
Jim Palm
Gary, it's pretty flat right now. The cost can range from, because a lot of people are doing open whole completion, like Marathon might propose their cost might be less than $5 million. You get up to pinpoint branch [ph] like EOG does and you might be $6 million to $6.5 million. Those have pretty well been the numbers that we're seeing for the past six months. Everything has been tight for the past six months and actually there is people moving equipment and now so, in some ways, maybe there will be able to get more equipment out there, but so far it has been pretty flat.
Gary Muscular
Okay. That's helpful guys. Thank you.
Jim Palm
Thanks, Gary.
Operator
And your next question comes from Ron Mills. You may proceed.
Ron Mills – Johnson Rice
Sorry guys, I got disconnected. I missed Gary's question; I'm assuming that was about Bakken?
Jim Palm
Right. Yes.
Ron Mills – Johnson Rice
And was it just about well costs?
Jim Palm
It was primarily well costs and the trends in there so far have stayed pretty consistent in the Bakken.
Ron Mills – Johnson Rice
Okay. And you made a comment, Jim, about Bakken potentially having more value to you than Permian is, should we read anything into that about your views of the Permian properties relative to the acquisition time or is it just higher excitement level for the Bakken area?
Jim Palm
No – if you go to the Bakken and you spend $6 million and you get a 2,000 barrel a day IP and then you go the Permian and you drill three wells for about the same price and got 135 barrel of oil equivalent IPs, obviously, you get excited about the Bakken. But, you can drill more wells in the Permian. So, it's more of a factory kind of deal. It's lower risk. We like them both, but Bakken is certainly a place to get excited.
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