Question-and-Answer Session
Operator
(Operator Instructions). And your first question comes from the line of Subash Chandra of Jefferies. Please proceed.
Subash Chandra - Jefferies & Co.
Yeah. Hi, good morning everyone. Quick question, first on just the... for more detail on the reserves. Maybe it was in there, I apologize if I missed it. But what was the Bakken split in '08 between Montana and North Dakota, the reverse split, sorry.
Harold Hamm
Are you telling that, are you telling about year-end reserves?
Subash Chandra - Jefferies & Co.
Yeah, year-end reserves. I thought I read just a comprehensive number. I'm not sure if I saw the spilt between the two states.
Jeff Hume
Okay. The Montana Bakken was 27.1 million barrels and the North Dakota Bakken was 17.4 million of barrels.
Subash Chandra - Jefferies & Co.
Thank you. So could you maybe go into some more detail on the spud booking. Was this pretty much going to 80s on big part of your acreage or maybe some more detail on, if 80s is now sort of have been fully booked in the field?
Jeff Hume
We went... in the Arkoma Woodford, we put a small portion of our 648 acre tracks down to 80s, but very conservative amount of those. And in the North Dakota Bakken, we pretty well staying on the 1,280 spacing and owned offsets on drill well offsets. So any offsets parallel to the original wellbore only. So we have not brought that down to increased density on 640 acre spacing near the storage reserve bookings Subash.
Subash Chandra - Jefferies & Co.
Okay. And so what was the type of threshold for the Oklahoma down spacing, sort of I'm looking at the '09 it looks kind of like $7 million a well. I'm just doing some very simple math. I imagine there is some facilities, other charges in there, but looks like $7 million a well. What type of IP should we be looking at to sort of say, Hey, this is in say $5, $6 gas environment, realized gas environment. This is what part of the field could be down space.
Jeff Hume
Well, that 7 million that you are seeing is due to some carryout at the end and not having completions. The actual development cost is less than that Subash. We're getting our costs down in the... on the operated well which are about two-thirds of the wells, net wells being drilled and are going to be in the 4.5 million to 5 million range. We feel like we'll get that down some more. The initial IP is going to be running 3 to 4 Mcf per day and getting 3 to 4 Bcf per well gross on those type of wells.
- To read the full transcript on Seeking Alpha, click here »
