Canada s Oil Forecast and Saskatchewan’s Bakken Status

Technology is unlocking the Bakken oilfield potential In Saskatchewan.

As of mid-October, 2008, Saskatchewan had 1,050 wells capable of producing in the Bakken. Of these, the vast majority (979) have been drilled since October 2004. Over the first eight months of 2008, the Bakken accounted for about 8.6 million bbls (an average of 35,250 bbls a day) of Saskatchewan’s oil production of 105.7 million bbls (approximately 434,000 bbls a day).

Operators such as TriStar, with current production from the Bakken of more than 4,700 BOE per day, are continuing to focus on improving potential primary recovery factors in the play. TriStar’s current oil reserve booking is based on a recovery factor of 1.1% of the estimated net total original oil in place. Achieving a primary recovery factor of 12.5% consisting of four wells per section at current average reserve engineer bookings would yield up to 70.5 million bbls of additional recoverable oil to its current booked reserves.

Crescent Point’s Bakken technical team conservatively expects over time it could achieve a 15% recovery factor on primary production, based on detailed simulation work that suggests up to 19% recovery with infill drilling at eight wells per section.

Another option is enhanced recovery with water or carbon dioxide (CO2) floods. Crescent Point is in the early stages of determining how best to apply water and/or CO2 flooding to the formation with the objective of increasing its recovery rate to as much as 25-30%.

Canada Dec 2008 Interim Oil Forecast

Saskatchewan has 60 billion barrels of bitumen.

Saskatchewan is also developing the Lower Shaunavon formation