Kodiak Oil & Gas has spent a lot of money to build a premier position in the Bakken Shale Oil Fields. The Bakken formation occupies about 200,000 square miles below the surface of the Williston Basin, which covers parts of Montana, North Dakota and South Dakota, and it is rich with oil resources. How rich?
According to the U.S. Geological Survey, oil resources in these shale formations are 7.4 billion barrels, double an estimate for the region made five years ago. In 2008, the agency estimated total oil in the Bakken formation, was 3 billion to 4.3 billion barrels.
Kodiak has been testing new drilling strategies in the Williston Basin that are being closely watched by others in the industry. These strategies involve drilling more wells and placing them closer together than is typical in a field, with the aim of getting oil out of the ground faster, thus speeding growth of the company’s reserves and value.
Kodiak currently has drilling rights to 42,000 acres in North Dakota, boosting its total in the Williston Basin to nearly 200,000 net acres. The company is estimated to ultimately produce anywhere from 650,000 to 850,000 barrels of oil per well. At $95 oil that yields internal rates of return in a range of 54% to 84%. Those increased recoveries make Kodiak’s wells very valuable, especially in a day where $100 oil is likely here to stay.
Guiding Kodiak is CEO Lynn Peterson. A certified public accountant educated at the University of Northern Colorado, Peterson has more than 25 years of experience in the oil and gas industry. He became a director of Kodiak in November 2001, and was appointed top executive of the company in 2002.
Source: Bloomberg / Bakken, Three Forks Has More Oil Than 2008 Estimate: USGS / April 30, 2013 – https://www.bloomberg.com/news/2013-04-30/bakken-three-forks-has-more-oil-than-2008-estimate-usgs.html
Source: The Wall Street Journal / Kodiak Oil & Gas Discussed Possible Takeover / July 11, 2013 – https://online.wsj.com/article/SB10001424127887323740804578599503836131588.html
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
