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How much oil can a well in the Rocky Mountains produce per day?
My family just signed a contract with a large oil company for them to drill for oil on our land. I know there are many, many factors that could contribute to how much oil is produced from a well per day but am wondering what a range could be. I am assuming that since they are paying a pretty large initial signing fee they assume there is a decent amount of oil. Thanks in advance for the info!
Howdy!
I work as a geophysicist and my specialty is in exploring for hydrocarbons and estimating how much oil and gas is in place before a drill-bit ever even hits the ground, so I think I can help you out =D
First, I would like to state that even though they have signed a lease does not mean that they have already planned to drill for oil on your property. Often times oil companies will lease out huge tracts of land that they think is promising, then drill a few exploration wells and decide from that if they want to proceed with actual production. So what has happened at this point in time is some Geoscientists have conducted seismic exploration in an area somewhere near where you live, and they think that they might have found an oil reservoir that potentially extends onto your property. They might have drilled a few exploration wells that look promising, but I still wouldn't plan on them drilling on your land. In other words, I wouldn't budget in any royalties from the company just yet!!
Now lets assume that they do drill some exploration wells, they do find a revocable amount of hydrocarbons, and they do decide that they think your property has a source of hydrocarbons large enough to drill for. How much cash will this oil bring in? As you said its a tricky question to answer. Even within a certain basin production levels can differ by a large factor. In Colorado there are a few basins that produce hydrocarbons, but the Piceance is by far the largest. below is some information that I gathered about the Piceance basin, and I also did some basic math for you about the cash flow from a typical well in this basin. I would also like to add that if your property is in tthis basin that you are more likely to get a well because this basin has been a proven producer and is viewed as less of a risk.
Location- Moffat County, Rio Blanco County, Garfield County, Mesa County, Pitkin County, Delta County, Gunnison County and Montrose County.
Average hydrocarbons per well: 1.2 to 1.4 billion cubic feet total. around 10-30 million cubic feet/day peek production (I'm guessing here, wells that produce 1.2-1.4 in the Permian Basin of West Texas are in this range).
Total cash per well assuming high production(30mmcf/d): $390,000 per day max(at peak production), 42 million dollars per well max(total lifespan).
Total cash per well assuming low production(10 mmcf/d): 130000 per day min(at peak production) 14 million dollars per well minimum(total lifespan).
Actual cash will likely be in the middle of these two extremes. I would guess that most other wells in Colorado would be somewhere near these estimates unless your talking about oil shale which changes everything! If it is oil shale restate that in your question.
Hope I helped =D
Also of note: make sure that you own the mineral rights. Often times the person who owns the land doesn't own the mineral rights, so you would get a check for the land usage but the mineral royalties would be going elsewhere. You probably already checked this, but I want to make sure your aware.
Also, the wells in this basin are gas wells, so instead of barrels of oil they are sold in cubic feet of gas. My calculations assume the current price of $13.5 per thousand cubic feet. P
Making the Oilcan Banjo