Williston Basin, North Dakota
Fram holds leases centered on 10,863 acres in Renville County, North Dakota in the Williston Basin. This basin has experienced renewed interest and industry excitement over the past decade. Although recent focus has been on the underlying Bakken Formation, Fram believes that significant crude oil reserves can be produced from the Mission Canyon formation, a shallow marine carbonate.
Fram has identified 19 leads and prospects within the Mission Canyon. The Company’s first exploration well to evaluate the play was drilled in March 2011 to a depth of 5,600 feet and encountered 32 net feet of oil bearing pay zones. Fram plans to drill the remaining 18 leads over the 2011-13 time frame at 6 wells per year
Log and core analysis results are similar to those in nearby producing fields and provide excellent indications of the potential for the play. The Smith field, only two miles away, has already produced 3.6 million barrels of oil (mmbo), including 600,000 bbls from a single well, from the Mission Canyon. The Company plans to develop the discovery by drilling a series of high-angle extended-reach wells to maximize the exposure to the reservoir and optimize production rates. Fram estimates that the East Smith prospect will contain recoverable reserves of 4-6 million barrels of oil (mmbo).