Latest SM Energy Bakken well appears mediocre

SM Energy’s (NYSE: SM) latest Bakken shale well, the Nelson 4-29H in McKenzie County had an initial production rate of 671 boepd. The well is located in the Bear Den prospect of North Dakota where the Denver-based company holds 17,000 acres.

Citing the North Dakota Industrial Commission and company data, a September 20 report by Jefferies & Co. Inc. said this latest well “looks to be a disappointment” when compared to the company’s last well in the prospect, the Anderson 12-14H, which had average production of 860 boepd over its first 30 days.

SM Energy holds 78,000 total acres in North Dakota. 

In August, after the company announced its 2011 capex budget of $1 billion and outlined its plans to raise between $300 million and $500 million through asset sales and joint ventures, Jefferies & Co. Inc. released a report saying the company’s impressive growth was overshadowed by a funding gap.

Source: Jefferies & Co. Inc.

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