Billings, Mont.-based Voyager Oil & Gas (OTCBB:VYOG) recently provided an update on its Bakken Shale and Niobrara Shale operations.

Bakken
In the Bakken, Voyager’s 2011 drilling program has been trimmed from six net wells to five net wells while the leasing program remains at approximately 24,000 net acres, noted a January 25 report from Global Hunter Securities LLC, adding that the company “may have difficulty adding acreage due to competition and capital constraints.”

According to its website, Voyager currently controls roughly 24,000 net acres in the Williston Basin, primarily in Williams and McKenzie Counties, North Dakota and Richland County, Montana.

Niobrara
Voyager currently controls an interest in 44,000 net acres in the D-J Basin Niobrara play in a joint venture with Slawson Exploration Co. Inc. A June 2010 agreement between the companies gave Voyager a 50% working interest in Slawson’s net acreage in Weld County, Colorado and Laramie County, Wyoming for $7.5 million.

Slawson appears to be speeding up drilling plans in the area. According to Global Hunter, the drilling program was initially set to begin in late-April, but the company now plans to spud the first of three back-to-back wells this week. “Given the success of other operators in the area we view this as a positive surprise that could translate into higher production estimates later this year provided the program is carried out,” noted Global Hunter analysts.

Slawson recently ranked No. 24 in the OGFJ100P ranking of top private companies in January. The company currently holds the No. 7 position for private liquids producers.

CAPEX
Global Hunter notes its $75 million CAPEX estimate for Voyager could increase if Slawson drills the entire 22 locations in the Niobrara and the company goes after acreage targets in the Bakken.

Going forward in 2011, Global Hunter anticipates the reduced drilling program in the Bakken to be offset by increased Niobrara activity, but predicts a “considerable funding gap for CAPEX in 2011.”

Global Hunter estimates Voyager has less than $1 million in cash on the balance sheet and will generate roughly $15 million in credit facilities in 2011, but suspects Voyager may currently be in negotiations with lenders. Estimating a conservative 12 gross well drilling program in the Bakken and Niobrara, Global Hunter believes the company has roughly $52 million in drilling commitments in 2011.