Ervine & Bishop No. 1
Fewer than six percent (6%) of America's unconventional shale oil wells, costing anywhere from $7,000,000 to $14,000,000 each to drill and complete, will end up having ultimate recoveries as good as this particular 2,300 foot vertical well costing $19,000 to drill and complete.
The easy, inexpensive stuff is now all gone in America and what is left is unconventional shale resources representing the very bottom of the barrel. We need those shale resources, badly, but ignoring how expensive and unprofitable they are to extract, how quickly they deplete, is a serious mistake when contemplating our nations hydrocarbon future.
Note: Because this well is almost as old as Mike is, it is considered a monument. Regardless of productivity rates or when this well reaches its economic limit, if it ever does, corporate policy strictly forbids it to be plugged and abandoned... until Mike is. We're both going out together. MS