Whiting Petroleum is the latest victim of the flawed U.S. shale play business model. Whiting’s demise shows that location isn’t everything. The company is looking for a buyer despite having a premium position in the Bakken Shale play in North Dakota.   Whiting discovered the Sanish Field in 2006 that began the Bakken-Three Forks play and that has been the centerpiece of activity for the past several years.  The map below shows Bakken commercial areas at $45 WTI oil price based on an average well EUR (estimated ultimate recovery) of 650,000 barrels of oil equivalent. Bakken Shale map showing commercial area (in green) at $45 WTI oil price. Whiting wells are shown in red and Kodiak wells in yellow. Data from DrillingInfo, mapping by Labyrinth Consulting Services, Inc. (click image to enlarge) The table below summarizes Whiting’s financial performance.  The company ended 2014 with […]