The Bit Run Decision Kit

The DrillingIt workbook for pricing every hour of a bit run, testing a premium bit before you buy it, and seeing when a run has stopped paying

The Drilling Cost Per Foot Calculator on this site uses the classic formula: bit price plus the rig time the run used, over the footage drilled. The answer is only as honest as the hours and the rate that go in, and it is the start of three decisions, not the end. The Bit Run Decision Kit does the rest. Part 1 counts every hour a run holds the rig (connections, surveys and circulating, not just rotating and tripping), prices it at the spread rate rather than the day rate alone, and compares bits per foot rather than by ROP. Part 2 solves the ROP a pricier bit must average to match your best offset, the footage it must drill at a realistic ROP, and the hour a run stops paying, then builds an offset bit record. In the worked run, counting three more hours moves the cost from $77.50 to $81.25 a foot, and a $45,000 bit over 2,500 ft pays at 28.3 ft/hr. Cost arithmetic, not engineering sign-off or well control. Includes a bit run record, break-even worksheets, a pull log and a break-even ROP table. With your purchase comes a personalised sheet worked on your own run.

Look inside

Two full pages from the kit, exactly as printed. Click either to read it at full size before you decide.

What is in it

• Counting every hour of a run
• Pricing rig time at the spread rate
• Comparing bits per foot, not per hour
• The ROP a new bit needs to pay
• The footage it must drill
• The last-hour check: when a run stops paying
• Keeping an offset bit record
• A bit run record, break-even worksheets and a pull log
• A break-even ROP table and a quickstart
• A personalised sheet: your run's cost per foot and the ROP a pricier bit needs

The kit complements the free Drilling Cost Per Foot Calculator. It prices one run; the kit prices every hour, then solves the ROP and footage a new bit needs and the hour a run stops paying.