Newfield Exploration Company (NFX) issued an operations update on its development activities in the Williston Basin, where the company has prospective acreage exposed to the Bakken formation.
Newfield Exploration Company is currently operating four rigs in the Bakken play and has drilled 20 of the company’s 29 wells planned for 2010. The company is currently producing 5,000 barrels of oil equivalent (BOE) per day, and expects to exit 2010 producing 6,500 BOE per day.
Newfield Exploration Company reported the following costs on its Bakken wells in 2010:
4,000 foot laterals - $1,250 per lateral foot - $5 million complete well cost
9,000 foot laterals - $900 per lateral foot - $8 million complete well cost