Newfield Exploration Company (NFX) held a conference call on July 23, 2010, to report the company’s earnings for the second quarter of 2010. The company made comments regarding its activities in several of its core basins, including the Bakken Shale in North Dakota.
“Production today is more than 4,000 barrels of oil equivalent. We added a fourth operating rig to our program last week and expect that our net production at year end 2010 will be about 6,500 barrels per day in this region.”
“We have about 160,000 net acres under active development along the Nesson Anticline and west of the Nesson Anticline, and year-to-date we expect to drill 25 or so wells in the full-year of 2010 cycle.”
“Most of our producing wells to date have had lateral lengths around 4,000 feet, we expect in the second half that half of these wells we will drill, will have extended lateral lengths up to as long as 9,000 feet.”
“In our Westberg development area on the Nesson Anticline, our recent Garvey Federal 1-29 well is our best to date and had an initial production rate of more than 3,800 barrels of oil equivalent per day from a 3,900-foot lateral.”
“As a result of our improved drilling and completions we’re now seeing increased EUR’s in the range of 500,000 to 750,000 barrels. Recent drilling complete cost for the Williston wells range from $6 to $8 million, gross.”
Source: Seeking Alpha