Newfield Exploration Company (NFX) issued an operational update on its oil and gas activities and disclosed information on its operations in the Williston Basin where the company is working to develop the Bakken formation. The company has 120,000 net acres in the Williston Basin.
Newfield Exploration Company reported current production of 7,000 barrels of oil equivalent (BOE) per day from the Williston Basin. The company will operate five rigs here in 2011 and plans to double production by the end of the year.
Newfield Exploration Company is utilizing super extended lateral drilling here to increase the efficiency of its development of the Bakken. The company reported the latest wells were drilled with average laterals of 9,600 feet at an average cost of $8.5 million.
Newfield Exploration Company also has 280,000 net acres in the Southern Alberta Basin that are prospective for the Bakken Shale. The acreage is located in Glacier County, Montana. The company has drilled five vertical and two horizontal wells here to date.