Newfield Exploration Company (NFX) issued an operational update on the Bakken formation during the third quarter of 2011. The company has 140,000 net acres prospective for this play in the Williston Basin and another 320,000 net acres in the Southern Alberta Basin.
Newfield Exploration Company has decided to reduce its Bakken development in the Williston Basin due to service cost inflation. The company has reduced its rig count and is deferring the completion of twelve wells until 2012.
In Montana, the company is assessing the Bakken and other formations in the Southern Alberta Basin. The company has drilled a total of nine wells here to date, including seven vertical and two horizontal wells.
Newfield Exploration Company said that the first horizontal well had initial gross production of approximately 225 barrels of oil equivalent (BOE) per day. The company has not hydraulically fractured the second horizontal well.
Newfield Exploration Company reported that three of the vertical wells in the Southern Alberta Basin “flowed low volumes of oil.” The company has 80% of its acreage now held by production.