Newfield Exploration Company (NFX) reported on its operations in the Williston Basin for the second quarter of 2011. The company has 150,000 net acres and is developing the Bakken formation on its leasehold.
Newfield Exploration Company is operating five rigs in the Bakken and reported net production of 8,000 barrels of oil equivalent (BOE) per day. This increase in production was boosted by the completion of nine Bakken wells during the quarter.
Newfield Exploration Company said that the nine wells averaged 24 hour gross initial production of 2,100 BOE per day. The average gross well cost for these nine wells was $9.8 million.
The most productive well during the quarter was the Wiseness Federal 152-96-4-2H Bakken well, which produced at a gross 24 hour initial production rate of 5,200 BOE per day.
Newfield Exploration Company has ten wells that have been drilled and are in various stages of completion. The company expects to complete nine wells in the third quarter of 2011.