Newfield Exploration (NFX) updated investors on its exploration and development activities in the Woodford Shale formation during the first quarter of 2011. The company is focusing its activity on areas in the Arkoma Basin that have high oil and liquid hydrocarbon content.
Newfield Exploration reported that its six most recent wells in the Woodford Shale had average lateral lengths of 8,700 feet and were drilled and completed at an average cost of $8.3 million. These wells had an average peak gross initial production rate of approximately 1,500 barrels of oil equivalent (BOE) and a thirty day average rate of 930 BOE per day.
Newfield Exploration has 172,000 net acres under lease in the Woodford Shale and plans to operate between two and three rigs here in 2011.