Newfield Exploration Company (NFX) issued an operational update on its oil and gas activities and disclosed information on its operations in the Woodford Shale. The company has shifted its development activities to its acreage in Coal and Hughes Counties, Oklahoma.
Newfield Exploration Company has drilled and completed five wells in this new Woodford Shale oil play and reported average peak gross production of 1,410 barrels of oil equivalent (BOE) per day per well. The company said that 35% of the production is composed of oil, with the balance 1,300 BTU natural gas.
Newfield Exploration Company reported an average lateral length of approximately 8,500 feet and an average cost of $8.5 million. The company plans to operate two to three rigs in the Woodford Shale in 2011.