Newfield Exploration Company (NFX) held a conference call on February 17, 2010, to discuss its fourth quarter of 2009 earnings report. The company is targeting multiple formations in South Texas on its acreage, in addition to the Eagle Ford Shale.
“We have 300,000 net acres prospective for Eagle Ford. Our interest is greater than 90% or more than 300,000 acres in the Eagle Ford. By June, we expect that multiple rigs run in to assess this potential. Recent successes around us provide early encouragement as to the potential of our acreage. We plan to drill at least 12 wells in 2010 in the Eagle Ford, and we will test the formation in multiple depths, prospective for both gas and oil.”
“Our 2010 plans here are aggressive. We will immediately go to work on this acreage and we will invest more than $100 million in 2010. We expect to be running at least three operated rigs here by summer. Our early efforts will be primarily focused on three primary targets; the Eagle Ford and Pearsall shales and the Georgetown formation.”
Source: Seeking Alpha
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