Newfield Exploration Corporation (NFX) reported earnings for the first quarter of 2010, and during the quarterly earnings conference call discussed its operations in the Eagle Ford Shale in Texas.
The company picked up a major position in the Maverick Basin that is prospective for the Eagle Ford Shale, when it purchased assets of another exploration and production company that was in bankruptcy.
“Beginning in June, we'll begin a multi-rig program to assess the Eagle Ford and Pearsall Shale formations, as well as other oil formations that are in perspective across the acreage. We plan to invest more than $100 million to drill about 25 wells in 2010 to assess the newly acquired acreage." "
"We plan to test the Eagle Ford formation at multiple depths perspective for both gas and oil. Recent successes around us provide early encouragement as to the potential on our acreage, and we look forward to reporting on our progress later this year.”
“We've described the Maverick Basin assets that we've acquired as having representation across the entirety of the phase on below from dry gas to the wet gas condensate and all the way through oil. When we said in the call that our plans are to test the Eagleford at multiple depths and multiple locations, it's to test the entirety of the phase envelope, fluid typing, et cetera across our acreage block. We'll do that during of course the balance of 2010. And frankly, going into 2011.”
Source: Seeking Alpha
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