Newfield Exploration Company (NFX) issued an operational update on its activities in the Eagle Ford Shale in Texas, where the company has a 335,000 net acre position. This acreage is concentrated in Maverick, Dimmit and Zavala Counties.
Newfield Exploration Company said that it has drilled and completed eleven test wells on its acreage in the Eagle Ford Shale. Six of the wells had peak 24 hour production rates of between 400 and 900 barrels of oil equivalent (BOE) per day, with an average of 630 BOE per day. These six wells averaged 400 BOE per day during the first 30 days of production.
Newfield Exploration Company said that 3 of the 11 wells drilled into the Eagle Ford Shale have mechanical or stimulation issues that impacted production. The wells were drilled with average lateral lengths of approximately 5000 feet.
Newfield Exploration Company reported that the estimated ultimate recovery on wells range from 200,000 to 400,000 BOE. The company believes that it has 40 million to 60 million BOE on each of its 523 sections (85% working interest).
