Newfield Exploration Company (NFX) issued a detailed operational update on its oil and gas activities and disclosed additional information on its activities in the Eagle Ford Shale in Texas.
Newfield Exploration Company drilled eleven wells into the Eagle Ford Shale in 2010 to assess the potential of its acreage. The company has concluded that almost all of its Maverick Basin acreage is in the oil window of the Eagle Ford Shale.
Newfield Exploration Company released the following operating statistics on six of its Eagle Ford Shale wells:
24 hour peak gross production – range of 400 to 600 barrels of oil equivalent (BOE) per day. Average peak gross production - 630 BOE per day.
Thirty day gross production – 400 BOE per day.
Estimated ultimate recovery – range of 200,000 to 400,000 BOE.
Newfield Exploration Company has 335,000 net acres prospective for the Eagle Ford Shale and plans to operate 2 to 3 rigs in the play in 2011. The company may also increase activity in the second half of 2011.