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Eagle Rock Energy Partners, L.P. Message Board

  • oklahomacrude66 oklahomacrude66 Oct 9, 2012 5:56 PM Flag

    NFX

    Newfield Exploration Co. (NFX), a petroleum producer focusing about a third of its spending on the mid- continental U.S., rose the most in more than three months after Continental Resources Inc. announced a shale-oil discovery in Oklahoma may yield more than a billion barrels.

    Newfield, based in The Woodlands, Texas, climbed 6.1 percent to $32.62 at the close in New York, the most since June 29.

    A shale-oil discovery in Oklahoma may add the equivalent of 1.8 billion barrels of crude to Continental’s reserves and is geologically similar to the Bakken region, the Oklahoma City- based company said in a slide presentation today. Newfield has about 135,000 net acres in the Cana Woodford project in Oklahoma, which is near Continental’s discovery, according to a September slide presentation.

    Newfield plans to spend about $300 million in the Cana Woodford as its transitions into a company that focuses on oil and liquids production, according to the September presentation.

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    • Wright 1H-9 – The well had an initial gross production rate of more than 1,900 BOEPD (27% oil). The well averaged approximately 1,050 BOEPD over its first 100 days of production. The well has a 4,730' lateral length. Based on available public data, Newfield's Wright well (74% working interest) had the highest initial flow rate (all rates are 24-hour) achieved to date in the South Cana Woodford.

      Branch 1H-16 – The Branch well (100% working interest) had an initial gross production rate of more than 1,850 BOEPD (27% oil). The well averaged approximately 1,030 BOEPD over its first 100 days of production. The well has a 4,950' lateral length.

      Whitt 1H-25 – The Whitt well (93% working interest) had an initial gross production rate of approximately 1,050 BOEPD (50% oil). The well averaged nearly 500 BOEPD over its first 100 days of production. The well has a lateral length of approximately 4,900'.

      Faith 1H-12 – The Faith well (52% working interest) had an initial gross production rate of nearly 1,000 BOEPD (22% oil). The well averaged approximately 880 BOEPD over its first 100 days of production. The well has a lateral length of approximately 4,200'.

      Greenwood 1H-4 – The Greenwood well (63% working interest) had an initial gross production rate of approximately 1,000 BOEPD (16% oil). The well averaged 900 BOEPD over its first 100 days of production. The well has a lateral length of approximately 4,900'.

      Williams 1H-19 – The Williams well (94% working interest) had an initial gross production rate of approximately 650 BOEPD (69% oil). The well averaged 400 BOEPD over its first 100 days of production. The well has a lateral length of approximately 4,900'.

      The following wells are notable recent completions in the Company's South Cana Woodford, an area which covers approximately 80,000 net acres:

      Mashburn 1H-4 – The Mashburn well (55% working interest) had an initial gross production rate of approximately 1,390 BOEPD (28% oil). The well averaged 1,120 BOEPD over its first 30 days of production. The well has a lateral length of 4,519'.

      Vinson 1H-14 – The Vinson well (61% working interest) had an initial gross production rate of approximately 1,090 BOEPD (21% oil). The well averaged 1,000 BOEPD over its first 30 days of production. The well has a lateral length of 4,900'.

      Baxendale 1H-12 – The Baxendale well (87% working interest) had an initial gross production rate of approximately 1,020 BOEPD (53% oil). The well averaged 900 BOEPD over its first 30 days of production. The well has a lateral length of 4,900'.

      During the third quarter, Newfield began assessment of its "North Cana" acreage position – an area also prone to high oil and liquids yields.

      Klade 1H-19 – The Klade well (99% working interest) had an initial gross production rate of approximately 925 BOEPD (93% oil). The well averaged 660 BOEPD over its first 30 days of production. The well has a lateral length of 10,200'.

 
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