HOUSTON, Sept. 2 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) today announced drilling results from recent wells in its
Williston Basin program. Over the last three years, Newfield has added
significant acreage in the Williston Basin and now has an interest in
approximately 170,000 net acres.
Lost Bear Prospect
Newfield's Lost Bear Prospect area, located along the Nesson Anticline
in McKenzie and Dunn Counties, North Dakota, covers 13,600 gross acres
(7,740 acres net to NFX). The area is prospective for the Bakken and
Sanish/Three Forks formations. Newfield expects to drill 4-6 wells in the
Lost Bear area in 2008. Newfield's average working interest in the area is
approximately 57%. Recent results include:
-- The Jorgenson 1-10H was recently completed in the Bakken formation
and tested at 911 barrels of oil equivalent over a 24-hour period. Newfield
operates the well with a 54% interest. A second well - the Jorgenson 1-4H
-- has been drilled in this prospect area and is currently being completed
in the Bakken formation with oil sales expected in the next several weeks.
-- The Jorgenson 1-15H will commence drilling in early September and
will target the Sanish/Three Forks formation. Newfield will have a 26%
interest in the well.
Newfield has identified more than 10 drilling locations in the Lost
Bear Prospect area and will be actively drilling these locations through
the end of 2009. Success with this initial drilling effort would set up
additional development/infill locations.
Westberg Prospect
Newfield's Westberg Prospect area is located along the Nesson Anticline
in Williams County, North Dakota. The Westberg area covers 18,000 gross
acres (approximately 8,050 acres net to NFX) and is prospective for the
Bakken and Sanish/Three Forks formations. Newfield and partner Concho
Resources each hold a 50% interest in the Westberg area. Based on initial
encouraging results, Newfield expects to drill 5-7 wells in the Westberg
Prospect area in 2008. Recent results include:
-- The Larsen 1-16H well was recently completed in the Bakken
formation. Production from the well averaged 710 BOPD equivalent over a
22-hour period. Newfield has a 46% interest in the well.
-- The Rolfsrud 1-32H well has been drilled and is awaiting completion
in the Bakken formation. Newfield is the operator. Following this well the
rig will move to Newfield's Lost Bear area to test the Sanish/Three Forks
formation in the Jorgenson 1-15H (referenced above). Newfield has a 46%
interest in the well.
Newfield has identified more than 20 drilling locations in the Westberg
Prospect area and has a two-rig drilling program planned throughout 2009.
Success with this initial drilling effort would set up additional
development/infill locations.
Newfield's 170,000 net acre position in the Williston Basin includes
16,000 net acres along the Nesson Anticline, nearly 100,000 acres west of
the Nesson and 54,000 net acres in the Elm Coulee Field of Richland County,
Montana. Newfield expects to operate at least 2 rigs in the Williston Basin
throughout 2009.
Newfield Exploration Company is an independent crude oil and natural
gas exploration and production company. The Company relies on a proven
growth strategy of growing reserves through an active drilling program and
select acquisitions. Newfield's domestic areas of operation include the
Anadarko and Arkoma Basins of the Mid-Continent, the Rocky Mountains,
onshore Texas and the Gulf of Mexico. The Company has international
operations in Malaysia and China.
**This release contains forward-looking information. All information
other than historical facts included in this release, such as information
regarding drilling and development plans, the timing of activities and the
timing and rates of production from wells, fields and regions, is
forward-looking information. Although Newfield believes that these
expectations are reasonable, this information is based upon assumptions and
anticipated results that are subject to numerous uncertainties and risks.
Actual results may vary significantly from those anticipated due to many
factors, including drilling results, oil and gas prices, industry
conditions, the prices of goods and services, the availability of drilling
rigs and other support services, the availability of capital resources,
labor conditions and severe weather conditions. In addition, the drilling
of oil and gas wells and the production of hydrocarbons are subject to
governmental regulations and operating risks.
For information, contact:
Investor Relations: Steve Campbell (281) 847-6081
Media Relations: Keith Schmidt (281) 674-2650
Email: info@newfield.com
SOURCE Newfield Exploration Company
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Related links:
http://www.newfield.com
CONTACT:
Investor Relations: Steve Campbell,
+1-281-847-6081; or Media Relations: Keith Schmidt
+1-281-674-2650, info@newfield.com, both of Newfield Exploration
Company
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