HOUSTON, Nov. 16 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) will be presenting at the Bank of America Energy Conference in
Key Biscayne, Florida, on Friday, November 17, 2006. The presentation will
update investors on recent activities in the Company's Woodford Shale Play,
located in the Arkoma Basin of southeastern Oklahoma. The presentation will
be given by Lee K. Boothby, President of Newfield Mid-Continent. Highlights
from the presentation are summarized below:
Recent horizontal drilling results have been encouraging. Newfield now
has production data from 29 horizontal wells. Recent horizontal wells are
benefiting from increased fracture stimulation densities and show
significantly higher production rates. The initial gross production from
the eight horizontal wells Newfield has tested with increased frac
densities averages nearly 6 MMcfe/d (see list below).
The Stuart #1H -13 reached peak initial production on November 15 of
10.6 MMcfe/d. This is a 2,500' lateral with a five-stage frac.
The Tollett #1H-22 reached peak initial production of more than 10
MMcfe/d. This is a 2,500' lateral with a five-stage frac. The well has
averaged approximately 6 MMcfe/d in the first month of production.
The Tipton #1H-23 had initial production of more than 7 MMcfe/d. This
is a 3,500' lateral with a seven-stage frac. The well has averaged
approximately 5 MMcfe/d over the first two weeks of production.
The Turpin #1H-35 began flowing to sales on November 13 at a rate of 7
MMcfe/d. This is a 1,600' lateral with a three-stage frac.
The Bullock #1H-15 had peak initial production of 5 MMcfe/d. This is a
3,500' lateral with a five-stage frac. The well averaged 4.1 MMcfe/d over
the first month of production.
The Eddings #1H-14 had peak initial production of 3 MMcfe/d. This is a
2,200' lateral with a four-stage frac. This well averaged 2.8 MMcfe/d
during its first month of production.
The Balm #1H-14 is testing at 2.3 MMcfe/d. This is a 2,500' lateral
with a five-stage frac.
The Wilson #1H-32 is testing at 1.8 MMcfe/d. This is a 3,500' lateral
with a seven-stage frac.
Newfield's gross production from the Woodford Shale area has grown
rapidly and is nearly 80 MMcfe/d. This compares to gross production of 25
MMcfe/d at this time last year. Total Mid-Continent division production now
exceeds 165 MMcfe/d net.
MarkWest and Newfield operations personnel are working on the
construction of the gathering system infrastructure. MarkWest expects to
bring a key section of the infrastructure online within the next two weeks,
more than three months ahead of schedule. To date, MarkWest has purchased
over 80 miles of right-of-way and has completed or is currently installing
over 50 miles of large diameter pipe to complete the low pressure and high
pressure backbones of the gathering system. Once the "backbone" of this
system is operational, Newfield will have the ability to produce from any
portion of its 125,000 net acre position.
To date, the Company has drilled more than 100 vertical wells and has
spud 42 horizontal wells. Newfield has 11 operated rigs running today and
expects to increase to 12-13 rigs by year-end 2006 and as many as 20
operated rigs running by year-end 2007. Newfield expects to spud about 60
horizontal wells in 2006 and an additional 150 horizontal wells in 2007.
Current well spacing is 640 acres, which would allow nearly all of the
Company's current acreage to be "held by production" by the end of 2007
based on the anticipated drilling rate. Information from horizontal
drilling efforts will be used to determine the well spacing for the
development of this large resource play.
Newfield Exploration Company is an independent crude oil and natural
gas exploration and production company. The Company relies on a proven
growth strategy growing reserves through the drilling of a balanced
risk/reward portfolio and select acquisitions. Newfield's domestic areas of
operation include the U.S. onshore Gulf Coast, the Anadarko and Arkoma
Basins of the Mid-Continent, the Uinta Basin of the Rocky Mountains and the
Gulf of Mexico. The Company has international exploration and development
projects underway in Malaysia, the U.K. North Sea and China.
The statements set forth in this release regarding expected drilling
rates and plans are forward looking and are based upon assumptions and
expected results that are subject to numerous uncertainties. Actual results
may vary significantly from those expected due to many factors, including
oil and gas prices, drilling results, the availability of drilling rigs and
support services, the prices of goods and services and labor 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, both of Newfield Exploration Company,
info@newfield.com
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