(Source: PRNewswire-FirstCall)
HOUSTON, July 22 /PRNewswire-FirstCall/ -- Newfield Exploration Company today provided an update on its recent successes in the Granite Wash play, located in the Texas Panhandle and western Oklahoma. Since late 2008, Newfield has operated the drilling and completion of seven horizontal Granite Wash wells. The seven wells had average initial production rates of 22 MMcfe/d.
Results to date:
The McCoy 27-7H commenced production in December 2008 at 25 MMcf/d and 1,900 BCPD from a 3,400' lateral completion. The well averaged 27.1 MMcfe/d over the first 60 days of production and has produced nearly 4 Bcfe to date. Newfield has a 74% operated interest in the well.
The Britt Ranch I4-13H commenced production in February 2009 at 8 MMcf/d and 180 BCPD from a 2,900' lateral completion. Newfield has a 100% operated interest in the well.
The McCoy 27-8H commenced production in March 2009 at 21 MMcf/d and 1,230 BCPD from a 3,600' lateral completion. The well averaged 18.2 MMcfe/d over the first 60 days of production and has produced 1.25 Bcfe to date. Newfield has a 74% operated interest in the well.
The D Britt 4-3H commenced production in April 2009 at 21 MMcf/d from a 3,900' lateral completion. Newfield has a 95% operated interest in the well.
The McCoy 27-10H commenced production in June 2009 at 12 MMcf/d and 280 BCPD from a 2,900' lateral completion. Newfield has a 74% operated interest in the well.
The Thomas 5-5H commenced production in July 2009 at 20 MMcf/d from a 3,900' lateral completion. Newfield has a 100% operated interest in the well.
The Williams 33-7H commenced production this week at 21 MMcf/d and 570 BCPD from a 3,600' lateral completion. Newfield has a 100% interest in the well.
Production capacity from Newfield's Elk City region is about 150 MMcfe/d (gross). The largest contributor is the Stiles Ranch field, located in Wheeler County, Texas, which is currently producing 112 MMcfe/d gross.
Three operated drilling rigs are running in the field today. Earlier this year, Newfield moved a drilling rig from South Texas to the Granite Wash. The rigs are under term contract today and a minimum of a three-rig program is planned for the remainder of 2009. Newfield expects to drill 14 wells in 2009. Newfield's drill and complete costs in the Granite Wash to date have averaged about $10 million gross. The Company's most recent well, the Williams 33-7H, was drilled and completed for $7.4 million. Longer lateral completions, lower rig rates and ongoing efficiency gains are expected to further improve returns in the play. Longer lateral completions (3,800'-4,600') are planned for the second half of 2009.
