•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Bakken Shale wells improve steadily as Newfield Exploration picks up pace in Williston Basin

    By Oil & Gas Financial Journal staff

    Newfield Exploration Co. (NYSE: NFX) has released its latest Williston Basin activities showing an aggressive pace and a steady improvement in Bakken Shale well performance.

    The most recent Aquarium completion, the Malm 23-1h, is the fourth long-lateral Aquarium completion for the Houston-based company. It showed an initial production of 4,005 boe/d (71% oil), while the previous three wells posted an average initial production of 3,315 boe/d.

    The crude oil and natural gas exploration and production company is currently running five rigs in the oil-rich basin, with average production of 5,000 boe/d, representing 4% of total production.

    In its recent 1Q11 financial and operating results report, the company detailed the expected increase in activity and production in the area as dedicated fracture stimulation services arrived in the field in April. A total of 35 wells have been completed in the region and another 10 are awaiting completion (average lateral length of roughly 8,600’). Initial volumes from the new wells expected late in 2Q11.

    A recent note by Jefferies & Co. Inc. noted that, despite the aggressive pace, acreage declined 7.5% in the quarter to 161,000 net acres, of which roughly one-third is in legacy Elm Coulee Field. Newfield’s recent well results are a definite positive, but, noted Jefferies, the market awaits economic results from the 'Big Valley' area spanning 35,000 net acres in Sheridan/Divide County.

    Related Articles

    Liberty Resources II signs Bakken asset transaction agreement

    08/05/2014 Liberty Resources II LLC reports the signing of a definitive agreement with Emerald Oil Inc. to exchange a portion of its holdings in North Dakota's Williston Basin for additional acreage in the Wi...

    Weir Group acquires Metra Equipment

    08/01/2014 The Weir Group plc has acquired Metra Equipment Inc., a wellhead supplier based in Saskatchewan, Canada, for an undisclosed consideration. The company will be part of Seaboard, a business of Weir O...

    ONEOK to construct NG processing facility in North Dakota

    07/30/2014 ONEOK Partners LP plans to invest $605 million to $785 million between now and the end of the third quarter 2016 to build a new 200 million-cubic-feet-per-day (MMcf/d) natural gas processing facili...

    SM Energy acquires Bakken/Three Forks acreage

    07/30/2014

    SM Energy Co. has entered into an agreement to acquire 61,000 net acres in Divide and Williams counties, North Dakota, directly adjacent to its Gooseneck area for $330 million.

     

    Summit develops Bakken pipeline interconnect, storage assets

    07/30/2014 Summit Midstream Partners LLC (Summit Investments), the privately held company that owns and controls the general partner of Summit Midstream Partners LP (NYSE: SMLP) and also owns a 56.7% limited ...

    More Oil & Gas Financial Articles

    Liberty Resources II signs Bakken asset transaction agreement

    Tue, Aug 5, 2014

    Liberty Resources II LLC reports the signing of a definitive agreement with Emerald Oil Inc. to exchange a portion of its holdings in North Dakota's Williston Basin for additional acreage in the Williston Basin and $78.4 million in cash.

    Weir Group acquires Metra Equipment

    Fri, Aug 1, 2014

    The Weir Group plc has acquired Metra Equipment Inc., a wellhead supplier based in Saskatchewan, Canada, for an undisclosed consideration. The company will be part of Seaboard, a business of Weir Oil & Gas’ Pressure Control Segment.

    ONEOK to construct NG processing facility in North Dakota

    Wed, Jul 30, 2014

    ONEOK Partners LP plans to invest $605 million to $785 million between now and the end of the third quarter 2016 to build a new 200 million-cubic-feet-per-day (MMcf/d) natural gas processing facility – the Demicks Lake plant – and related infrastructure in northeast McKenzie County, North Dakota, which will process natural gas produced from the Bakken shale play in the Williston Basin.

    SM Energy acquires Bakken/Three Forks acreage

    Wed, Jul 30, 2014

    SM Energy Co. has entered into an agreement to acquire 61,000 net acres in Divide and Williams counties, North Dakota, directly adjacent to its Gooseneck area for $330 million.

     

    Summit develops Bakken pipeline interconnect, storage assets

    Wed, Jul 30, 2014

    Summit Midstream Partners LLC (Summit Investments), the privately held company that owns and controls the general partner of Summit Midstream Partners LP (NYSE: SMLP) and also owns a 56.7% limited partner interest in SMLP, has provided a commercial update for its wholly owned operating subsidiaries, Meadowlark Midstream Co. LLC and Epping Transmission Co. LLC. 

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ