Newfield Has Another Good Well in Sand Creek Oil Field

Newfield reports another good well in Sand Creek. This follows two other good Newfield wells in Sand Creek.

This one is the Garvey Federal 1-29H, 29-153N-96W, McKenzie County, with an IP of 2,825, file #17811 -- a permit that was granted November 17, 2008.

Newfield is very exciting and a company I completely missed: see my original discussion regarding Newfield for some interesting tidbits. Its ticker symbol is NFX (looks like Netflix?) and has a market cap of $6.7 billion. Without this blog I would have completed missed NFX; as it is, I wish I had paid attention a bit earlier. It seems to be in natural gas as much as oil, and thus another company to follow closely if natural gas ever catches on. 

Newfield has three or four active rigs in North Dakota at any given time and had a great first quarter, 2010, conference call.

Coincidentally Newfield released its mid-year operational update today:

• 2010 domestic oil production to grow nearly 30% over 2009
• Bakken production will see 60% growth; previous guidance was 40%
• Newfield added a four rig last week (mid-July, 2010)
• Newfield has drilled 13 wells so far this year; expects to drill 18 more the rest of the year
• The Garvey Federal had an initial flow of 2,500 boepd (two years ago this would have been a headline, front-page story; now it's expected in the Bakken with multi-stage fractures)
• Will do more long laterals; wells cost $6 - $8 million; EURs of 500,000 to 750,000 bbls, in line with estimates of other Bakken companies

Sand Creek oil field is about 15 miles due west of the Sanish, not far from some other good fields in the immediate area benefiting from the Westberg Anticline

For those keeping track, these are some of Newfield's recent wells (the year in parentheses is when the permit was granted):

• 17878, Harold 1-31H, 2,194 (2008)
• 17919, Clear Creek Federal 1-25H, 2,360 (2008)
• 17808, Rolfsrud 1-29H, 2,551 (2008)
• 17811, Garvey Federal 1-29H, 3,816 (2008)
• 18413, Heidi 1-4H, 1,231 (2009)
• 18689, Bluefin 1-13H, 2,497 (2010)
• 18626, Gladys Federal 2-9H, 3,631 (2010)
• Newfield's two most recent wells, including the Garvey Federal, were short laterals