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Saturday, April 14, 2012

Update Regarding Newfield and the Bakken, North Dakota, USA

I've made a number of comments about Newfield which seems to be missing in action (very little being heard from Newfield). A reader provided an update, which is greatly appreciated:
  • According to a recent conference call, Newfield is transferring their Bakken operations from Denver to Houston. The Denver office will handle their Utah wells
  • Newfield recently drilled four wells in the west half of sections 2-11 150-99, apparently testing future well spacing plans. They also are staking infill wells in the Watford area
  • Newfield sold their holdings northeast of Williston to Continental Resources so will be centering their efforts in the Watford, Westberg and Lost Bridge areas
  • They have a fairly large 2012 budget for the Bakken
  • They also have begun testing a new micro-seismic array in 150-98-99. This should be of additional help with infill wells and fracking plans 
150-99 is in Tobacco Garden oil field, about 5 miles northwest of Watford City, near the bull's eye of the Bakken. 

If you click on the Westberg link above, you will see why Newfield is excited about this area.
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2 comments:

  1. AnonymousApril 16, 2012 at 9:12 AM

    Bruce - Thank You for your Newfield comments.We had heard rumors that they were selling out.
    We are leased to them in Divide County No.of Grenora.They do not seem to proud of the wells they have drilled there so far.

    ReplyDelete
    Replies
    1. Bruce OksolApril 16, 2012 at 10:54 AM

      As you know, Newfield had some issues with fracking costs. It's been my experience that great companies watch things a lot more closely when cash flow starts to become a problem.

      Regardless, good luck. Hopefully it will be a great summer.

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