Roaring Start for Newfield with Record Oil Well in STACK

Houston-based Newfield Exploration Company is reporting its largest well ever in Oklahoma’s STACK, hitting a well that’s producing more than 2,900 barrels of oil a day.

The Burgess well with 4,859 feet of lateral length is located in Kingfisher County and achieved a 24-hour flow rate of 2,931 BOEPD including 69 percent oil. Its 20-day average rate was 2,492 barrels of oil equivalent per day. Newfield said the well also had a record 20-day average oil production rate of 361 barrels per 1,000 feet of gross perforated interval. Its 24-day production was 417 barrels of oil per 1,000 feet of GPI. Those are the highest oil production rates per 1,000 GPI publicly reported to date in Oklahoma’s STACK and SCOOP.

Newfield said the Burgess is one of 16 recent wells with enhanced completion designs.  Five of the wells have 90 days of production history averaging 1,215 barrels of oil a day.

It all adds up to expectations by Newfield executives that the company’s first quarter 2017 production will likely exceed the high-end of guidance. Domestic productoin is expected to average nearly 137,700 BOEPD or 3,500 more than the original guidance of 132,000.

Naturally, the success has left Newfield company leaders excited.

“Our recent results from enhanced completions provide us with confidence around our near term plans, as well as the future productivity of STACK,” said Lee K. Boothby, Newfield Chairman, President and CEO. “The year 2017 is critical for us.”

He called STACK as the “foundation for our future transition to a Company that can sustainably grow its production by double-digits within cash flow even if today’s oil prices persist.”

Boothby added, “We are off to a roaring start in 2017 and we look forward to updating our stockholders on the execution of our business plan as the year progresses.”

%d bloggers like this: