Thursday, April 30, 2009

Newfield Exploration Slowing Woodford Shale Completions In Oklahoma

Many companies are reducing their drilling and completion activity because of "low" gas prices. Blame it on the slumped economy, or blame it on the difficulty of available credit, or whatever. It seems to me companies are being cautious and waiting for gas prices to rise a bit before investing to get the gas flowing. Activity may has slowed, but it will pick up again.

By OGJ editors
HOUSTON, Apr. 23 --
Newfield Exploration Co., Houston, has been slowing its pace of Woodford shale completions in Oklahoma due to low gas prices.

Gross production is 240 MMcfd of gas, and the company is operating 11 rigs in the field, six of which roll off term contract in 2009.

"The timing of rig contract expirations and the fact that more than 90% of the company's 165,000 net acres now held by production provide Newfield with operational flexibility in the second half of 2009," Newfield said.

Laterals Newfield drills in the play are expected to average more than 5,000 ft in 2009.

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