The company has drilled seven wells to date and has two rigs that will continue Eagle Ford drilling. A recent well in Gonzales County reached a total measured depth of 14,700 ft in 24 days. The company’s current well costs run $8.5-9 million and batch completions will be used to help drive costs down further. [Read more…]
Newfield Exploration announced its third quarter earnings along with an update on its Eagle Ford operations. The company has a 335,000 acre position in the Maverick Basin across Dimmit, Maverick, and Zavala counties.
Drilling is currently focused in the southern portion of the company’s acreage where infrastructure is accessible. The company also has a pilot program active in the West Asherton area in Dimmit County. The company has completed 16 wells that have produced 650 barrels of oil equivalent in the first 24 hours. The wells have expected EUR’s of 300,000 barrels. Wells have been drilled in as little as 7 days at average costs of $6.6 million for drilling and completion. [Read more…]