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.
The Eagle Ford is the primary drilling target for the company, but Newfield has completed 6 wells targeting the Georgetown formation and 2 wells targeting the Pearsall Shale. The company currently produces more than 7,000 barrels of oil equivalent per day from the area.
Read more at our Newfield Exploration Eagle Ford Profile