Newfield Exploration Co. (NFX)

[catdaddyrt]

they have to big patterson rigs working in south texas on gas wells(my friend oversees one )-not sure how many rigs on the oil drilling but says at least 2 on this one lease below-- here is a layout of how they got where they are

http://www.newfield.com/history.aspx



US: Newfield says its South Texas Eagle Ford fields yielding oil


Oil and gas producer Newfield Exploration said Monday that a months-long drilling program to assess its south Texas oil fields has confirmed that its 335,000 acres there sit within an oil-rich portion of the Eagle Ford shale formation. 'All of our initial Eagle Ford assessment wells found light oil and confirmed an active petroleum system and producible oil and gas across a vast area,' Chief Executive Lee K. Boothby said in a news release.

Houston-based Newfield acquired the acreage from bankrupt TXCO Resources in February as part of a joint acquisition with Anadarko Petroleum. Newfield executives have estimated that the company paid about $400 per acre once the value of producing wells was discounted.

The company drilled 11 wells in the so-called Maverick Basin. Peak daily production ranged between the equivalent of 400 and 900 barrels of oil, Newfield said Monday. In addition to examining the fields' production potential, wells were drilled to satisfy lease obligations, the company said. The company said it plans to continue to drill with at least two rigs to meet lease requirements.Newfield will 'substantially increase' investment in the area in the second half of this year, Boothby said.

Source: Dow Jones Newswires