Newfield Exploration updated investors on its exploration and development activity of the various Granite Wash formations during the first quarter of 2011. The company is operating four rigs and has focused most of its activity in Wheeler County, Texas.
Newfield Exploration is currently producing 110 million cubic feet equivalent per day from various Granite Wash formations. The company has evaluated ten intervals and believes that there are other zones that will prove to be productive.
Newfield Exploration plans to drill between 28 and 33 Granite Wash wells during the year, and estimates that production will grow by 20%. The company is working on the areas of the Granite Wash that have high contents of liquid hydrocarbons, and reported the completion of the Dupont1-1H and Britt Ranch G44W-14H wells. Both of these wells targeted the Marmaton formation and had gross initial production rates of 22 million cubic feet equivalent per day.