"Woodford Shale- It's Not Only Dry Gas"

Newfieldin maanantaisesta tiedotteesta:

The "Oily" Woodford, Arkoma Basin – Oklahoma

Newfield also disclosed a new resource play located on a significant portion of the Company's Woodford Shale acreage in the Arkoma Basin of southeast Oklahoma. Newfield believes the play is prospective on approximately 15% of its 172,000 net acres.

To date, Newfield has drilled six wells in this new play. Peak gross production (24-hour) from five of the six wells averaged 1,410 BOEPD. Approximately 35% of the hydrocarbon stream is oil (API gravity of 41 degrees), with the remainder 1,300 Btu gas.

Newfield has more than 30 days of production on four of the wells completed to date. Initial 30-day gross production from these wells averaged approximately 950 BOEPD. The four wells have continued to show strong production with 60-day and 90-day gross averages of approximately 840 BOEPD and 760 BOEPD, respectively. One of the six wells (excluded from the above averages) has an insufficient completion and produced approximately 275 BOEPD over its first 30 days. The wells have an average lateral length of approximately 8,500' and were drilled and completed for less than $8.5 million gross. Newfield has substantially a 100% working interest in these wells.

Boothby said, "Our success in the oily Woodford is another great example of the depth of our portfolio and our commitment to focus on oil and liquids-rich assets. We have been assessing this play throughout 2010 and our results create excitement for its potential on the western portion of our existing Woodford acreage, including about 11,000 net acres we leased in 2009 and 2010. Because our Woodford gas play is substantially held by production, our 2011 efforts can focus on our oily Woodford inventory."

Newfield plans to drill 12 to 18 additional wells in this play in 2011. To date, the Company has identified more than 100 drilling locations and the inventory continues to develop.