Newfield sees big Uinta oil potential in new plays

08/15/2011
Newfield Exploration Co., Houston, said it sees a net resource potential of more than 700 million bbl of oil equivalent on its holdings in the Uinta basin in the wake of two acquisitions that closed in May that added 70,000 net acres for $300 million. Newfield will increase its operated rig count from the historic five rigs to eight in 2012 to aggressively develop its 6,000-plus well inventory of oil locations. The company owns working interests averaging more than 70% in 250,000 net acres in the basin. The company expects 2012 Uinta basin daily production to increase at least 25% from 2011. The increased play options combined with fewer permitting constraints will allow Newfield to great...
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