Newfield Exploration Co. (NFX), a Texas-based exploration and production firm, has issued a new year-over-year production growth estimate for its Williston Basin production assets. “Our Williston team is executing extremely well,” said Gary Packer, vice president and chief operating officer of the company, “our production is ahead of schedule, we expect oil growth up to 25 percent. That is more than our 15 percent expectation.”
Packer and the NFX team shared their first quarter estimates and strategies for the company, highlighting some “absolutely outstanding,” wells in the Bakken formation. “We completed some of the best wells to date in the Williston Basin,” according to Packer. Two wells in the Bakken formation recorded initial production (IP) rates of 3,500 barrels of oil per day over the first 24-hour recorded period. A Three Forks formation well reached an IP over 3,000 bopd and also averaged 1,100 bopd over the next 30-days.