Newfield Exploration Co. has retained Scotia Waterous (USA) Inc. to sell its noncore interests in certain assets in the Niobrara trend in the Powder River Basin in Wyoming and the Williston Basin Bakken trend in North Dakota.
The Powder River Basin assets include operated interest in 58,400 gross acres (33,650 net) in Converse and Niobrara counties, Wyoming. All acreage is held-by-production with the exception of approximately 7,080 acres, which expire between 2017 and 2019.
Upside includes oil-prone Turner sandstone potential in close proximity to EOG Resources’ Crossbow Field and several Mowry shale wells, which have tested oil on the eastern portion of the basin. The properties feature large resource play potential with more than 70 potential drill locations on 320-acre spacing.
The Williston Basin assets include operated interest in approximately 20,000 net acres in southwestern Divide and northwestern Williams counties, North Dakota. Approximately 80% of the acreage remains undeveloped and the properties feature a large reserve base with development potential in the Middle Bakken and Three Forks.
The assets feature current production from four active wells (three Middle Bakken, one Three Forks) and two Middle Bakken long lateral horizontal wells will to be completed in the next 60 days. Also, development of Roughrider Field has derisked acreage from the south.
Upside includes 65 Middle Bakken locations with EURs from 300,000 to 400,000 barrels equivalent per well.
Bids are due in early October. The effective date is Sept. 1. Contact John Wehrle, 832-426-6024, email@example.com.