Anadarko Petroleum (APC) updated investors on the company’s horizontal development of the Niobrara formation in Colorado. The company is focused on the Wattenberg field in Colorado.
Anadarko Petroleum has eleven producing wells in the Niobrara or Codell formations and has disclosed the following operational data on its acreage:
Future drilling locations - 1,200 to 2,700
Estimated ultimate recoveries - 300,000 to 600,000 barrels of oil equivalent (BOE) per well
Net resources - 500 million to 1.5 billion BOE
Well cost range - $4.0 to $5.0 million initially
Liquids content – 70%
Anadarko Petroleum said that the eleven wells had initial production rates averaging 800 BOE per day. The best well was the Dolph 27-1HZ, which produced 1,100 barrels of oil and 2.4 million cubic feet of natural gas per day, and had an estimated EUR of 600,000 BOE.
Anadarko Petroleum said that the company will accelerate drilling in the Wattenberg program in 2012 and operate seven rigs by the end of year. The company estimates that it will drill 160 horizontal Niobrara wells in 2012, up from 40 in 2011.