Anadarko Petroleum (NYSE:APC) increased its estimate of the recoverable resources from the company’s horizontal development of the Niobrara Shale in the Wattenberg Field. The company now believes that its leasehold holds from 1 billion to 1.5 billion barrels of oil equivalent (BOE), an increase of 500 million BOE from the previous lower range.
Anadarko Petroleum said that the increase was due to better productivity from wells drilled and completed into the Niobrara and Codell plays. The company has also identified down spacing opportunities on its acreage.
Anadarko Petroleum reported gross production of 37,000 BOE per day from 115 wells in the Wattenberg field, with 75% of the production from the Niobrara Shale and 25% from the Codell formation. The company is currently operating ten rigs in the Wattenberg field.