Friday, September 3, 2010

Anadarko Petroleum (APC): Niobrara Shale update

By Andrea:

Anadarko Petroleum (APC) recently announced their plans for new wells in the Niobrara shale for 3Q 2010. The company described the Niobrara shale as "another emerging area". The oil-focused play is located in Northeastern Colorado and Southeaster Wyoming. Anadarko plans to drill 6 to 10 operated wells beginning in the third quarter of 2010, now that they have gleaned important information in their greater than 500,000 gross acreage position from prior farm-outs. Much of the acreage is in the land grant where they hold the mineral rights and perpetuity. Anadarko has been shooting seismic and acquiring leases that have given them a commanding acreage position that is incremental to their 550,000 acre position in the Wattenberg gield, where they have been producing in the Niobrara formation for many years.

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