Newfield Provides Update on Uinta Basin Development Program

Newfield Exploration Company (NYSE:NFX) updates on the company’s Uinta Basin oil development programs.

The press release is quoted as saying:

The update follows the May 2011 closing of two acreage acquisitions for approximately $300 million. Combined, the two transactions added approximately 70,000 net acres. Newfield today owns interest in approximately 250,000 net acres in the Uinta Basin where its average working interest is more than 70%. Multiple oil-productive geologic targets exist across the acreage and an active drilling campaign is underway.

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