Anadarko: More oil, natural gas in Northern Colorado than thought

Anadarko Petroleum Corp. has increased the estimate of how much oil and natural-gas is recoverable in the Wattenberg field to a new range of 1 billion to 1.5 billion barrels of oil-equivalent.

The company, a key oil and gas producer in Weld County, previously estimated that its reserves in Northern Colorado oil and gas field amounted to between 500 million and 1.5 billion barrels of oil-equivalent.

The company’s horizontal drilling program in Northern Colorado’s Niobrara and Codell formations continues to deliver “exceptional performance,” the company said this week in an earnings report. The company posted a $121 million third-quarter profit, or 24 cents per share, vs. a more than $3 billion loss, or $6.12 a share, in last third quarter.

The company also reported that it increased sales volumes by 79,000 barrels of oil-equivalent per day, or 12 percent, over the same period last year.

Anadarko posted total sales volumes of 68 million barrels of oil-equivalent, or 739,000 barrels of oil-equivalent per day, during the third quarter.

The company also ramped up activity its horizontal drilling program in Northern Colorado’s Wattenberg field and in the Eagleford shale in Texas. Drilling in those areas combined for an increase of more than 800,000 barrels of liquids sales volumes over the second quarter of this year.



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