Crimson Exploration Inc. Announces Its First Buda Formation Oil Discovery at a 24-hr Rate of 859 Boe
Crimson Exploration Inc. Announces Its First Buda Formation Oil Discovery at a 24-hr Rate of 859 Boepd and a 30-Day Rate of 797 Boepd
HOUSTON--(BUSINESS WIRE)-- Crimson Exploration Inc. (NasdaqGM: CXPO) announced today the successful completion of the Beeler #2H (50.0% WI) at a gross 24-hr initial production rate of 859 Boepd, or 761 barrels of oil, 56 barrels of natural gas liquids and 253 thousand cubic feet of natural gas, on a 25/64th choke. The well averaged a gross 30-day production rate of 797 Boepd. The Beeler #2H is Crimson's first well in Dimmit County, Texas targeting the Buda formation.
The Beeler #2H was drilled to a total measured depth of 11,013 feet, including a 3,700 foot lateral, and completed open hole, without fracture stimulation. The well is located in Crimson's Booth-Tortuga Area where the Company currently has approximately 10,140 gross acres prospective for the Buda formation.
Allan D. Keel, President and Chief Executive Officer, stated, "I am pleased to announce the successful completion of Crimson's first Buda oil well in Dimmit County. We currently plan to begin a delineation effort of this discovery and plan to spud our second Buda well in mid-July. We anticipate continued delineation across our leasehold dependent upon the results we see."
Crimson Exploration is a Houston, TX-based independent energy company engaged in the exploitation, exploration, development and acquisition of crude oil and natural gas, primarily in the onshore Gulf Coast regions of the United States. The Company currently owns approximately 95,000 net acres onshore in Texas, Louisiana, Colorado and Mississippi. The Company refers to its four corporate areas as (i) Southeast Texas, focusing on the Woodbine, Eagle Ford and Georgetown formations, (ii) South Texas, focusing on the Eagle Ford and Buda formations, (iii) East Texas, focusing on the Haynesville, Mid-Bossier and James Lime formations, and (iv) Rockies and Other, focusing on the Niobrara and D&J Sands formations. The Company's strategy is to continue to increase crude oil and liquids-rich reserves and production from an extensive inventory of drilling prospects, de-risk unproved prospects in core operating areas, and opportunistically grow reserves through acquisitions complementary to its existing asset base.
Additional information on Crimson Exploration Inc. is available on the Company's website at http://crimsonexploration.com.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC") and applicable securities laws. Such statements include those concerning Crimson's strategic plans, expectations and objectives for future operations. All statements included in this press release that address activities, events or developments that Crimson expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions Crimson made based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond Crimson's control. Statements regarding future production, revenue, cash flow operating results, leverage, drilling rigs operating, drilling locations, funding, derivative transactions, pricing, operating costs and capital spending, tax rates, and descriptions of our development plans are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, commodity price changes, inflation or lack of availability of goods and services, environmental risks, the proximity to and capacity of transportation facilities, the timing of planned capital expenditures, uncertainties in estimating reserves and forecasting production results, operating and drilling risks, regulatory changes and the potential lack of capital resources. All forward-looking statements are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Please refer to our filings with the SEC, including our Form 10-K for the year ended December 31, 2012, and subsequent filings for a further discussion of these risks. Existing and prospective investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Crimson Exploration Inc.
E. Joseph Grady, 713-236-7400
Senior Vice President and Chief Financial Officer
Josh Wannarka, 713-236-7400
Manager of Investor Relations and FP&A
KEYWORDS: United States North America Texas
The article Crimson Exploration Inc. Announces Its First Buda Formation Oil Discovery at a 24-hr Rate of 859 Boepd and a 30-Day Rate of 797 Boepd originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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