Saturday, November 20, 2010

Climarex Energy Co. (XEC): Permian Basin Update

By Andrea:

Climarex Energy Co. (XEC)recently release an operational update on the Permian Basin:

In the first three quarters of 2010 Cimarex drilled and completed 61 gross (47.1 net) Permian Basin wells, 95% of which were completed as producers. At quarter-end, 18 gross (14.4 net) wells were in the process of being completed or were awaiting completion. Third-quarter 2010 Permian production averaged 169.4 MMcfe/d versus a third-quarter 2009 average of 152.1 MMcfe/d.

Drilling principally occurred in southeast New Mexico, mainly targeting Bone Spring, Abo and Paddock formations.

Recent horizontal Bone Spring wells brought on production include the KHC 33-26 2H (96% working interest) at 1,050 barrels equivalent per day (Boe/d), Irwin 13 Federal 1H (100% working interest) at 1,010 Boe/d and Penny Pincher 21 Federal 1H (78% working interest) at 650 Boe/d. Third-quarter Abo horizontal oil wells include the Franklin 18 Federal Com 4H (81% working interest) at 510 Boe/d and the Ticonderoga 16 State Com 4H (100% working interest) at 325 Boe/d. All individual well rates are 30-day gross averages.

Cimarex has 12 operated rigs running in the Permian Basin.

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