CPX Energy spudding the first of 8 new wells in 2021
In 2021, CP Exploration III Operating, LLC (CPX) continues drilling operations in Loving and Reeves County, targeting the Phantom (Wolfcamp) field. CPX will pad-drill 8 wells utilizing the Nabors X49 rig beginning this week. Additional wells are planned for 2022 that will complete development of the first three benches. Recently, the CPX team executed a targeted land play along the Pecos River that allows the horizontal Wolfcamp wells to be drilled to have greater lateral length and increases the number of well locations. CPX has operated in the Delaware Basin since 2015, which gives the team special insight to the stacked pay potential of the Bone Spring and various Wolfcamp zones. Geologically, the team describes this area of the Delaware Basin as quiet rock with predictable and repeatable results. Thus, additional benches are expected to be developed, which will increase the reserve value of CPX in its existing acreage. With robust financial partners and an aggressive hedge program, the CPX team has the flexibility to methodically expand its position in the Delaware Basin.