CPX just concluded its 2017 annual executive management kickoff meeting.
CPX just concluded its 2017 annual executive management kickoff meeting. CPX has retained all management and employees from its previous success in the Delaware basin and will again pinpoint its acquisition focus to the Permian Basin, targeting areas that are economically feasible in with neutral oil and gas prices. CPX will target operated joint ventures such as drill-to earn opportunities as well as new projects having a low decline PDP with operational/exploitation upside. We will limit projects involving organic acreage leasing.
“Overall, we still like the Delaware Basin, both farm-out and targeted undeveloped leasing properties. In this area, we will target good ROI projects at $40 BBL pricing. The Delaware Basin is our primary focus area. We again believe the timing is perfect for CPX to capitalize on neutral pricing to secure assets that will build value. We are seeking joint ventures that we operate, especially drill-to-earn partnerships with major independents.” – President and CEO Thomas Powell.
What differentiates CPX’s management team from many other small E&P’s is our proven track record across multiple projects, our repeat investors, including our significant investment from management, and our unparalleled ability to execute. In its previous success, CPX drilled over 45,000 lateral feet in the Delaware Basin wells successfully and under AFE. We understand the Permian Basin and are ready to harness our technical expertise and execution again.