Oil $78, Gas $5.50, CPX Leans Into The Market
“We are proud of our team that has drilled the last 12 wells without incident, under AFE, and exceeded gross production forecasts.”
CPX recently finished drilling the Lindley 98 14H well, a horizontal lateral with a planned gross lateral length of 10,659 feet that will be completed in 2021.
With oil hitting levels not seen since 2014 and gas prices reaching highs not seen since 2008, CPX will lean into this market by starting a new development program.
CPX has plans to continue drilling wells with proven statistical returns. Realizing $78 oil and $5.50 gas creates momentum for CPX and investors to aggressively drill while service costs are still reasonable.
CPX management are all Texas residents and have never followed a herd mentality or listened to Wall Street. We simply do what we do, drill oil and gas wells in the great State of Texas.