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CP EXPLORATION COMPLETES ITS SECOND WOLFCAMP WELL AND FINISHES DRILLING THE BRIGHAM FUENTE 4401HU. - Thursday, February 2, 2017

FOR IMMEDIATE RELEASE

CP EXPLORATION COMPLETES ITS SECOND WOLFCAMP WELL AND FINISHES DRILLING THE BRIGHAM FUENTE 4401HU IN REEVES COUNTY

The New Well is the Seventh of an Initial Nine-Well Drilling Program in the Delaware Basin

DALLAS – February 2, 2017 –Private oil and gas company CP Exploration (CPX) announced today that it has finished drilling the Brigham Fuente 4401HU, its seventh horizontal well in Reeves County, and the first of two 1.5 mile laterals planned as part of its initial Nine-Well Drilling Program. CPX will immediately move the rig and drill the second 1.5 mile lateral, the Brigham Fuente 4402HL. These extended length 7500’ laterals follow CPX’s successful drilling of six horizontal Wolfcamp wells on the Durham Smith Fuente lease.

In December, CP Exploration completed its second Wolfcamp horizontal well, the Durham Smith Fuente 204HU, which achieved a peak 24-hour production rate of 813 bopd and 3630 mcfd (1418 boepd). This well targeted the Upper Wolfcamp unconventional reservoir.

The company has planned a Zipper Frac for two additional Upper Wolfcamp wells, the Durham Smith Fuente 212HU and 214HU, which is anticipated to commence on March 1. CP Exploration anticipates the completion of all six DUCs (drilled uncompleted wells), in 2017, including the 4402HL, which will spud very soon.

"We are very proud of the execution performed by our drilling and geology teams on these first seven wells, with the 4401HU ( 7500’ lateral ) taking less than 17 days from spud to TD.", said Randall Holt, COO and Director of Operations for CPX. "More so, we look forward to the completion results of our five remaining DUCs starting March 1. We truly recognize that we are very fortunate to be active in the core of a world class basin with world class results.”

CP Exploration’s sole focus is the Delaware Basin and CPX operates assets on more than 6000 acres in Reeves County, Texas. The company was founded in 2007, and is privately funded by management and private investors. CP Exploration is co-located in Dallas, Texas and Lafayette, Louisiana.


 

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