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CPX concludes 2015 executive management kickoff meeting. - Friday, January 9, 2015

CPX just concluded its 2015 annual executive management kickoff meeting at Tom Powell's home in Destin Florida. Management has decided to compress its acquisition focus areas because of the drop in oil prices. CPX will target new projects having low decline PDP with operational/exploitation upside. We will limit organic acreage leasing growth projects.

Overall, we still like the Delaware Basin, both undeveloped leasing and producing properties. In this area, we will target good ROI projects at $50 barrel oil pricing.  The Delaware Basin is our primary focus area.  CPX is also active in East Texas with our existing 10-year lease terms on 34,000 acres. CPX would consider the right assets with a PDP component throughout Texas and Colorado. We believe the timing is perfect for CPX to capitalize on low pricing to secure multiple assets that will build value while also taking advantage of lower D&C cost.  We are seeking straight acquisitions, joint ventures that we operate, and Permian Basin drill-to-earn partnerships with major independents.


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