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Tom Powell buys out private equity's interest in CP Exploration II, LLC (CPX) and takes back control of the company - Thursday, May 12, 2016

Dallas, Texas - CPX recently divested its East Texas and Colorado natural gas assets and bought out the private equity interests in the Company.  CPX will now be a Permian Basin E&P company. "We are committed to deploying capital in the best basin in the Country, stated CEO, Tom Powell.  "Along with our flagship Orla asset and joint venture with a top five major independent in Reeves County, we have long solid relationships with many of the players that currently operate in our area of interest which is leading to a strong deal flow. CPX will continue to pursue our acquisition-driven plan,focused on developing new upstream assets through the drill bit. he stated.

The year end 2015 third-party reserves evaluation assigned reserves of 2,946 MBO & 11,756 MMCF Proved and 8,746 MBO & 34,905 MMCF Probable to 69 horizontal undeveloped well locations in our Orla asset. The total development undiscounted cash flow was estimated to be $359.7 million using year end strip pricing. The net present value of the development was estimated to be $80.0 million. In addition, CPX has generated preliminary internal estimates of Possible reserves in the upper Wolfcamp C totaling 2,033 MBO & 9,488 MMCF.

Effective May 2016 the Ramsey Natural Gas Processing plant near Orla that suffered a major explosion in late 2015, has been repaired and is accepting produced gas again. CPX will now complete the Durham Smith Fuente 201H and, soon thereafter, begin drilling the Durham Smith Fuente 204H along with the additional earn-in wells.


 

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