Cimarex to Focus on New Mexico - Analyst Blog
14 Maggio 2013 - 3:40PM
Zacks
Denver-based Cimarex Energy
Co. (XEC) signed an operating agreement with
FieldPoint Petroleum Corporation (FPP) to drill a
horizontal well that will target the Bone Spring formation on its
East Lusk Federal Section 15 property located in Lea County, New
Mexico. Cimarex estimates the cost of drilling at approximately $7
million.
This proposed horizontal well is to be drilled vertically to a
depth of approximately 9,500 feet to the Bone Spring formation and
laterally in a westerly direction within the formation to the
bottom hole location. Total measured depth of the well is likely to
be approximately 14,000 feet. Cimarex expects to begin drilling
during the first week of Jul 2013.
As per agreement, Cimarex will own a 37.5% stake in the well, with
FieldPoint staking claim to 43.8%. Of the rest, 18.7% stake would
be held by other partners. The duo, if successful in this venture,
plans to drill another well in the same property in 2013
itself.
Cimarex is an independent oil and gas exploration and production
(E&P) company. The primary activities of the company are in the
Mid-Continent and Permian Basin areas of the U.S.
The company is focused on increasing shareholder value through
strategies linked to generating attractive economic returns on
capital employed and profitable growth in per-share reserves,
production and cash flow. It intends to profitably grow reserves
and production through a balanced mix of exploration, exploitation
and acquisitions. Cimarex has a diversified base of high-quality
production along with attractive drilling opportunities.
As is the case with other independent exploration and production
companies, Cimarex’s results are directly exposed to oil and gas
prices, which are inherently volatile and subject to complex market
forces.
The company currently carries a Zacks Rank #3 (Hold). But there are
other E&P companies that are expected to perform well in the
coming 1 to 3 months. These include EPL Oil & Gas,
Inc. (EPL) and SM Energy Company (SM)
with a Zacks Rank #1 (Strong Buy).
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
FIELDPOINT PETR (FPP): Get Free Report
SM ENERGY CO (SM): Free Stock Analysis Report
CIMAREX ENERGY (XEC): Free Stock Analysis Report
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