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Chaparral Energy Ramps Up 2017 Capex +33%; Touts Expanded STACK Position
Chaparral Energy reported its Q2 2017 results.
Capex Increase: An increase in its total capital budget to $185 to $200 million for the year (up +33% from $145 milliion initially)
Guidance Increase: An increase in its 2017 total production guidance to 8.3 to 8.7 MMBoe, including an anticipated 45% year-over-year growth in its STACK exit rate to more than 10 MBoe/d (this is up from 8.4 MMBOE initially projected
Q2 Drilling: During the quarter, the company brought seven new STACK wells on production, of which four were in the Meramec, two in the Osage and one in the Woodford. Initial production from these wells is encouraging. In addition, it participated in 28 outside operated STACK wells.
Expanded STACK Position: Secured almost 18,000 acres in the STACK during the first half of 2017, which included approximately 15,600 acres in its Garfield County position, as well as 2,000 acres in Kingfisher and Canadian counties. Chaparral currently has a more than 110,000 net acre position in the STACK.
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