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Contango Increases 2017 Capital Plans; Delaware Basin Drilling
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Contango has released its 2Q 17 financial and operational updates. Highlights include:
Crude oil and natural gas liquids production was ~3,100 boe/d, 32% of total production. Natural gas production ~39.6 Mmcf per day, or 68% of total production.
2017 Capital Expenditure (Estimate)
Capital costs incurred for the three months ended June 30, 2017 were approximately $13.9 million, including $0.8 million in paid and accrued leasehold acquisition costs and $13.1 million for the drilling and completion of wells in the Southern Delaware Basin in Pecos County, Texas.
Our capital expenditure budget for 2017 was originally forecasted to be $46.3 million, including $36.6 million to drill and/or complete nine gross wells (4.0 net) on our Southern Delaware Basin acreage. We have revised our 2017…
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