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Contango Pauses Drilling Plans for 2016; Sees Drop in Reserves
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Contango Oil & Gas Company reported its year-end reserves and preliminary 2016 capital program.
Our specific plans for 2016, by area, include the following: Southeast Texas, Madison & Grimes counties - We forecast capital expenditures of approximately $1.0 million for extending, leasing or re-leasing core acreage in this area. Further drilling of the Woodbine, Upper and Lower Lewisville and the Eagle Ford in our Madison/Grimes area will be determined, based on the commodity price environment, as the year progresses. Wyoming - We are currently limiting capital expenditures for 2016 to completing one gross (0.8 net) well drilled in late 2015 in Weston County (the Christensen #1H well targeting the Muddy Sandstone formation - 80% WI) and approximately $2.0 million to extend a large portion…- ✓ Full news archive — U.S., Canada & international coverage
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