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Delaware Basin E&P To Add 3 Rigs By October 2016
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Fresh off a takeover by Mark Papa's Silver Run, Centennial Resource Development will "aggressively deploy drilling rigs" in the near-term after running a single rig for the past 18 months.
Rig Deployment: October 2016: 3 Rigs (up +2) April 2017: 4 Rigs January 2018: 5 Rigs Development Plans: Expand from 2-well to 4-well pads Batch drilling / Zipper fracs Downspacing to 660 ft. per well (~8 wells per zone) Centennial's 2016 Capex - $155 to $175 millionA chunk of Centennial's 2016 capital is reserved for acquisitons as it is looking to expand its core operations.
Centennial's Current Assets: 42,500 net acres (80% operated / 84% working interest for operated acreage) 79% HBP in Reeves and Ward counties Current net production of ~7,200 BOEPD Proved reserves of 32.5…- ✓ Full news archive — U.S., Canada & international coverage
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