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Emerald Dropping to One Rig Program in 2015
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Emerald Oil, Inc. announced a change in senior management and updated production and CAPEX guidance for 2015.
ProductionDuring the fourth quarter of 2014, Emerald accelerated the process of replacing electric submersible pumps with lower operating cost rod pumps in order to further reduce lease operating expenses in the current commodity price environment. Rod pump change outs were focused on the entirety of Emerald's acreage. This program was executed en masse rather than prolong the change out into 2015. Due to the additional downtime associated with this one-time installation process, Emerald is reducing its fourth quarter of 2014 average production guidance to 3,300 BOEPD. The 2014 exit rate guidance of 4,600 BOEPD remains unchanged.
Updated 2015 Development PlanManagement has…
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