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Jones Energy Bets on Cleveland for 2015; IDs Budget
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Jones Energy Inc. has reported its 2015 Capital Budget and Operating Plan.
The Company has established a capital budget of $210 million for 2015, with approximately $190 million dedicated toCleveland drilling and completion activity and the remainder allocated to capital work-overs and field maintenance projects. This budget represents a nearly 60% reduction in capital expenditures from 2014 and provides for a development program which keeps capital spending within expected cash flow.
The Company will continue at its current 3 rig pace during the first portion of the year, and assuming targeted additional cost reductions for drilling and completions are achieved, will deploy 2 additional rigs to the Cleveland to reach a 5 rig pace by mid-year. As of January, the Company’s average…
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