Exploration & Production | Capital Markets | Capital Expenditure
Jones Energy Earmarks 2014 CapEx; Focuses on Cleveland, Woodford
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Jones Energy Inc. has detailed its 2014 guidance and capital budget.
Jones Energy is projecting 2014 average daily production of 22,000 – 23,000 Boe/d, which would result in over 30% production growth compared to 2013. We plan to invest approximately $350 million in total capital expenditures in 2014, including approximately $310 million for drilling and completion, and $40 million for leasing, workovers and efficiency projects. The Company’s drilling and completion capital expenditures will be largely funded from operating cash flow.
In order to generate growth above its base plan, Jones expects to begin a three well test in the Tonkawa formation in the second quarter of 2014. The Company has also substantially increased its budget and expectations for leasehold acquisition within its…
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