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Jones Energy, Inc. has reported an update on the Company's 2014 leasing program.
To date in 2014, the Company has secured new leases totaling just over 10,000 net acres, primarily in the Texas panhandle. The acquired acreage will yield approximately 78 net drilling locations in the Cleveland formation alone, more than replacing the total number of budgeted Cleveland wells for the full year 2014. The Company expects that many of the leases acquired will be prospective for other formations in addition to the Cleveland. As of mid-year, the Company has spent approximately half of the budgeted leasing dollars for 2014 and continues to actively seek additional leases across the basin.
Jonny Jones, Chairman and CEO of Jones Energy, stated, "We have been very successful in expanding our acreage position within the Anadarko basin during the first half of the year through our leasing efforts. Our ability to replace all of the budgeted Cleveland drilling locations for 2014 at such attractive lease rates should provide significant value for our shareholders. We are excited about the prospect of continued inventory growth during the second half of this year."