Exploration & Production | Quarterly / Earnings Reports | Production | Fourth Quarter (4Q) Update | Reserves
Jones Ups Reserves, Cuts Cleveland Well Costs
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Jones Energy, Inc. provided its 2014 year-end reserves and an operations update..
Highlights Proved reserves increased 29.4% from year-end 2013 to 115.3 MMBoe at year-end 2014 based on SEC pricing1; proved oil reserves increased 65.9% to 27.7 MMBbls Cleveland proved reserves increased 44.3% from year-end 2013 to 83.0 MMBoe PV-10 value of proved reserves increased 47.6% to a record $1.5 billion at SEC prices1 Cleveland well costs have decreased from the December 2014 AFE of $3.8 million to $3.1 million per well as of January 2015; additional cost reductions expected January production is projected between 25,500 and 26,500 Boe/d (new company record)Jones Energy Founder, Chairman, and CEO, Jonny Jones stated, “Our efforts during 2014 have resulted in strong proved reserve growth…
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