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Mid-Continent Operator To Focus on Workover Activity; No New Wells In 2016
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Jones Energy, Inc. provided its 2015 year-end reserves, an operations update, estimated financial results for the fourth quarter and full year 2015, and its initial 2016 capital budget plan and guidance.
The company lowered its rig count in late 2015 and plans to keep spending slim in 2016.
Key Points: $25 million capital budget (Jones spent $200 million in 2015) The Company currently does not anticipate drilling new wells on its Arkoma Woodford acreage in the near term. Based upon the current 2016 capital budget and operating plan, we are projecting 2016 average daily production of 15,500 to 17,000 Boe per day. 2016 Capital Budget and Operating PlanThe Company has established an initial capital budget of $25 million for 2016, with the majority dedicated to capital workovers and field…
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