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Mid-Continent Operator To Ramp Up From One To Three Rigs
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Jones Energy, Inc. announced financial and operating results for the quarter ended March 31, 2016 as well as a resumption of its Cleveland drilling program, and provided updated 2016 production and capital expenditure guidance.
Key Points: Resuming Cleveland drilling program; expect to have 3 rigs running in June 2016 - The Company paused its drilling program in the Fall of 2015 and did not spud any wells in the first quarter of 2016. The Company resumed drilling with one Cleveland rig in April 2016 and plans to have three Cleveland rigs running in June 2016. Updating 2016 production and capex guidance; expect to spend $100 million in capex (up 75% from initial $25 million plan) for 16.8 to 18.7 MBoe/d in production, resulting in an approximately 10% increase in 2016 production…- ✓ Full news archive — U.S., Canada & international coverage
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