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Oklahoma E&P to Run Zero Rigs in MissLime in 1H19; Cites Low Oil Price
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Midstates Petroleum has announced that it does not intend to operate a drilling rig during the first half of 2019.
The company cited low commodity prices as the motive behind the decision.
For 2018, Midstates operational plan included running one rig and spending $100 million.
David Sambrooks, President and Chief Executive Officer, commented, "Given the current macro-economic conditions and the fact that we have over 90% of our core acreage HBP, we have decided to take a pause on our drilling program as we enter 2019. While we monitor the pricing environment during this pause, we will take this opportunity to further evaluate our new drilling and completions techniques, explore additional ways to reduce costs and continue to generate considerable free cash flow. Our management team and…
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