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Jones Chops Capex ~10% to $250MM; Drops Cleveland Rig in Favor of Merge

Monday,August 21,2017

Jones reported its Q2 2017 results. Highlights include:

- Reducing 2017 Capex budget to $250 million from $275 million (-9%)

- Average daily net production for second quarter 2017 of 23.8 Mboe/d, 12% above the midpoint of guidance.

Rig Shuffling

Dropping Second Cleveland Rig

- Dropped one core Cleveland rig late July. The plan is to drop second core Cleveland rig in September 2017.

Adding Third Merge Rig

- Currently running two rigs in the Merge and plans to add a third rig by year end 2017.



In Other Second Quarter (2Q) Update news

Cleveland News

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