Cimarex Announces Joint Development Agreement with Chevron in Culberson
DENVER, June 24, 2013
DENVER, June 24, 2013 /PRNewswire/ -- Cimarex Energy Co. (NYSE: XEC) today
announced that it has entered into an agreement with Chevron U.S.A. Inc., a
subsidiary of Chevron Corporation for the joint development of their combined
Delaware Basin acreage located in Culberson County, Texas.
Chief Executive Officer, Tom Jorden said, "Collaborative development of this
'checkerboard' acreage ownership makes perfect sense. Optimal well placement
for both Second Bone Spring wells and longer-lateral Wolfcamp shale tests can
now be achieved. We look forward to having Chevron as a partner on what will
surely be a legacy asset for Cimarex." Cimarex will act as operator of the
joint development which covers 104,000 acres.
Chevron will contribute acreage and pay Cimarex approximately $60 million for
a 50 percent interest in the Cimarex-built Triple Crown gas gathering and
processing system and wells drilled on the acreage in 2013. The contract has
an eight-year term.
About Cimarex Energy
Denver-based Cimarex Energy Co. is an independent oil and gas exploration and
production company with principal operations in the Mid-Continent and Permian
Basin areas of the U.S.
This communication contains statements that constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on current expectations and beliefs and
are subject to a number of risks, uncertainties and assumptions that could
cause actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties are more fully
described in SEC reports filed by Cimarex. While Cimarex makes these
forward-looking statements in good faith, management cannot guarantee that
anticipated future results will be achieved. Cimarex assumes no obligation and
expressly disclaims any duty to update the information contained herein except
as required by law.
SOURCE Cimarex Energy Co.
Contact: Karen Acierno, Director of Investor Relations, 303.285.4957,
firstname.lastname@example.org, or Mark Burford, Vice President of Capital Markets and
Press spacebar to pause and continue. Press esc to stop.