Cimarex Energy reports second quarter increased production
Reported by: Eric CRWE Newswire Middle East correspondent
Cimarex Energy (NYSE: XEC) have posted high production numbers for the second quarter 2010
Cimarex Energy has posted the average production of 594.4 million cubic feet per day for the 2nd quarter. The new production figures depict the constant growth of 31 percent per year. Natural gas contributed 62 percent to total production.
The company has leveraged its core properties in Woodford Shale and Gulf Coast areas which have contributed the most in production growth.
Cimarex Energy Co is engaged in exploration and production of oil and gas with exploration properties located in Texas, Oklahoma, Kansas, Wyoming and New Mexico.
The company’s Woodford Shale is the main resource of Cimarex Energy and the company has shifted its focus to Cana portion of Woodford Shale where high liquid reserves are found. The company has 100,000 net acres of lease rights in the Cana Woodford Shale.
For the 2nd quarter the company has reported an average production of 75 million cubic feet per day from the Woodford Shale. The production was from 35 wells and the drilling of 14 more wells is in progress.
Cimarex also has 35 gross wells in the Permian Basin in Texas on area of almost 300,000 acres.
Cimarex Energy reports high production numbers from its Gulf Coast area also with a daily average production of 190 million cubic feet which is 3 times more than the figures of the same period last year.
Cimarex foresees a substantial increase in revenue as the company has posted double digit growth in the second quarter 2010.
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Tags: Cimarex Energy, Crown Equity Holdings Inc, CRWE.OB, increased revenues, NYSE: XEC, OTC: CRWE, profitability, Woodland Shale
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