U.S. Map

Southern Delaware Basin

Since 2016, we have been focused on the development of our Southern Delaware Basin acreage in Pecos County, Texas (“Bullseye”). As of December 31, 2018, we were producing from twelve wells over our 15,400 gross (6,500 net) acre position, prospective for the Wolfcamp A, Wolfcamp B and Second Bone Spring formations. In December 2018, we purchased an additional 4,200 gross operated (1,700 net) acres and 4,000 gross non-operated (200 net) acres to the northeast of our existing acreage (“NE Bullseye”) for approximately $7.5 million. We paid $3.2 million cash in December 2018, with the balance to be paid by the earlier of the commencement of completion operations on the third well on the acreage acquired or October 1, 2019. We currently expect that Bullseye and NE Bullseye will be the primary focus of our drilling program for 2019.

 

NE Bullseye 2019