CP Exploration II

CPX Energy, LLC (CPX) will focus on conventional and non-conventional upstream assets. CP Exploration III, LLC (CPX) was formed to focus on acquiring/leasing upstream assets and subsequently developing these positions through the drill bit. The team is primarily focused in the Delaware Basin. CP Exploration II, LLC creates Strategic Value for Partn... ers. It successfully completed an 8 well development on its Farmout in northern Reeves County, Texas, under AFE with no lost time accidents on the entire operation and added 51,253 MBOE of TOTAL Proved plus Probable Reserves (70% liquids) net to the Farmor's interest, as per W. M. Cobb & Associates Reserves Evaluation dated 2/15/2017. CP Exploration started in 2007 when the energy industry in the U.S. began to undergo substantial changes. Around that time domestic oil production, which had been declining since its peak years in the 1970s, bottomed at roughly 5 million barrels a day. Then it turned in a new direction. Due to the combination of hydraulic fracturing, horizontal drilling and pricing, U.S. oil production started to increase. CP originally focused on the Bakken oil play in the Williston Basin of North Dakota and Montana by acquiring 26,000 net acres. Since then, CP has become a valued drilling and operating exploration company led by a veteran engineer, landman, geologist and accountant that have a track record of generating exceptional returns and value. CP Exploration sold its Bakken assets in 2009 for $162,000,000. CP Exploration also sold 14,000 acres in the Permian Basin for an undisclosed amount.Read More