“We are in the very early stages of driving proved reserves and production growth in the Delaware Basin,” commented Tim Leach, Chairman, Chief Executive Officer and President. “Our drilling inventory in the northern Delaware Basin has expanded rapidly to over 4,200 gross locations, only 250 of which are currently identified as proved. Going forward, I expect that the robust returns from this deep inventory will continue to drive organic production and proved reserves growth for years to come.”During 2012, the Company enhanced the sustainability of its long-term growth strategy through a combination of its development and exploration program, as well as the Three Rivers acquisition and subsequent non-core asset divestiture. “We have expanded the opportunity to reinvest capital across the Permian Basin without having to sacrifice returns,” said Tim Leach. At year-end 2012, gross acreage across the Permian Basin increased to 1.2 million acres, a 24% increase over the previous year. Much of that growth occurred in the Delaware Basin, where the Company now has exposure to over 475,000 gross acres.
Concho Resources Inc. Provides 2012 Operational Update And Increases 2013 Production Guidance
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