- On October 11, 2016, the Company consummated the previously announced acquisition of approximately 89% of the outstanding membership interests in CRP.
- The Company fully repaid $189 million of outstanding debt of CRP at the closing of the acquisition.
- CRP amended its credit agreement to increase the borrowing base under the revolving credit facility from $140 million to $200 million, leaving $199.6 million in borrowing capacity, net of $0.4 million of outstanding letters of credit at the closing.
- Average daily production totaled 8,903 barrels of oil equivalents ("Boe") per day and CRP's average daily oil production was 6,109 barrels per day, representing approximately 69% of total production.
- Revenue for the quarter totaled $27.3 million, with oil revenues representing approximately 86% of total revenues.
- Average realized oil price was $41.62 per barrel, excluding the impact of commodity derivative transactions.
- Lease operating costs, including workover expenses, totaled $3.7 million for the quarter or $4.46 per Boe.
- CRP had one rig running for most of the third quarter, spudded four wells and completed two wells. The completed wells had an average effective lateral length of 4,496' and an average field estimate cost of $5.1 million. These wells averaged 17 days from spud to total depth.
- CRP incurred capital costs of approximately $24 million, excluding leasing and acquisition costs, during the third quarter.
- During the third quarter, CRP completed its third party crude midstream system and is now piping the majority of its crude to either Midland or Crane, Texas.
|Crude Oil Swaps:|
|Notional volume (Bbl)||193,200||675,250|
|Weighted average floor price ($/Bbl)||$||55.21||$||50.41|
|Crude Oil Basis Swaps:|
|Notional volume (Bbl)||320,300||127,750|
|Weighted average floor price ($/Bbl)||$||(0.45||)||$||(0.20||)|
|Natural Gas Swaps:|
|Notional volume (MMBtu)||—||1,460,000|
|Weighted average floor price ($/MMBtu)||—||$||2.94|
- At the Company's website: www.cdevinc.com. To participate in the audio-only webcast, please log on 15 minutes in advance of the scheduled call to download the necessary software. A webcast replay will be available approximately two hours after the conference call and will be available through November 17, 2016.
- By telephone: The telephone dial-in number in the U.S. is (844) 348-0017. For participants outside of the U.S., the dial-in number is (213) 358-0877. The conference ID number is 12970930.
- If you are unable to participate in the original conference call, a replay will be available beginning at approximately 11:00 a.m., Mountain time, on November 10, 2016, and ending at 11:00 a.m., Mountain time, on November 17, 2016. The replay dial-in number for U.S. participants is (855) 859-2056 and for participants outside of the U.S. is (404) 537-3406. The replay conference ID number is 12970930.