Crimson Exploration Inc. (NASDAQ: CXPO) has signed drill contract for two rigs to be used for part of its 2010 capital program. Both rigs will be operating in Texas, with one in San Augustine/Sabine area of east Texas and the other in Liberty County in southeast Texas.
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At the East Texas location the company secured a rig contract with a 1 year term which will allow continued development of its acreage position in the Haynesville/Mid-Bossier shale plays in San Augustine and Sabine counties. The 1,500 hp rig delivery has been scheduled for March 1, 2010. The company plans to drill 4-5 wells in this area with the rig.
In Southeast Texas, a rig contract was secured for a continuous two well commitment in Liberty County, with expected delivery by late January, 2010. The 2 wells planned for this rig will likely be drilling during the first half of 2010 and will target the Cook Mountain and Yegua formations.
Crimson Exploration is a Houston, TX-based independent energy company engaged in onshore oil & gas exploration and production in South Texas, East Texas and the Upper Gulf Coast.
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