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Crimson Exploration (CXPO) Reports Update On Texas Oil And Gas Operations

|Includes: Crimson Exploration Inc. (CXPO)

Crimson Exploration provided an update on its recent oil and gas activity in Texas where the company is actively developing two hydrocarbon bearing formations on its acreage.

Crimson Exploration has 17,500 net acres under lease in Madison and Grimes Counties in Texas, and it is working on the Woodbine oil play. The company just completed its first horizontal well into this play and is encouraged by the initial production rates.

Crimson Exploration is currently drilling two other horizontal wells into the Woodbine formation on its acreage. The targeted formation is at depths ranging from 15,000 to 16,000 feet, and wells are being completed with multiple hydraulic fracturing stages. The area is also prospective for the Lewisville and Georgetown formations, among others.

Crimson Exploration is also developing the Eagle Ford Shale on its acreage in Karnes, Zavala, and Dimmit Counties. The company recently drilled and completed two wells into the Eagle Ford Shale and reported initial production rates ranging from 370 to 726 barrels of oil equivalent (NYSE:BOE) per day.

Crimson Exploration currently has three other Eagle Ford Shale wells in various stages of drilling or completion and expects to report the results of these wells over the next few months.

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