CPX Energy, LLC (“CPX”) is proud to announce the recent closing of multiple growth initiatives. Earlier this month, CPX closed a farm-in with a public company allowing CPX to drill two-mile laterals in the core of the Delaware Basin. This farm-in exemplifies CPX’s strategy of warehousing foothold assets and subsequently enhancing value through strategic growth initiatives. Additionally, CPX closed a $150 million strategic development agreement with Warwick Investment Group to accelerate production and cash flow growth across our asset base. Lastly, CPX commenced drilling operations as the company spud a three well pad in Loving County in a coordinated project alongside a public company to co-develop the full Wolfcamp formation in a manner maximizing economic recovery.
“First, I would like to congratulate the team for their hard work, dedication, and tenacity in closing two transformative transactions and commencing development operations all within a six-day period. It is a testament to the quality of the CPX team. The development agreement continues CPX’s history of forming innovative partnerships to the benefit of our investors. This structural creativity is what sets CPX apart as a nimble returns focused operator in the Delaware Basin,” stated John Roby, CPX CEO.
Chairman Tom Powell added, “We are excited that CPX continues its strategic acquisitions and joint ventures in the core of the Delaware Basin. I am confident that our team led by CEO, John Roby, will effectively grow our various partnerships while continuing CPX’s history of safe and profitable operations for our employees, partners, and stakeholders.”
Akin Gump Strauss Hauer & Feld LLP acted as legal advisors to CPX.
