the "Company") (NASDAQ:CWEI) today provided a review of its ongoing developmental drilling programs in the Permian Basin and Austin Chalk (Trend), two of its core oil-producing areas, for 2009 and its outlook for 2010.
These economic improvements, coupled with strategic actions by the Company to create drilling efficiencies and control drilling and completion costs, allowed the Company to resume and even escalate its developmental drilling program.
NASDAQ:CWEI) today provided an update on its ongoing developmental drilling programs in the Permian Basin and Austin Chalk, two of its core oil-producing areas.
President said, "I am very encouraged with the results of our developmental drilling programs in the Permian Basin and the Austin Chalk areas.
Net proceeds will be used to continue developmental drilling programs
in Woodson County, Kansas.
Hemi and Wilshire will expand its working relationship, when due diligence is completed, to pursue strategic acquisitions of oil and gas producing properties and implement expansion of ongoing developmental drilling programs
The Company will initiate developmental drilling programs
to drill new wells on these leases and, if successful, will add oil and gas reserves to the acquired property.