Jones Energy Inc. (NYSE: JONE) detailed financial and production guidance for 2014 Feb. 24.
Out of a $350 million total capex budget, about $310 million will go to drilling and completion and $40 million will go to leasing, workovers and efficiency projects, the company added.
The drilling and completion budget is divided, with $250 million for Cleveland, $50 million for Woodford and $10 million for other areas, Jones Energy said.
Jones Energy is targeting average daily production of 22,000-23,000 barrels of oil equivalent per day (BOE/d) this year, a 30% increase in production above 2013, the company said.
The company’s leasehold acquisition budget and expectations have been increased, and Jones will begin a three-well test in the Tonkawa in second quarter 2014. The test will generate growth above the base plan, the company noted.
Cash flow will largely fund the total capex, the company said.
Jones Energy develops and acquires oil and natural gas properties in Texas’ and Oklahoma’s Anadarko and Arkoma Basins.
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