Crimson Exploration has signed drilling contracts for two rigs to be used for part of its 2010 capital program. Both rigs will be working in Texas; one in the San Augustine/Sabine area of east Texas and the other in Liberty County in southeast Texas.
East Texas -- San Augustine/Sabine Counties
Crimson secured a rig contract with a one year term that will allow continued development of its acreage position in the Haynesville/Mid-Bossier shale plays in San Augustine and Sabine counties. Delivery of the 1,500 hp rig is currently scheduled for March 1, 2010. The Company anticipates drilling four to five wells in this area with this rig.
Southeast Texas -- Liberty County
A rig contract was also secured for a continuous two well commitment in Liberty County, with anticipated delivery by late-January 2010. The two wells planned for this rig will likely be drilled during the first half of 2010 and will target the Cook Mountain and Yegua formations.
"By securing rig contracts for a substantial portion of our planned 2010 East Texas and Liberty County projects, Crimson is now positioned to commence and execute its announced 2010 drilling program; one that is designed to enhance shareholder value by increasing reserves, production and cash flow from our conventional assets, as well as continue to further validate our significant resource play potential," said Allan D. Keel, Crimson's President and Chief Executive Officer.
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