Oklahoma City-based Chaparral Energy, Inc. has announced its strategy for the year and a decision to start exploring strategic alternatives for the company’s Enhanced Oil Recovery assets.
“Chaparral is committed to increasing value for its shareholders,” said Earl Reynolds, Chief Executive Officer. “During the remainder of 2017 we will be pursuing strategic alternatives for our EOR assets as we shift our strategy and portfolio to focus solely on the highly profitable STACK where we have an approximately 110,000 net acre position.”
He said the move will allow Chaparral to further focus on operational expertise and cost-saving initiatives.
“With more than 3,000 operated unrisked drilling locations, our exceptional execution and overall low-cost structure means we have decades of high-return drilling opportunities, even in a $40 to $60 per barrel price environment,” said Reynolds.
The company leader said the firm will begin marketing its EOR assets in early June.