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According to Associated Press, a buildup of pressure preceded the blast, which occurred as workers were changing a wellhead before 8.30am on Wednesday morning.
The injured workers did not require hospital treatment.
Various mainstream media revealed there were difficulties in discovering who the well site operator was, but Loving County sheriff Billy Hopper told Upstream Online it was privately held RKI Exploration & Production.
This Oklahoma City-based company is reportedly backed by notable private equity player First Reserve Corporation.
One of the victims is 46-year-old New Mexico resident Amos Ortega. The other is believed to be from El Paso, with his name withheld at this stage.
Witnesses told the local Carlsbad Current-Argus newspaper that the explosion had enough force to shatter windshields and even set off airbags of vehicles parked in the area.
The girlfriend of the site supervisor reportedly said her boyfriend had to drive six miles to get sufficient mobile phone reception to call 911.