Eclipse Resources Corporation (NYSE:ECR) (the “Company” or
“Eclipse Resources”) today announced two organizational changes to
the senior management team which it has implemented as part of its
plan to accelerate its growth. These changes will help Eclipse
Resources to continue to deliver top-tier performance and
heightened efficiencies across the organization, while allowing the
Company to add additional emphasis on expanding its asset base.
These organizational changes have taken effect as of January 1,
2017 and as part of these changes the following senior management
team members have assumed new responsibilities:
- Tom Liberatore, Executive Vice
President and Chief Operating Officer, has assumed the new role as
Executive Vice President, Corporate Development and Geosciences. In
his new role , Mr. Liberatore will be spearheading the Company’s
business development, including acquisition and divestiture
efforts, as the Company looks to capitalize on opportunities during
the cyclical downturn in the energy sector, as well as continuing
to overseeing the Company’s reservoir engineering, geology and
petro physical departments.
- Oleg Tolmachev, Senior Vice President
of Drilling and Completions has been appointed Executive Vice
President and Chief Operating Officer. Mr. Tolmachev has assumed
the full time responsibility over the Company’s operations of the
Utica and Marcellus shale properties while maintaining continued
oversight of the Company’s drilling and completion operations.
In addition, the Company has recently turned to sales all five
wells on the Company’s “Holiday” pad, located on the Company’s
Utica Shale dry gas window acreage in eastern Monroe County, Ohio.
These wells are the first Utica Shale dry gas wells to utilize the
Company’s “Gen-3” completion design which has shown very promising
results in all wells Eclipse has completed to date using this new
design.
Commenting on the management changes and operational activity,
Benjamin W. Hulburt, Eclipse Resources Chairman, President and CEO,
said the following, “As we move into the coming year, we are
planning to accelerate our growth, both through the drill bit and
through accretive acquisition opportunities as they arise. Eclipse
Resources has demonstrated an industry leading operational
proficiency in the Utica Shale, setting records on lateral lengths,
well costs, completion designs and efficiency. The organizational
changes we have made will not disrupt that capability which we plan
to continue to demonstrate this year with some exciting new
operational milestones we plan to undertake in our drilling
program. With these management changes, the Company has placed an
increased emphasis on its desire to grow both through the drill bit
and through accretive acquisitions opportunities.
“The Company’s Holiday pad, which contains 5 gross (5 net) wells
with an average lateral length of approximately 10,700 feet, has
recently turned to sales using the Company’s pressure management
production method at approximately 20 MMcf per day per well with
starting pressures of approximately 7,500 pounds. These wells are
the first dry gas wells in the Company’s portfolio to utilize the
Gen-3 completion design and were completed with average stage
spacing of 180 feet and proppant loading ranging from 2,600 to
3,000 pounds per foot. Due to our operational efficiency, we
estimate we drilled and completed these wells at an average total
well cost of approximately $1019 per lateral foot which is in line
with our 'type well' cost estimates that assume 50% less proppant.
Although still very early in the life of these exciting wells, they
appear to be exhibiting the same positive results we’ve seen in the
Gen-3 wells we’ve completed in the condensate window of our
acreage.”
Conference Participation
Benjamin W. Hulburt (Chairman, President and CEO) and Matthew R.
DeNezza (Executive Vice President and CFO) will participate and
host one-on-one meetings during the Goldman Sachs Global Energy
Conference in Orlando, Florida from January 4, 2017 through January
6, 2017.
About Eclipse Resources
Eclipse Resources is an independent exploration and production
company engaged in the acquisition and development of oil and
natural gas properties in the Appalachian Basin, including the
Utica and Marcellus Shales. For more information, please visit the
Company’s website at www.eclipseresources.com.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
All statements, other than statements of historical fact included
in this press release, regarding Eclipse Resources’ strategy,
future operations, financial position, estimated revenues and
income/losses, projected costs and capital expenditures, prospects,
plans and objectives of management are forward-looking statements.
When used in this press release, the words “plan,” “endeavor,”
“will,” “would,” “could,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on Eclipse Resources’ current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. When considering forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements described under the heading “Risk Factors” in Eclipse
Resources’ Annual Report on Form 10-K filed with the Securities
Exchange Commission on March 4, 2016 (the “2015 Annual
Report”), and in “Item 1A. Risk Factors” of Eclipse Resources’
Quarterly Reports on Form 10-Q.
Forward-looking statements may include statements about Eclipse
Resources’ business strategy; reserves; general economic
conditions; financial strategy, liquidity and capital required for
developing its properties and timing related thereto; realized
natural gas, NGLs and oil prices; timing and amount of future
production of natural gas, NGLs and oil; its hedging strategy and
results; future drilling plans; competition and government
regulations, including those related to hydraulic fracturing; the
anticipated benefits under its commercial agreements; pending legal
matters relating to its leases; marketing of natural gas, NGLs and
oil; leasehold and business acquisitions; the costs, terms and
availability of gathering, processing, fractionation and other
midstream services; general economic conditions; credit markets;
uncertainty regarding its future operating results, including
initial production rates and liquid yields in its type curve areas;
and plans, objectives, expectations and intentions contained in
this press release that are not historical.
Eclipse Resources cautions you that these forward-looking
statements are subject to all of the risks and uncertainties, most
of which are difficult to predict and many of which are beyond its
control, incident to the exploration for and development,
production, gathering and sale of natural gas, NGLs and oil. These
risks include, but are not limited to; legal and environmental
risks, drilling and other operating risks, regulatory changes,
commodity price volatility and the recent significant decline of
the price of natural gas, NGLs, and oil, inflation, lack of
availability of drilling, production and processing equipment and
services, counterparty credit risk, the uncertainty inherent in
estimating natural gas, NGLs and oil reserves and in projecting
future rates of production, cash flow and access to capital, the
timing of development expenditures, and the other risks described
under the heading “Risk Factors” in the 2015 Annual Report and in
“Item 1A. Risk Factors” of Eclipse Resources’ Quarterly Reports on
Form 10-Q.
All forward-looking statements, expressed or implied, included
in this press release are expressly qualified in their entirety by
this cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that Eclipse Resources or persons acting
on the Company’s behalf may issue.
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version on businesswire.com: http://www.businesswire.com/news/home/20170103005300/en/
Eclipse Resources CorporationDouglas Kris, 814-325-2059Manager,
Investor Relationsdkris@eclipseresources.com
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