Eclipse Resources Corporation (NYSE:ECR) (the “Company” or
“Eclipse Resources”) today is pleased to provide an operational
update and announce its participation in the following upcoming
investor conferences.
Upcoming Conferences Include:
- Wednesday June 21, 2017 (Houston, TX) -
Tudor Pickering “Hotter ‘n Hell” Conference. Benjamin W. Hulburt
(Chairman, President and CEO) will participate and host one-on-one
meetings.
- Thursday June 22, 2017 (Pittsburgh, PA)
- DUG East Conference. Benjamin W. Hulburt (Chairman, President and
CEO) will deliver the day two opening keynote address.
- Wednesday June 28, 2017 (New York, NY)
- J.P. Morgan Energy Conference. Benjamin W. Hulburt (Chairman,
President and CEO) will participate and host one-on-one
meetings.
Operational Update
The Company has recently turned its seven well Moser pad to
sales, located in the Company’s Utica Shale dry gas window acreage
in eastern Monroe County, Ohio. The Moser pad wells are currently
producing approximately 100 MMcf per day collectively as the
Company continues to implement its “engineered” flowback procedure
designed to bring the wells up to target production rates while
preserving fracture conductivity and minimizing formation damage.
These wells were completed using a number of new completions
techniques, which may form the basis of future completion designs
beyond the Company’s “Generation-3” design that resulted in the
Company increasing all of its Utica Shale type well expectations
over the course of the year.
The Company also announced today that it has successfully
drilled its third and newest “Super-Lateral” well, the Outlaw C
11H, with a total measured depth of approximately 27,750 feet and a
lateral extension of approximately 19,500 feet in 17 days from spud
to TD in the Company’s Utica Shale Condensate area, setting a new
lateral length record for the Company.
Commenting on the operational activity, Benjamin W. Hulburt,
Eclipse Resources Chairman, President and CEO, said the following,
“I remain extremely pleased with our team’s operational cadence,
and look forward to assessing the results from the seven well Moser
pad. This pad, which contains 7 gross (7.0 net) wells with an
average lateral length of approximately 7,200 feet, has recently
been turned to sales slightly ahead of schedule, with starting
pressures ranging up to approximately 7,500 pounds (psi). Building
upon our Gen-3 frack design, this pad includes wells which are
designed to test higher proppant volumes, engineered stage lengths
and the use of diversion chemicals. Although extremely early in the
life of these new exciting wells, we are initially very intrigued
with what we are seeing. Based on the results of these wells so
far, the continued performance of our Gen-3 wells, and the team’s
ability to shorten our cycle times, I expect our production in the
third quarter 2017 to be at least 350 MMcfe per day.
I am also pleased to announce that we have drilled our third
“Super-Lateral” well, with a record setting lateral length of
approximately 19,500 feet in 17 days. This well, located in the
Utica Condensate area, along with the recently drilled 19,300 foot
Great Scott 3H well are expected to begin completions in the third
quarter of this year. Additionally, we have completed the drilling
of our second Marcellus Condensate well and are excited to begin
applying our innovative completion techniques to this portion of
our acreage during the third quarter of 2017. These Marcellus wells
should allow us to further prove-up this area of our acreage that
includes over 70 risked 10,000 foot lateral locations that can be
developed in conjunction with our Dry Gas Utica position in this
area of southeastern Ohio.”
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 3, 2017 (the “2016 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 2016 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/20170616005064/en/
Eclipse Resources CorporationDouglas Kris, Investor
Relations814-325-2059dkris@eclipseresources.com
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