Rosehill Resources Inc. Provides Operational Update
September 19 2019 - 7:00AM
Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ:
ROSE, ROSEW, ROSEU) today provided an operational update for recent
activity as well as expected production for the quarter ending
September 30, 2019.
Highlights
- Placed onto production nine wells in the Northern Delaware area
and four wells in the Southern Delaware area to date in the
quarter
- Average net production for September to date of over 22,000
barrels of oil equivalent per day (“BOEPD”)
- Currently expect average net production for third quarter 2019
to be between 20,000 and 21,000 BOEPD, an increase of approximately
8% over the second quarter of 2019 based on the midpoint of the
range
- Resumed drilling operations in September on a two-well pad in
the Northern Delaware area targeting the Wolfcamp B formation and
expect to drill two wells in the Southern Delaware in early
October
Management Comments
David French, Rosehill’s President and Chief
Executive Officer, commented, “We are very pleased to provide an
update on our expected third quarter activity and the resulting
estimated growth over second quarter. As we previously
indicated, the third quarter is a meaningful inflection point for
our production trajectory given the number of wells completed in
our Northern Delaware area as well as contribution from completion
work in the Southern Delaware area that carried into the
quarter. Most of the Northern Delaware wells were placed
online in late August and early September, providing momentum into
the remainder of 2019 and supplemented by our planned fourth
quarter drilling and completion activity. Our fall borrowing
base redetermination is currently underway, and we expect the
contribution from this along with our drilling activities to
meaningfully improve our liquidity over the remainder of the
year. We look forward to providing additional results with
our third quarter earnings announcement.”
About Rosehill Resources
Inc.
Rosehill Resources Inc. is an independent oil
and gas exploration company with assets positioned in the Delaware
Basin portion of the Permian Basin. The Company’s strategy includes
the focused development of its multi-bench assets in the Northern
Delaware Basin and the Southern Delaware Basin, as well as adding
economic drilling inventory to support future growth.
Forward-Looking Statements
This communication includes certain statements
that may constitute “forward-looking statements” for purposes of
the federal securities laws. All statements, other than statements
of historical fact included in this communication, regarding
Rosehill’s opportunities in the Delaware Basin, including inventory
potential within the Wolfcamp B interval, production volumes,
borrowing base redetermination, wells brought into production,
strategy, future operations, expected drilling and completions
activity, financial position, estimated results of operations,
future earnings, future capital spending plans, expected gains from
settling derivatives, prospects, plans and objectives of management
are forward-looking statements. When used in this communication,
the words “could,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” “guidance,” “forecast” and similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain such identifying words.
You should not place undue reliance on these
forward-looking statements. Although the Company believes that the
plans, intentions and expectations reflected in or suggested by the
forward-looking statements in this communication are reasonable, no
assurance can be given that these plans, intentions or expectations
will be achieved or occur, and actual results could differ
materially and adversely from those anticipated or implied by the
forward-looking statements. Some factors that could cause actual
results to differ include, but are not limited to, the Company’s
ability to realize the anticipated benefits of its drilling and
completion activities, commodity price volatility, inflation, lack
of availability of drilling and completion equipment and services,
environmental risks, drilling and other operating risks, regulatory
changes, the uncertainty inherent in estimating oil and natural gas
reserves and in projecting future rates of production, cash flow
and access to capital, the timing of development expenditures and
the other risks and uncertainties discussed under the section
titled “Risk Factors” in the Company’s Form 10-K, and in other
public filings with the Securities and Exchange Commission (the
“SEC”) by the Company. The Company’s SEC filings are available
publicly on the SEC’s website at www.sec.gov. These forward-looking
statements are based on management’s current expectations and
assumptions about future events and are based on currently
available information as to the outcome and timing of future
events. All forward-looking statements speak only as of the date of
this communication. Except as otherwise required by
applicable law, the Company disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this communication.
Contact Information:
Craig Owen |
|
Senior Vice President and Chief Financial Officer |
|
281-675-3400 |
|
|
|
John Crain |
|
Director of Investor Relations |
|
281-675-3493 |
|
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