Rosehill Resources Announces Recent Production Increase to Over 20,000 Net BOE Per Day
September 18 2018 - 4:30PM
Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ:
ROSE, ROSEW, ROSEU) announced the Company’s net daily production
exceeded 20,000 barrels of oil equivalent (“BOE”) in early
September. This production level was achieved based on strong
performance from wells recently placed online on the Weber lease in
Loving County, Texas along with contributions from Lea County, New
Mexico and the Company’s Southern Delaware operating area.
Rosehill continues to demonstrate and expect strong production
growth in 2018 and beyond from the Company’s prolific acreage in
the Delaware Basin.
In the Southern Delaware operating area, the
Company is in the flowback period for its first wells and expects
to report initial results in the fourth quarter of 2018 once an
appropriate amount of data is obtained and the necessary
infrastructure is in place.
Gary Hanna, Chairman of the Board, Interim
President and Chief Executive Officer, commented, “We are very
pleased to have surpassed this important production
milestone. Since the business combination that resulted in
Rosehill’s formation, we have grown production over 400% on a net
BOE basis, compared to the average production in 2016. The
results of the wells on our Weber lease in Loving County helped
drive a significant increase to our production in late August and
early September. As we enter the fourth quarter of 2018, we
fully expect to finish the year strong by executing on the
remaining steps of our operating plan.”
About Rosehill Resources
Inc.
Rosehill Resources Inc. is an oil and gas
exploration company with producing assets in Texas and New Mexico
with its investment activity focused in the Delaware Basin portion
of the Permian Basin. The Company’s strategy for growth includes
the organic development of its two core acreage areas in the
Northern Delaware Basin and the Southern Delaware Basin, as well as
focused acquisitions in the Delaware Basin.
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, strategy, future
operations, financial position, estimated results of operations,
future earnings, future capital spending plans, 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, its ability to
realize the anticipated benefits of the White Wolf Acquisition,
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 Risk Factors in the
Company’s Form 10-K, filed with the SEC on April 17, 2018, 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:
Gary C. Hanna |
|
Craig Owen |
Chairman of the Board,
Interim President and Chief Executive Officer |
|
Chief Financial Officer
281-675-3400 |
281-675-3400 |
|
|
John Crain Senior Manager,
Finance and Investor Relations281-675-3493
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