WildHorse Resource Development Corporation Announces Acquisition of Acreage in Burleson, Brazos, Lee, and Washington Counties
September 20 2018 - 5:01PM
Business Wire
WildHorse Resource Development Corporation (NYSE: WRD) announced
today that it has recently executed and closed two separate
definitive purchase and sale agreements to acquire a combined
20,305 net acres in the Eagle Ford, Austin Chalk, and other
intervals with approximately 39 Boe/d of net production across
Burleson, Brazos, Lee, and Washington Counties, TX.
In addition, WRD has also leased 10,700 net acres in the Eagle
Ford and Austin Chalk year to date, net of lease expirations. After
giving effect to the leasing activities and the two acquisitions
discussed above, WRD has acquired approximately 31,005 net acres in
2018 for approximately $43.0 million and currently owns over
418,000 net acres in the Eagle Ford. Of the total consideration,
approximately $7.6 million has been recognized on WRD’s first and
second quarter 2018 financial statements.
“The announced acquisitions are an excellent fit with our
existing position. With the bolt-on of another 31,005 net acres, we
continue to fill in our acreage position and increase our working
interest and operational control across the field,” said Jay
Graham, Chairman and Chief Executive Officer of WRD. “Our status as
the largest player in the region allows us to acquire acreage at
extremely attractive valuations. We are committed to solely
consolidating the Northeast Eagle Ford and will continue to
prudently add similar acreage where it makes economic sense and
adds value to our shareholders.”
WRD also announced today that members of WRD’s management team
intend to participate in the following upcoming investment
conferences:
- Johnson Rice 2018 Energy Conference on
September 24 – 26, 2018 (New Orleans, LA)
- Bank of Montreal Energy Conference on
October 2 - 3, 2018 (Pinehurst, NC)
- Raymond James Austin Energy Conference
on October 12, 2018 (Austin, TX)
About WildHorse Resource Development Corporation
WildHorse Resource Development Corporation is an independent oil
and natural gas company focused on the acquisition, exploration,
development and production of oil, natural gas and NGL properties
primarily in the Eagle Ford Shale and Austin Chalk in East Texas.
For more information, please visit our website at
www.wildhorserd.com.
Cautionary Statements and Additional Disclosures
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements can be identified by words such
as “anticipates,” “intends,” “will,” “plans,” “seeks,” “believes,”
“estimates,” “could,” “expects” and similar references to future
periods. Such forward-looking statements are subject to a number of
risks and uncertainties, many of which are beyond WRD’s control.
All statements, other than historical facts included in this press
release, that address activities, events or developments that WRD
expects or anticipates will or may occur in the future, including
such things as WRD’s future capital expenditures (including the
amount and nature thereof), business strategy and measures to
implement strategy, future drilling locations and inventory,
competitive strengths, goals, expansion and growth of WRD’s
business and operations, plans, successful consummation and
integration of acquisitions and other transactions, market
conditions, references to future success, references to intentions
as to future matters and other such matters are forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. Although WRD believes that the plans,
intentions and expectations reflected in or suggested by the
forward-looking statements are reasonable, there is no assurance
that these plans, intentions or expectations will be achieved.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecast in such statements.
WRD cautions you that these forward-looking statements are
subject to risks and uncertainties, most of which are difficult to
predict and many of which are beyond WRD’s control, incident to the
exploration for and development, production, gathering and sale of
natural gas and oil. These risks include, but are not limited to:
commodity price volatility; inflation; lack of availability of
drilling and production equipment and services; environmental
risks; drilling and other operating risks; regulatory changes; the
uncertainty inherent in estimating natural gas and oil reserves and
in projecting future rates of production, cash flow and access to
capital; and the timing of development expenditures. Information
concerning these and other factors can be found in WRD’s filings
with the SEC, including its Forms 10-K, 10-Q and 8-K. Consequently,
all of the forward-looking statements made in this press release
are qualified by these cautionary statements and there can be no
assurances that the actual results or developments anticipated by
WRD will be realized, or even if realized, that they will have the
expected consequences to or effects on WRD, its business or
operations. WRD has no intention, and disclaims any obligation, to
update or revise any forward-looking statements, whether as a
result of new information, future results or otherwise.
Some of the above results are preliminary. Such preliminary
results are based on the most current information available to
management. As a result, WRD’s final results may vary from these
preliminary estimates. Such variances may be material; accordingly,
you should not place undue reliance on these preliminary
estimates.
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version on businesswire.com: https://www.businesswire.com/news/home/20180920005939/en/
WildHorse Resource Development CorporationPearce Hammond, CFA,
(713) 255-7094Vice President, Investor Relations &
Treasurerphammond@wildhorserd.comorVedran Vuk, (713)
255-6962Director, Investor Relationsvvuk@wildhorserd.com
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