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Monday, August 17, 2015

Eclipse Resources Reports 2nd Quarter 2015 Results

From an Eclipse Resources press release:
For the second quarter of 2015, as previously announced, net production averaged 198.6 MMcfe/d. This level of production represents a 374% increase relative to average daily net production for the first quarter of 2014 and sequential quarterly growth of 24% over average daily net production for the first quarter of 2015. The second quarter of 2015 production consisted of approximately 57% natural gas, 23% natural gas liquids and 20% oil. 
During the second quarter of 2015 Eclipse Resources commenced drilling 4 gross (3.9 net) operated Utica Shale wells, completed 7 gross (5.9 net) operated wells, and turned-to-sales 3 gross (3.0 net) operated wells. Included in those completed wells was the three well Sawyers pad, Eclipse Resources’ first dry gas spacing test with inter-lateral spacing of approximately 700 feet. These wells were turned to sales at the end of the second quarter of 2015 and the Company has been conducting various flow and pressure tests in order to begin assessing whether this spacing will be a value enhancing method of drilling the Company’s Dry Gas type curve area. To the extent this test is successful, the down spacing would result in an increase in our total dry gas Utica Shale area locations by approximately 20%. 
Additionally, Eclipse Resources participated in the drilling of 4 gross (0.4 net) non-operated wells, the completion of 8 gross (1.6 net) non-operated wells and had 16 gross (3.3 net) non-operated wells turned to sales during the second quarter of 2015. 
Commenting on the operating results, Benjamin W. Hulburt, Eclipses Resources Chairman, President and CEO, said, “During the second quarter, we were able to continue to set new milestones in our drilling and completions. In eastern Monroe country, we were able to drill our longest lateral to date in the Dry Gas area of 10,200 feet in just seventeen days and increase our average drilling footage per day by approximately 7%. At the same time, we were able to decrease our average drilling cost per foot by 18% and our average completions cost per stage by 36% compared to completion costs for the first quarter of 2015. As Eclipse Resources continues to consistently grow its production profile, these cost savings become a crucial component in providing investors with highly economic wells in a challenging commodity price environment.”
Click here to read the whole release.

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