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Friday, March 30, 2018

Eclipse Resources Provides Operations Update and Announces Financial Review Initiative

From an Eclipse Resources press release:
“Additionally, the Company has continued to showcase its operational capabilities, successfully drilling its longest Dry Gas lateral to date, the Wiley D 8H, with a total measured depth of approximately 30,130 feet and a lateral extension of approximately 19,335 feet. This well was drilled from spud to total depth in 20.5 days and set a new Utica Dry Gas lateral length record for the Company. Our team has also now spud the Company’s first Flat Castle area well, which will include a number of scientific and data mining technical applications to allow us to further study the potential of this new area. We anticipate turning this well to sales late in the third quarter of 2018.” 
“I am pleased to note that, based upon recent State of Ohio cumulative production data, Eclipse Resources had eight of the top ten oil producing wells during the fourth quarter of 2017. We believe this data further confirms the Company’s competitive advantage over other Appalachian producers primarily due to our Super Lateral development capabilities. We remain highly confident in our total production forecast for the first quarter of 2018, despite the harsh winter operating environment we have experienced in the Appalachian Basin.”
From another press release:
Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse Resources”) announced today that its Board of Directors (the “Board”) has initiated a process to evaluate and consider a full range of potential strategic, operational and financial alternatives to maximize shareholder value. Eclipse Resources has retained Jefferies LLC as its financial advisor and Norton Rose Fulbright US LLP as its legal counsel to assist with the process. 
Commenting on the announcement, Benjamin W. Hulburt, Chairman, President and Chief Executive Officer, said, "Our management team and Board have always been focused on maximizing long-term shareholder value. We will review all alternatives available to Eclipse Resources and will take all steps necessary to evaluate our opportunities and achieve the best strategy for our shareholders, partners and employees. 
“Despite the challenging environment facing our industry over the last several years, our Company has made significant progress in increasing the scale of our assets, improving well performance, decreasing operational costs and increasing asset level returns. We have developed an industry leading drilling capability that we believe would benefit greatly from increased scale and acceleration, while at the same time reducing the company’s general and administrative costs and interest expense on a per unit of production basis. We are proud of what we have accomplished and believe now is an appropriate time to explore alternatives to continue increasing shareholder value.”

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