Eclipse Resources Announces Management Changes, Operational Update and Upcoming Conference Participation
Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse
Resources”) today announced two organizational changes to the senior
management team which it has implemented as part of its plan to
accelerate its growth. These changes will help Eclipse Resources to
continue to deliver top-tier performance and heightened efficiencies
across the organization, while allowing the Company to add additional
emphasis on expanding its asset base.
These organizational changes have taken effect as of January 1, 2017 and
as part of these changes the following senior management team members
have assumed new responsibilities:
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Tom Liberatore, Executive Vice President and Chief Operating Officer,
has assumed the new role as Executive Vice President, Corporate
Development and Geosciences. In his new role , Mr. Liberatore will be
spearheading the Company’s business development, including acquisition
and divestiture efforts, as the Company looks to capitalize on
opportunities during the cyclical downturn in the energy sector, as
well as continuing to overseeing the Company’s reservoir engineering,
geology and petro physical departments.
-
Oleg Tolmachev, Senior Vice President of Drilling and Completions has
been appointed Executive Vice President and Chief Operating Officer.
Mr. Tolmachev has assumed the full time responsibility over the
Company’s operations of the Utica and Marcellus shale properties while
maintaining continued oversight of the Company’s drilling and
completion operations.
In addition, the Company has recently turned to sales all five wells on
the Company’s “Holiday” pad, located on the Company’s Utica Shale dry
gas window acreage in eastern Monroe County, Ohio. These wells are the
first Utica Shale dry gas wells to utilize the Company’s “Gen-3”
completion design which has shown very promising results in all wells
Eclipse has completed to date using this new design.
Commenting on the management changes and operational activity, Benjamin
W. Hulburt, Eclipse Resources Chairman, President and CEO, said the
following, “As we move into the coming year, we are planning to
accelerate our growth, both through the drill bit and through accretive
acquisition opportunities as they arise. Eclipse Resources has
demonstrated an industry leading operational proficiency in the Utica
Shale, setting records on lateral lengths, well costs, completion
designs and efficiency. The organizational changes we have made will not
disrupt that capability which we plan to continue to demonstrate this
year with some exciting new operational milestones we plan to undertake
in our drilling program. With these management changes, the Company has
placed an increased emphasis on its desire to grow both through the
drill bit and through accretive acquisitions opportunities.
“The Company’s Holiday pad, which contains 5 gross (5 net) wells with an
average lateral length of approximately 10,700 feet, has recently turned
to sales using the Company’s pressure management production method at
approximately 20 MMcf per day per well with starting pressures of
approximately 7,500 pounds. These wells are the first dry gas wells in
the Company’s portfolio to utilize the Gen-3 completion design and were
completed with average stage spacing of 180 feet and proppant loading
ranging from 2,600 to 3,000 pounds per foot. Due to our operational
efficiency, we estimate we drilled and completed these wells at an
average total well cost of approximately $1019 per lateral foot which is
in line with our 'type well' cost estimates that assume 50% less
proppant. Although still very early in the life of these exciting wells,
they appear to be exhibiting the same positive results we’ve seen in the
Gen-3 wells we’ve completed in the condensate window of our acreage.”
Conference Participation
Benjamin W. Hulburt (Chairman, President and CEO) and Matthew R. DeNezza
(Executive Vice President and CFO) will participate and host one-on-one
meetings during the Goldman Sachs Global Energy Conference in Orlando,
Florida from January 4, 2017 through January 6, 2017.
About Eclipse Resources
Eclipse Resources is an independent exploration and production company
engaged in the acquisition and development of oil and natural gas
properties in the Appalachian Basin, including the Utica and Marcellus
Shales. For more information, please visit the Company’s website at www.eclipseresources.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements, other than
statements of historical fact included in this press release, regarding
Eclipse Resources’ strategy, future operations, financial position,
estimated revenues and income/losses, projected costs and capital
expenditures, prospects, plans and objectives of management are
forward-looking statements. When used in this press release, the words
“plan,” “endeavor,” “will,” “would,” “could,” “believe,” “anticipate,”
“intend,” “estimate,” “expect,” “project” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on Eclipse Resources’ current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of future
events. When considering forward-looking statements, you should keep in
mind the risk factors and other cautionary statements described under
the heading “Risk Factors” in Eclipse Resources’ Annual Report on Form
10-K filed with the Securities Exchange Commission on March 4, 2016 (the
“2015 Annual Report”), and in “Item 1A. Risk Factors” of Eclipse
Resources’ Quarterly Reports on Form 10-Q.
Forward-looking statements may include statements about Eclipse
Resources’ business strategy; reserves; general economic conditions;
financial strategy, liquidity and capital required for developing its
properties and timing related thereto; realized natural gas, NGLs and
oil prices; timing and amount of future production of natural gas, NGLs
and oil; its hedging strategy and results; future drilling plans;
competition and government regulations, including those related to
hydraulic fracturing; the anticipated benefits under its commercial
agreements; pending legal matters relating to its leases; marketing of
natural gas, NGLs and oil; leasehold and business acquisitions; the
costs, terms and availability of gathering, processing, fractionation
and other midstream services; general economic conditions; credit
markets; uncertainty regarding its future operating results, including
initial production rates and liquid yields in its type curve areas; and
plans, objectives, expectations and intentions contained in this press
release that are not historical.
Eclipse Resources cautions you that these forward-looking statements
are subject to all of the risks and uncertainties, most of which are
difficult to predict and many of which are beyond its control, incident
to the exploration for and development, production, gathering and sale
of natural gas, NGLs and oil. These risks include, but are not limited
to; legal and environmental risks, drilling and other operating risks,
regulatory changes, commodity price volatility and the recent
significant decline of the price of natural gas, NGLs, and oil,
inflation, lack of availability of drilling, production and processing
equipment and services, counterparty credit risk, the uncertainty
inherent in estimating natural gas, NGLs and oil reserves and in
projecting future rates of production, cash flow and access to capital,
the timing of development expenditures, and the other risks described
under the heading “Risk Factors” in the 2015 Annual Report and in “Item
1A. Risk Factors” of Eclipse Resources’ Quarterly Reports on Form 10-Q.
All forward-looking statements, expressed or implied, included in
this press release are expressly qualified in their entirety by this
cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that Eclipse Resources or persons acting on
the Company’s behalf may issue.
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