Current ECR Stock Info

Super laterals made the difference: Eclipse had eight of Q4 2017’s top ten producing wells in Ohio – Hulburt

Eclipse Resources Corporation (ticker: ECR) successfully drilled its longest Utica Dry Gas well to date. The Wiley D 8H had a total measured depth of approximately 30,130-feet and a lateral extension of approximately 19,335-feet in 20.5 days from spud to total depth, setting a new lateral length record for a dry gas well for the company.

The company recently spud its first Flat Castle operated well, the Painter 2H, with an expected lateral length of approximately 13,500-feet in the company’s newly acquired Flat Castle acreage located in Tioga County, Pennsylvania.

Eclipse has reaffirmed its Q1 2018 production guidance of 304 to 311 MMcfe/d, with the expectation that production will be above the midpoint.

Chairman, President and CEO Benjamin W. Hulburt said, “The company’s two Marcellus wells, which were turned to sales in January 2018, have shown strong initial production characteristics with the early well performance providing higher gas production with an initial gas production rate average of 6.7 MMcf per day, while yielding approximately 68 barrels of condensate per MMcf. We have made upward adjustments to our internal gas EUR estimates to over 1.25 Bcf per 1,000 foot as we have been able to flow the wells harder than we planned, while pressure drop has slowed over that same time period.

“Based upon this out-performance we have seen from these two wells, the company has increased its Marcellus condensate type curve expectation to 1.8 Bcfe per 1,000 foot of lateral. These results exceed our anticipated expectations and help de-risk this set of high returning, liquids weighted locations, and we remain excited for the prospect of this area becoming a more meaningful part of our drilling program in the future, as we can now co-develop both the Utica and Marcellus on the same pad.

“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.

Eclipse had eight of Q4 2017’s top ten producing wells in Ohio: Hulburt

“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,” Hulburt concluded.

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