Lonestar Resources Us Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended on March 31, 2017; Provides Operational Update for the First Quarter Ended on March 31, 2017; Commences an Active Drilling and Completion Program for 2017; Provides Production Guidance for the Year 2017
The company also provided operational update for the first quarter ended on March 31, 2017. For the period, the company reported a 15% sequential increase in net oil and gas production. Net oil and gas production averaged 5,266 Boe/d in the first quarter of 2017 compared to 4,560 Boe/d during three months ended December 31, 2016. Production growth was the result of the completion of new Eagle Ford Shale wells. The production volumes consisted of 3,250 barrels of oil per day (62%), 927 barrels of NGLs per day (17%), and 6,528 Mcf of natural gas per day (21%). The Company's production mix for the period was 79% liquid hydrocarbons. While production volumes increased 15%, crude oil production increased 32% sequentially, which increased the company's crude oil mix from 54% in fourth quarter of 2016 to 62% in first quarter of 2017, improving the profitability of company's production. Company has commenced an active drilling and completion program for 2017. After having completed only 5.0 gross /3.8 net wells in the first half of 2016, company plans to drill 12 net wells during 2017. With the 2017 program underway, production has regained upward momentum, with a 15% sequential improvement in period.
The company also commenced an active drilling and completion program for 2017. After having completed only 5.0 gross /3.8 net wells in the first half of 2016, company plans to drill 12 net wells during 2017. With the 2017 program underway, production has regained upward momentum, with a 15% sequential improvement in period.
For the year 2017, the company expects to grow production at an accelerated rate during the remainder of 2017 as completion activity accelerates into the second half of 2017.