Recent Production Surpasses 22,000 BOEPD
HOUSTON, Sept. 19, 2019 (GLOBE NEWSWIRE) — Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ: ROSE, ROSEW, ROSEU) today provided an operational update for recent activity as well as expected production for the quarter ending September 30, 2019.
- Placed onto production nine wells in the Northern Delaware area and four wells in the Southern Delaware area to date in the quarter
- Average net production for September to date of over 22,000 barrels of oil equivalent per day (“BOEPD”)
- Currently expect average net production for third quarter 2019 to be between 20,000 and 21,000 BOEPD, an increase of approximately 8% over the second quarter of 2019 based on the midpoint of the range
- Resumed drilling operations in September on a two-well pad in the Northern Delaware area targeting the Wolfcamp B formation and expect to drill two wells in the Southern Delaware in early October
David French, Rosehill’s President and Chief Executive Officer, commented, “We are very pleased to provide an update on our expected third quarter activity and the resulting estimated growth over second quarter. As we previously indicated, the third quarter is a meaningful inflection point for our production trajectory given the number of wells completed in our Northern Delaware area as well as contribution from completion work in the Southern Delaware area that carried into the quarter. Most of the Northern Delaware wells were placed online in late August and early September, providing momentum into the remainder of 2019 and supplemented by our planned fourth quarter drilling and completion activity. Our fall borrowing base redetermination is currently underway, and we expect the contribution from this along with our drilling activities to meaningfully improve our liquidity over the remainder of the year. We look forward to providing additional results with our third quarter earnings announcement.”
About Rosehill Resources Inc.
Rosehill Resources Inc. is an independent oil and gas exploration company with assets positioned in the Delaware Basin portion of the Permian Basin. The Company’s strategy includes the focused development of its multi-bench assets in the Northern Delaware Basin and the Southern Delaware Basin, as well as adding economic drilling inventory to support future growth.
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. All statements, other than statements of historical fact included in this communication, regarding Rosehill’s opportunities in the Delaware Basin, including inventory potential within the Wolfcamp B interval, production volumes, borrowing base redetermination, wells brought into production, strategy, future operations, expected drilling and completions activity, financial position, estimated results of operations, future earnings, future capital spending plans, expected gains from settling derivatives, prospects, plans and objectives of management are forward-looking statements. When used in this communication, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “guidance,” “forecast” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.
You should not place undue reliance on these forward-looking statements. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements in this communication are reasonable, no assurance can be given that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied by the forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to, the Company’s ability to realize the anticipated benefits of its drilling and completion activities, commodity price volatility, inflation, lack of availability of drilling and completion equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and natural gas reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures and the other risks and uncertainties discussed under the section titled “Risk Factors” in the Company’s Form 10-K, and in other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this communication. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this communication.
|Senior Vice President and Chief Financial Officer|
|Director of Investor Relations|