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Eclipse Grows Production +10% from 2Q18; Touts First Utica 'Flat Castle' Completion
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Eclipse Resources reported its Q3 2018 results.
Highlights:
- Average net daily production was 346.4 MMcfe/d, up +10% from 2Q18 and down -2% YOY
- Achieved record revenue of $130.1 million, a 42% increase over the third quarter of 2017
- The Company commenced drilling 5 gross (2.2 net) operated wells, commenced completions of 8 gross (3.5 net) operated wells and turned to sales 13 gross (6.8 net) operated Utica Shale wells
- Recently signed a deal to acquire Blue Ridge Mountain Resources (click here to access the deal in Shale Experts' M&A Database)
First Utica 'Flat Castle' Well Ahead of Expectations
The Company turned to sales its first Utica Shale well in its "Flat Castle" project area in northern Pennsylvania, with a completed lateral length of approximately 13,800 feet.
After cleaning up the well has consistently produced at the Company's target rate of approximately 32 MMcf per day and appears to be performing ahead of the Company's expectations over the first 35 days of production.
Benjamin W. Hulburt, Chairman, President and CEO, noted: "We are very excited about the strong initial production results achieved in our first Utica Shale well in our 'Flat Castle' project area in northern Pennsylvania. After initial cleanup the well's production quickly achieved our target rate of approximately 32 MMcf per day which was expected to continue for an initial flat period of 30 days. The well's production continued at this level after reaching the 30 day period which is encouraging to us and we will be continuing to monitor this well's performance closely."
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