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Lonestar Resources has detailed its estimated production rates for Q2 2019, which have come in above expectations.
Lonestar previously estimated a range of 12,400 to 12,800 Boe/d, which represents a 12% increase over first quarter 2019 levels at its midpoint. .
With the second quarter of 2019 complete, Lonestar is issuing estimated 2Q19 average daily production rates of 13,500 Boe/d, which consists of 7,700 Bbl/d or crude oil, 2,850 Bbl/d of NGL's and 17,700 Mcf/d of natural gas.
This result represents a 19% sequential increase in crude oil production and a 20% sequential increase in total equivalent production.
The outperformance to the Company's guidance is principally a function of the fact that the wells it has placed onstream in Karnes County, Horned Frog, and Horned Frog NW are outperforming their third-party type curves, which are the basis for Lonestar's guidance. Further, Lonestar has consistently finished drilling, completion and flowback operations ahead of schedule, which also contributes to the Company's ability to exceed the high end of guidance.
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