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Roan Adds Eighth Rig, Improves Drill Times; Touts 103% Jump in Output in YOY at 46.5 MBOEPD

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   |    Monday,December 10,2018

Roan Resources reported its Q3 2018 results.

Adds Eighth Rig; Touts IP90 Rates, Improved Drill Times

- 27 gross operated wells were drilled with the addition of the eighth rig and 26 gross operated wells were brought to first sales during the quarter

• 23 gross operated wells selected, drilled and completed by Roan have at least 90 days of production, average 90-day peak production rate of 1,560 Boe/d (35% oil, 67% total liquids), normalized to 10,000-foot lateral; better targeting efforts yield tighter distribution and improvement in production rates

Of the 58 gross wells turned online through third quarter of 2018, 29 wells targeted the Mayes formation and 29 wells targeted the Woodford formation. 40 of the 58 gross wells developed by Roan and its predecessors turned online in 2018 have had at least 90 days of production with an average 90-day peak production rate of 1,428 Boe/d (32% oil, 65% total liquids) normalized to a 10,000-foot lateral, with an average lateral length of 7,500-feet.

Included in the 58 gross wells are 23 gross operated wells that were selected, drilled and completed by Roan with at least 90 days of production. The average 90-day peak production rate for these 23 wells is 1,560 Boe/d (35% oil, 67% total liquids) normalized to a 10,000-foot lateral, with an average lateral length of 7,685-feet. These 23 wells are outperforming over 230 industry wells in the Merge on average by 27%, based on cumulative production at 90 days, which equates to approximately $1 million in additional gross revenue per well based on $60 WTI.

Touts +103% YOY Production Increase

- Reorganization process closed to form publicly traded Roan Resources, Inc.

• Roan uplisted to the New York Stock Exchange on November 9, 2018

- Total production increased 30% to 46.5 MBoe/d - up +103% YOY and up +29% from 2Q18

• Liquids production increased 35%, quarter-over-quarter