Lonestar’s production climbed in the second quarter with Eagle Ford operations leading the way.
In spite of a net loss of $12.8 million for the second quarter of 2016, Lonestar Resources registered a 13% increase in net oil and gas production to 6,573 Boe/d, compared to 5,804 Boe/d in the second quarter of 2015.
Other second quarter highlights include:
- Placed two new Eagle Ford shale wells on stream during May of the quarter
- Crude oil production rose 17% sequentially in the second quarter as Lonestar’s 2016 completions have all been in the crude oil window.
- Net loss of $12.8 million for 2Q16 versus a net loss of $8.4 million in 2Q15
- Adjusted EBITDAX was $16.0 million compared to $22.0 million for 2Q15
In July Lonestar delisted from the Australian Stock Exchange and commenced trading on the NASDAQ Global Market under the symbol, “LONE”. This is a major step as the company moves closer to moving its parent company from Australia to the United States as a Delaware corporation.