Lonestar Gains Cash for Eagle Ford Development

Lonestar Reports 2016 Q3

Lonestar Reports 2016 Q3

Lonestar Resources U.S., Inc. plans to use funds from the $16.2 million sale of non conventional resources to fund Eagle Ford development and to improve the Company’s operating cost structure

Related: Lonestar Resources Focused on Eagle Ford Shale

Lonestar announced a net loss of $11.3 million for  the third quarter of 2016 while reducing lease operating expenses by 6%. During the quarter, the Company focused primarily on balance sheet improvements, which they see as crucia to their future growth.

The good news is that we’ve got a phenomenal team and we’ve while undertaken curtailed activity, we’ve really made that activity count in terms of, I think becoming an industry leader in the way we think about cost effective production in the Eagle Ford.
— CEO, Frank D. Bracken III

The company Lonestar Resources U.S., Inc. plans to use funds from the $16.2 million sale of non conventional resources to fund Eagle Ford development and to improve the Company’s operating cost structure.

Eagle Ford highlights for Q3 include:

  • Completed no new Eagle Ford Shale wells
  • 8% decrease in Eagle Ford Shale production
  • Volumes of 5,921 Boe/d consisted of 3,175 barrels of oil per day, 1,238 barrels of NGLs per day, and 9,041 Mcf of natural gas per day
  • Lonestar executed a lease swap agreement (Burns Ranch) with another operator and consolidated Lonestar’s leasehold position so that we can now drill at our own discretion
  • In central Brazos County, Lonestar has permitted two 8,000‐foot laterals with the Texas Railroad Commission and was granted operations permits with the City of College Station
  • In august, Lonestar joined with Lucas Energy to devleop over 1,450 gross acres in the Eagle Ford

Read more at lonestarresources.com