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 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