Lonestar Resources announces record Eagle Ford Shale production for the third quarter of 2015.
Related: Shale Industry Shake-Up
In a press release this week, Lonestar Resources reported a net production for the third quarter of 2015 averaging 6,500 BOE per day, which represents a 39% increase over prior year results and a 12% increase over second quarter 2015 results.
Lonestar has focused much of its resources on 34,360 acres in the Eagle Ford Shale. These operations are breaking production records for the company, including approximately 48% year‐over‐year in the third quarter of 2015, and 15% sequentially over 2Q15 results.
While heralding this great news, Lonestar executives are careful to point out that expenditures reflect the company's commitment to a disciplined approach.
“Lonestar’s continued growth in this difficult environment is confirmation that our team is executing at a high level, bringing wells onstream within budget and at production rates that exceed our forecast. Moreover, this growth is being achieved with capital discipline and balance sheet management, which is critical in the current macro backdrop.”
In July, Lonestar agreed to a joint development agreement (JDA) with Dallas’ IOG Capital LP. which will add an $100 million for its Eagle Ford drilling efforts fund and develop additional farm-in opportunities such as Horned Frog, a 3,614-acre leasehold recently acquired in La Salle County, Texas.
Read more at lonestarresources.com