Eclipse Resources Corporation provided an update to its 2015 Capital Budget, its first quarter 2015 estimated production and additional guidance on its operations in 2015.
Highlights of the announcement included:
•Eclipse Resources estimates that first quarter 2015 production averaged approximately 160 MMcfe per day, a 316% increase relative to the first quarter of 2014 and a 29% sequential increase over fourth quarter 2014 production
•For the full year 2015, Eclipse Resources expects production to be between 180 MMcfe per day and 190 MMcfe per day representing production growth at the midpoint of this range of 154% over 2014 average daily production
•Eclipse Resources' Board of Directors has approved a capital budget of $352 million for 2015
•Following discussions with various financial partners, Eclipse Resources has made the decision not to pursue a drilling joint venture at this time
Joint Venture Process:
Over the course of the last three months, Eclipse Resources has entered into discussions with several parties to explore the possibility of entering into a drilling joint venture on Eclipse's current acreage position. After completing a thorough review and analysis of the potential options available and receiving numerous proposals, Eclipse Resources does not intend to enter into such an arrangement at this time.