Sanchez Energy Corporation provided an update on its 2014 capital plan and a summary of its 2014 guidance.
◾ 2014 capital plan of approximately $650 to $700 million, allocated roughly 95% to the drilling and completing of approximately 70 net wells with the remainder allocated to facilities, leasing and seismic. Approximately 90% of the estimated drilling and completion capital is allocated to our ongoing development of the Eagle Ford Shale.
◾ Estimated 2014 average production rate range of 21,000 to 23,000 BOE/D which represents over 100% growth compared to 2013 through the continuation and expansion of development drilling across our Eagle Ford asset base with a production stream that is approximately 75% oil, 11% NGL's and 14% natural gas.
◾ 2014 capital plan is expected to be fully funded from a combination of internally generated cash flow, cash on hand and modest borrowings under our credit facility.