Alta Mesa Resources, Inc. (NASDAQ: AMR, “Alta Mesa
Resources”, or “Company”) today provided preliminary third quarter
2018 production and volume results for its wholly owned
subsidiaries, Alta Mesa Holdings, LP (“Alta Mesa Upstream”) and
Kingfisher Midstream, LLC (“Kingfisher Midstream”). A conference
call to discuss the full results of the third quarter 2018, is
scheduled for November 13th at 4 p.m. Central time (888-347-8149).
Alta Mesa UpstreamTotal Alta Mesa Upstream
production for the third quarter of 2018 was 3,077 MMBOE, an
average of 33,400 BOE per day, up over 30% from the second quarter
of 2018. September production averaged 36,800 BOE per day, an 80%
increase from the 2017 exit rate. Alta Mesa Resources is
reaffirming its previously published full-year 2018 production
guidance of 29,000 to 31,000 BOE per day and its 2018 exit
production guidance of 38,000 to 40,000 BOE per
day.
Q3-2018
Production |
Total |
Per Day |
Change vs Q2 |
Oil |
1,539 MBbl |
16,700 Bbl |
37% |
NGL |
685 MBbl |
7,400 Bbl |
24% |
Gas |
5,116 MMcf |
55,600 MMcf |
30% |
Total |
3,077
MBOE |
33,400
BOE |
32% |
|
|
|
|
In the third quarter, Alta Mesa Upstream had
eight rigs and four frac crews working to drill 46 wells and bring
53 wells onto production. Two of the wells brought on
production were funded under the joint development agreement with
BCE-STACK Development LLC.
In October, Alta Mesa Upstream closed the
previously announced letter agreement for undivided ownership and
operatorship of approximately 16,000 net acres with a private
leasehold owner in Major County. In connection with the
transaction, the private leasehold owner concurrently dedicated its
gas, crude oil and produced water in portions of Major and
surrounding counties, which currently includes approximately 10,600
net acres. To support the delineation of the expanded Major County
footprint a ninth rig was added at the beginning of October. This
rig is expected to continue to work through a series of wells in
Major County over the coming quarters.
Kingfisher MidstreamKingfisher Midstream’s inlet
gas volumes for the third quarter of 2018 was 10,697 MMcf, an
average of 116 MMcf per day, up over 20% from the second quarter of
2018. Alta Mesa Resources will re-issue Kingfisher Midstream 2018
guidance in conjunction with the 3Q-2018 Earnings Release.
Q3-2018 Inlet Gas
Volumes |
Total |
Per Day |
Change vs Q2 |
Alta Mesa Upstream |
8,377 MMcf |
91 MMcf |
28% |
Third Party |
2,320 MMcf |
25 MMcf |
8% |
Total |
10,697
MMcf |
116
MMcf |
23% |
|
|
|
|
Q3-2018 Crude Oil
Volumes |
Total |
Per Day |
Change vs Q2 |
Crude Oil Volumes |
671 MBbls |
7,293 Bbls |
71% |
|
|
|
|
3Q-2018 Earnings Call DetailsThird quarter 2018
earnings will be released on Tuesday, November 13th, 2018, after
the stock market closes. Alta Mesa Resources invites you to listen
to its conference call to discuss these results on that date at
4:00 p.m. Central time. If you wish to participate in this
conference call, dial 888-347-8149 (toll free in US/Canada) or
412-902-4228. A webcast of the call and any related materials will
be available on Alta Mesa Resources’ website at
http://altamesaresources.irpass.com/. Additionally, a replay of the
conference call will be available for one week following the live
broadcast by dialing 844-512-2921 (toll free in US/Canada) or
412-317-6671 (International calls), and referencing Conference ID #
10125708.
Alta Mesa Resources, Inc., is an independent
energy company focused on the development and acquisition of
unconventional oil and natural gas reserves in the Anadarko Basin
in Oklahoma, and through Kingfisher Midstream, LLC, provides
best-in-class midstream energy services, including crude oil and
gas gathering, processing and marketing to producers in the STACK
play. Alta Mesa Resources, Inc. is headquartered in Houston,
Texas.
Safe Harbor Statement and
DisclaimerThis press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical fact, regarding Alta Mesa Resources’ strategy, future
operations, financial position, estimated revenues and losses,
projected costs, prospects, plans and objectives of management are
forward-looking statements. When used in this press release, the
words “could”, “should”, “will”, “play”, “believe”, “anticipate”,
“intend”, “estimate”, “expect”, “project” and similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain such identifying words.
These forward-looking statements are based on Alta Mesa Resources’
current expectations and assumptions about future events and are
based on currently available information as to the outcome and
timing of future events. Forward-looking statements may include
statements about Alta Mesa Resources’: business strategy; financial
strategy; future oil and natural gas prices; timing and amount of
future production of oil and natural gas; future drilling plans;
production guidance; and plans, objectives, expectations and
intentions contained in this press release that are not historical.
Alta Mesa Resources cautions you that these forward-looking
statements are subject to all of the risks and uncertainties, most
of which are difficult to predict and many of which are beyond its
control, incident to the exploration for and development and
production of oil and natural gas. These risks include, but are not
limited to, commodity price volatility, low prices for oil and/or
natural gas, global economic conditions, inflation, increased
operating cost, lack of availability of drilling and production
equipment and services, environmental risks, weather risks,
drilling and other operating risks, regulatory changes, the
uncertainty inherent in estimating oil and natural gas reserves and
in projecting future rates of production, cash flow and access to
capital, the timing of development expenditures, and other risks.
Information concerning these and other factors can be found in Alta
Mesa Resources' filings with the SEC, including its Forms 10-K,
10-Q and 8-K, which can be obtained free of charge on the SEC's web
site at http://www.sec.gov. Should one or more of the risks or
uncertainties described in this press release occur, or should
underlying assumptions prove incorrect, Alta Mesa Resources’ actual
results and plans could differ materially from those expressed in
any forward-looking statements. All forward-looking statements,
expressed or implied, included in this press release are expressly
qualified in their entirety by this cautionary statement. This
cautionary statement should also be considered in connection with
any subsequent written or oral forward-looking statements that we
may issue. Except as otherwise required by applicable law, Alta
Mesa Resources disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
of this press release.
FOR MORE INFORMATION CONTACT:
Lance L. Weaver (281) 943-5597 lweaver@altamesa.net
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