Rosehill Resources Announces Recent Production Increase to Over 20,000 Net BOE Per Day
HOUSTON, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ: ROSE, ROSEW, ROSEU) announced the Company’s net daily production exceeded 20,000 barrels of oil equivalent (“BOE”) in early September. This production level was achieved based on strong performance from wells recently placed online on the Weber lease in Loving County, Texas along with contributions from Lea County, New Mexico and the Company’s Southern Delaware operating area. Rosehill continues to demonstrate and expect strong production growth in 2018 and beyond from the Company’s prolific acreage in the Delaware Basin.
In the Southern Delaware operating area, the Company is in the flowback period for its first wells and expects to report initial results in the fourth quarter of 2018 once an appropriate amount of data is obtained and the necessary infrastructure is in place.
Gary Hanna, Chairman of the Board, Interim President and Chief Executive Officer, commented, “We are very pleased to have surpassed this important production milestone. Since the business combination that resulted in Rosehill’s formation, we have grown production over 400% on a net BOE basis, compared to the average production in 2016. The results of the wells on our Weber lease in Loving County helped drive a significant increase to our production in late August and early September. As we enter the fourth quarter of 2018, we fully expect to finish the year strong by executing on the remaining steps of our operating plan.”
About Rosehill Resources Inc.
Rosehill Resources Inc. is an oil and gas exploration company with producing assets in Texas and New Mexico with its investment activity focused in the Delaware Basin portion of the Permian Basin. The Company’s strategy for growth includes the organic development of its two core acreage areas in the Northern Delaware Basin and the Southern Delaware Basin, as well as focused acquisitions in the Delaware Basin.
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. All statements, other than statements of historical fact included in this communication, regarding Rosehill’s opportunities in the Delaware Basin, strategy, future operations, financial position, estimated results of operations, future earnings, future capital spending plans, prospects, plans and objectives of management are forward-looking statements. When used in this communication, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “guidance,” “forecast” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.
You should not place undue reliance on these forward-looking statements. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements in this communication are reasonable, no assurance can be given that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied by the forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to, its ability to realize the anticipated benefits of the White Wolf Acquisition, commodity price volatility, inflation, lack of availability of drilling and completion equipment and services, environmental 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 the other risks and uncertainties discussed under Risk Factors in the Company’s Form 10-K, filed with the SEC on April 17, 2018, and in other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this communication. Except as otherwise required by applicable law, the Company 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 communication.
|Gary C. Hanna||Craig Owen|
|Chairman of the Board,
Interim President and Chief Executive Officer
|Chief Financial Officer
Senior Manager, Finance and Investor Relations
Released September 18, 2018