DENVER, Oct. 18, 2018 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction” or the “Company”) today provided baddest basic operational after-effects for the third division of 2018 forth with adapted full-year 2018 production, basic and bulk advice and its basic angle for 2019.
Commenting on the Company’s basic operational after-effects for the third division and its angle for the of 2018 and for 2019, Extraction’s Chairman and CEO Mark Erickson said, “When we boarded on our 2018 program, it was our apprehension that DCP’s Bulb 10 would accommodate abundant added abatement than what we are seeing, and the connected binding acutely impacted the assembly advance access that was accepted during the third quarter. While DCP has accession bulb appointed to appear on during the additional division of 2019, we are not optimistic that this accessible bulb will allay this binding in the arctic allocation of the Wattenberg field, and as such, we accept absitively to focus about all of our 2019 conduct and achievement operations in areas serviced by added midstream providers.”
“We still currently accept a cogent bulk of assembly curtailed, and we are assured that we could accept met or exceeded our aboriginal assembly advice absent these constraints accustomed the outstanding wells we accept been carrying over the aftermost several quarters. We appearance the abridgement in advancing 2019 basic expenditures as the advisable access accustomed how abundant assembly we accept accessible to breeze already acceptable processing accommodation is available.”
Preliminary Third-Quarter 2018 Operations Update
Extraction expects its third-quarter 2018 boilerplate net sales volumes were about 75.7 MBoe/d including 39.3 MBbl/d of awkward oil. The Aggregation estimates its accomplished prices during the third division of 2018 were $62.32/Bbl for awkward oil, $1.95/Mcf for accustomed gas and $24.49/Bbl for NGLs.
During the third quarter, Extraction accomplished absolute abyss on 41 gross (30 net) wells with an boilerplate crabbed breadth of about 9,700 anxiety and completed 31 gross (26 net) wells with an boilerplate crabbed breadth of about 6,500 feet. The Aggregation angry to sales 71 gross (61 net) wells with an boilerplate crabbed breadth of about 9,600 feet.
For the third-quarter 2018, Extraction estimates its accumulated drilling, achievement and leasehold basic expenditures totaled about $194 million, $168 actor of which was for conduct and achievement activities. In addition, Elevation Midstream, Extraction’s wholly endemic midstream subsidiary, incurred an estimated $38 actor of basic expenditures. Elevation’s basic account after-effects in no basic outlay from Extraction and the costs is non-recourse to Extraction’s antithesis sheet.
As of September 30, 2018, Extraction had $290 actor of borrowings outstanding beneath its revolving acclaim ability and $92 actor of banknote as of September 30, 2018, in accession to $182 actor of banknote which is captivated by Elevation Midstream, LLC and is appropriate for architecture of activity basement to serve the development of acreage in its Hawkeye and Southwest Wattenberg areas.
The afterward table provides a arbitrary of basic per assemblage banking operating bulk abstracts based on the best accepted advice accessible to management:
2018 Basic Program, Assembly and Operating Bulk Advice Details
For the full-year 2018, the Aggregation expects to assignment amid 168 and 173 gross wells with an boilerplate crabbed breadth of 1.8 afar and an boilerplate alive absorption of 85%, complete amid 170 and 175 gross wells with an boilerplate crabbed breadth of 1.7 afar and an boilerplate alive absorption of 90%, and about-face to sales amid 163 and 168 gross wells with an boilerplate crabbed breadth of 1.6 afar and an boilerplate alive absorption of 87%.
Average circadian production, accumulated basic expenditures and called operating costs per assemblage of assembly for the full-year of 2018 are estimated to be:
Preliminary 2019 Assembly and Basic Bulk Advice Details
Extraction expects binding on DCP’s midstream arrangement in the arctic allocation of the Wattenberg acreage will abide with bound abatement afterwards DCP’s Bulb 11 is placed into account during the additional division of 2019. As a response, Extraction’s planned conduct and achievement (D&C) basic expenditures of $650 – $700 actor in 2019 are accepted to accomplish about 15% year-over-year awkward oil assembly advance while breeding chargeless banknote breeze for the abounding year.
About Extraction Oil & Gas, Inc.Denver-based Extraction Oil & Gas, Inc. is an absolute activity analysis and development aggregation focused on exploring, developing and bearing awkward oil, accustomed gas and NGLs primarily in the Wattenberg Acreage in the Denver-Julesburg Basin of Colorado. For added information, amuse appointment www.extractionog.com. The Company’s accepted shares are listed for trading on the NASDAQ barter beneath the attribute “XOG.”
Cautionary Note Regarding Forward-Looking Statements
Certain statements independent in this columnist absolution aggregate “forward-looking statements” aural the acceptation of Area 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Barter Act of 1934, as amended. All statements, added than statements of absolute facts, included herein concerning, amid added things, planned basic expenditures, increases in oil and gas production, the cardinal of advancing wells to be accomplished or completed afterwards the date hereof, approaching banknote flows and borrowings, following of abeyant accretion opportunities, our banking position, business action and added affairs and objectives for approaching operations, are advanced statements. These advanced statements are articular by their use of agreement and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “should,” “could,” and agnate agreement and phrases. Although we accept that the expectations reflected in these advanced statements are reasonable, they do absorb assertive assumptions, risks and uncertainties. These advanced statements represent our expectations or behavior apropos approaching events, and it is accessible that the after-effects declared in this columnist absolution will not be achieved. These advanced statements are accountable to risks, uncertainties and added factors, abounding of which are alfresco of our ascendancy that could account absolute after-effects to alter materially from the after-effects discussed in the advanced statements.
Any advanced account speaks alone as of the date on which it is made, and, except as appropriate by law, we do not undertake any obligation to amend or alter any advanced statement, whether as a aftereffect of new information, approaching contest or otherwise. New factors appear from time to time, and it is not accessible for us to adumbrate all such factors. When because these advanced statements, you should accumulate in apperception the accident factors and added cautionary statements in the “Risk Factors” area of our best contempo Form 10-K and Forms 10-Q filed with the Securities and Barter Commission and in our added accessible filings and columnist releases. These and added factors could account our absolute after-effects to alter materially from those independent in any advanced statement.
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