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Eclipse Beats 3Q Guidance With Focus on Accelerating Development

Eclipse Resources Corp. said Monday that it slightly exceeded its third quarter guidance by producing 85.8 MMcfe/d in its core operating area of southeast Ohio in another update that shows the company has gained some momentum heading into the end of the year.

With its 225,000 acre position concentrated entirely in Ohio, Eclipse reported earnings for the first time in the second quarter after having gone public in June (see Shale Daily, June 23; May 9). It completed just three Utica Shale wells during the quarter and produced 42 MMcfe/d, but has since reported turning 13 wells into sales (see Shale Daily, August 14; Sept. 5).

Eclipse had guided for third quarter production of 70-85 MMcfe and said going into the end of the year it would complete and flow its wells more aggressively.  Eclipse produced 78% natural gas, 9% natural gas liquids and 13% oil last quarter.

The company is currently focused on its wet and dry gas windows in Noble, Guernsey, Monroe, Belmont and Harrison counties, where it has more than 99,000 net acres in an area of the play where operators are heavily focused (see Shale Daily, March 26; Nov. 19, 2013). The company brought the five-well Mizer Farms pad online in Harrison County in the third quarter and also turned the Duane Weisend 4H well into sales.

CEO Benjamin Hulburt said in a statement that the Duane Weisend is at the eastern edge of the company's rich gas type curve area and added that despite a strong gas rate, Btu content is lower than expected. Eclipse did not provide initial production rates for the Mizer Farms and Duane Weisand wells.

To date, the company said it has turned in line 17 gross Utica Shale wells, while it has 10 gross operated wells being drilled and another 31 that are awaiting completions or pipeline connections.

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