Montage Resources Corp., which emerged on Thursday after Appalachian pure-plays Eclipse Resources and Blue Ridge Mountain Resources officially combined, is aiming for double-digit production growth in the basin this year with a revamped strategy.
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Blue Ridge Mountain Resources Inc. stockholders have approved the company’s merger with Eclipse Resources Corp., clearing one of the last hurdles for the combination. The deal has already been approved by boths boards and Eclipse’s stockholders. Once the transaction is completed, which is expected in the last week of February, the new company is to be renamed Montage Resources Corp. and trade on the New York Stock Exchange under the symbol “MR.” The new company would have a 227,000 net acre position in Ohio, Pennsylvania and West Virginia, and produce about 560 MMcfe/d.
Eclipse Resources Corp. said this week it has again received a delisting notice from the New York Stock Exchange (NYSE) because the common stock price has fallen below the continued listing standard.
Eclipse Resources Corp. said Thursday that its first Utica Shale well in north-central Pennsylvania came online at 32 MMcf/d and has continued to perform at that rate for more than 30 days, exceeding the company’s expectations in an underdeveloped part of the play.
Utica and Marcellus shale operators Eclipse Resources Corp. and Blue Ridge Mountain Resources Inc. agreed to merge on Monday, an all-stock combination to create an Appalachian-focused enterprise with combined 4Q2018 output of 500-560 MMcfe/d, 227,000 net undeveloped core acres and an estimated 20 years of oil and natural gas inventory.
Although it cut capital expenditures earlier this year on the dim outlook for natural gas prices, Appalachian pure-play Eclipse Resources Corp. managed to beat its second quarter production guidance.
The grim outlook for natural gas prices, along with management’s desire to protect the balance sheet, has prompted Eclipse Resources Corp. to cut its full year capital expenditures forecast by 20%.
Appalachian pure-play Eclipse Resources Corp. said this week that it is exploring a “full range” of strategic, operational and financial alternatives to maximize shareholder value.
Eclipse Resources Corp. is monitoring results from two Marcellus Shale condensate wells in southeastern Ohio, where few others like them have been drilled, which could de-risk the company’s other locations.
As the year gets into full swing, Appalachia-focused Eclipse Resources Corp. is turning back to its condensate acreage in Ohio, where it plans to keep drilling longer laterals.