HOUSTON, Oct. 29, 2018 (GLOBE NEWSWIRE) — 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 Upstream
Total 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 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 Details
Third 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.