Posted by OilVoice Press - OilVoice
Lonestar Resources US Inc. (NASDAQ: LONE) announced that its proved reserves at December 31, 2017 increased 82% to 73.6 million barrels of oil equivalent (“MMBOE”) calculated using SEC guidelines. All of the Company's proved reserves are located in the Eagle Ford Shale.
Lonestar's proved reserves at December 31, 2017 are comprised of 50.7 million barrels of crude oil and condensate, 10.9 million barrels of natural gas liquids, and 71.9 billion cubic feet of natural gas. By energy content, Lonestar's proved reserves are weighted 84% to crude oil, condensate and natural gas liquids. See Table 1 for details.
2017 Highlights Include:
• In 2017, Lonestar added 29.8 MMBOE through acquisitions, 4.0 MMBOE through extensions and discoveries, and 1.5 MMBOE through positive reserve revisions for a total of 35.3 MMBOE of reserve additions. These reserve additions were equivalent to 1,500 percent of Lonestar's 2017 production.
Lonestar's Proved Developed reserves increased 66% to 18.3 MMBOE and the PV‐10 associated with its Proved Developed reserves increased 154% to $256.8 million using SEC guidelines and $294.3 million at Strip pricing.
Lonestar's capital expenditures totaled $214.8 million for the year ended December 31, 2017. Lonestar's all‐sources finding and development costs were $6.07 per BOE. Drillbit‐ only finding and developing costs averaged $15.26 per BOE.
Including 2017 results, Lonestar's five‐year reserves replacement is 778% and five‐year all‐ sources F&D cost averages $8.94 per BOE.
Lonestar's Chief Executive Officer, Frank D. Bracken, III commented, "2017 was a year of tremendous growth for Lonestar from both our drilling program and from acquisitions. We continued our track‐record of low‐cost reserve growth, registering exceptional all‐sources finding and development costs of $6.07 per BOE while boosting our Proved reserves by 82%, which brings considerable scale to the Company. This reserve growth, which was prudently financed, positions Lonestar to significantly increase shareholder value in 2018 and beyond.”
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